Growing awareness amongst people about animal microchip and its advantages such as easy, safe, effective method for searching the pet is supposed to boost the market’s growth.
At the end of 2021, the global Animal Microchip Implant Market was estimated to be worth approximately US$ 619.54 million. The market is expected to grow at a 5.2% CAGR and reach a value of US$ 1,048.57 million by 2032.
The installation of a microchip is an innovative approach for tracking pets and other health issues in animals. Microchips are placed in companion animals and used to track their movements in order to prevent pet animal loss. A microchip implant is a small device that is put beneath the skin of a pet and serves as the pet's unique identifier by storing all of the pet's data.
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Advent of Telehealth and Virtual Care to Create Tailwind for the Animal Microchip Implant Market Growth
Digitization is making deeper inroads across diverse industries, such as healthcare, owing to the increasing penetration of the internet and smartphones across the world.
During the COVID-19 outbreak, healthcare practitioners and patients realized the importance of digitization and encouraged them to adopt virtual methods of patient examination and consultation to counter the regulations concerning social distancing. This gave rise to a new medical domain, Telehealth.
Since the outbreak, telehealth has gained immense popularity, especially among the geriatric population, owing to the convenience associated with it. Hence, increasing adoption of telehealth across radiology, behavioral health, cardiology, and online consultation is expected to create lucrative opportunities for growth in the Animal Microchip Implant market.
Key Animal Microchip Implant Market Takeaways and Projections
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Report Benefits & Key Questions Answered
Competitive Landscape Analysis
The latest study conducted by FMI provides in-depth insights into the global Animal Microchip Implant market to assist management level decision-makers in constructing a strategy to capitalize on the critical trends & opportunities. It also discloses competitive trends and profiles a list of leading players operating in the global Animal Microchip Implant market.
Some of the prominent market players are profiled by FMI are:
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Key Segments Covered in the Animal Microchip Implant Market Survey
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
May 31, 2023