The Global report “Veterinary Imaging Market is poised for substantial expansion, with projections indicating a rise from its 2021 valuation of USD 1.6 billion to a robust USD 2.3 billion by 2026. This growth, expected to transpire at a CAGR of 7.0% throughout the forecast period, is underpinned by a confluence of influential factors.
A notable catalyst is the escalating population of companion animals, driving up demand for veterinary services. This surge is further bolstered by an increased uptake of pet insurance and augmented spending on animal health. In developed economies, a rising cohort of veterinary practitioners, coupled with their improved income levels, has contributed to this upward trajectory. Simultaneously, the global consumption of animal-derived food products has led to an augmented demand for comprehensive animal care, which includes advanced imaging diagnostics.
The prevalence of animal diseases has surged, prompting a demand for more sophisticated imaging tools. These tools play a pivotal role in diagnosing and treating various ailments, particularly in fields like orthopedics, gynecology, oncology, and dentistry within the animal health spectrum.
Download Report Brochure @https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=80889726
Driver: Increasing rate of companion animal population
A surge in the overall companion animal population and adoption rate has been witnessed on a global scale. According to several studies, having a companion animal is associated with positive health benefits, such as reduced cardiac arrhythmias, normalised blood pressure, decreased anxiety, increased psychological stability, and improved well-being. Companion animal ownership has increased significantly due to loneliness and the need for companionship that arose during the COVID-19 pandemic. The increasing pet population is expected to drive the demand for pet care products and services, which, in turn, will support the growth of dependent industries such as the market.
Challenge: High cost of veterinary imaging instruments
Veterinary imaging instruments are expensive products. In developed countries, such as the US, Germany, the UK, and Japan, the cost of entry-level console (portable) ultrasound systems ranges from USD 22,000 to USD 75,000. Depending on the number of probes, the price of these systems could increase by USD 30,000 to USD 40,000 (if multiple probes are considered). Advanced ultrasound systems from Esaote and GE Healthcare are priced at a premium. Small portable machines start at around USD 2,000 & 3,000 and reach up to USD 50,000, with added costs of backup transducer probes going up to USD 1,000 and printers up to USD 2,000 on average. Portable digital handheld ultrasound systems are more expensive than basic ultrasound systems.
The global veterinary imaging market offers significant growth opportunities for market players due to factors such as the rising demand for pet insurance, growing animal healthcare expenditure, increasing companion animal population, increasing number of veterinary practitioners and their income levels in developed countries, and the increasing development of innovative products that offer rapid and accurate results. New imaging technologies, such as MRI and CT systems, are expected to witness a slower adoption rate among veterinarians owing to their high price and significant expenditure on maintenance. Also, limited animal healthcare awareness in emerging markets presents a major challenge for their uptake. Moreover, these instruments require skilled technicians to operate and analyze images for accurate diagnosis; the severe shortage of skilled veterinarians is, therefore, expected to limit their adoption.
Request 10% Cusmtomization: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=80889726
The Veterinary Imaging Instruments segment holds the largest market share during the forecast period.
On the basis of products, the global veterinary imaging market is segmented into veterinary imaging instruments, reagents, and software. In 2020, the instruments segment accounted for the largest share of the global veterinary imaging market. Growth in this product segment can largely be attributed to the increasing adoption of digital imaging owing to the high-quality images provided by these instruments for disease diagnosis.
In the therapeutic area segment, Orthopedics & Traumatology segment holds the largest market share during the forecast period
Based on the type of therapeutic area, the veterinary imaging market is segmented into cardiology, neurology, oncology, orthopedics & traumatology, dentistry, obstetrics & gynecology, and other therapeutic areas, which include veterinary ophthalmology and nephrology. In 2020, the orthopedics and traumatology segment accounted for the largest share of the global veterinary imaging market. The largest share of this segment can be attributed to the growing incidence of bone injuries and the increasing prevalence of arthritis, lameness diseases, and joint disorders in animals.
In the animal type segment, small companion animals segment is expected to grow at the largest share in the veterinary imaging market
Based on the type of animal, the veterinary imaging market is segmented into small companion animals, large animals, and other animals. The small companion animals segment accounted for the largest market share in 2020. This can be attributed to the increasing adoption of companion pets, increasing focus on the safety of companion animals, growing expenditure on animal health and preventative care, increasing demand for pet insurance, aging pet population, and growing technological advancements in imaging modalities. The small companion animals segment is also expected to register the highest growth during the forecast period.
In the end user segment, Veterinary Clinics & Diagnostic Centres segment is expected to account for the largest share in the veterinary imaging market
On the basis of end users, the global veterinary imaging market is segmented into veterinary clinics and diagnostic centers and veterinary hospitals and academic institutions. Veterinary clinics and diagnostic centers are the major end users in the veterinary imaging market and accounted for a share in 2020. The large share of this segment is primarily attributed to the increasing number of veterinary practices and the growing number of veterinarians.
Request Free Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=80889726
The Asia-Pacific (APAC) region presents a compelling arena for growth, especially in emerging markets such as India and China. These nations are witnessing a burgeoning ownership of companion animals, adding to the overall expansion of the veterinary imaging market.
Nevertheless, certain impediments temper the market’s growth prospects. Limited awareness about animal healthcare, coupled with a dearth of skilled veterinarians, presents challenges in some regions. Additionally, the high costs associated with imaging instruments in emerging economies serve as an obstacle to market growth. Despite these constraints, the overall trajectory of the veterinary imaging market remains positive, driven by an amalgamation of factors that continue to shape its upward momentum.
Top of Form
APAC is expected to grow at the highest growth rate in 2020
The Asia Pacific region is expected to register the highest CAGR during the forecast period. Growing pet adoption, increasing awareness about animal health, and growing per capita animal health expenditure, especially in India and China, are contributing to the growth of the APAC veterinary imaging market.
Top Key Market Players:
The prominent players in the veterinary imaging market are GE Healthcare (US), Agfa-Gevaert N.V. (Belgium), Carestream Health (US), Esaote S.p.A (Italy), IDEXX Laboratories, Inc. (US), Mindray Medical International Limited (China), Canon Inc. (Japan), Heska Corporation (US), Siemens Healthineers (Germany), FUJIFILM Holdings Corporation (Japan), Konica Minolta Inc. (Japan), Samsung Electronics Co., Ltd. (South Korea), E.I. Medical Imaging (US), IMV imaging (UK), SEDECAL (Spain). Other players in the veterinary imaging market are Clarius Mobile Health (Canada), Shenzhen Ricso Technology Co. Ltd. (China), DRAMIÑSKI S.A. (Poland), Epica Animal Health (US), and ClearVet Digital Radiography Systems (US), MinXray Inc. (US), Hallmarq Veterinary Imaging (UK), Shantou Institute of Ultrasonic Instruments Co., Ltd (China), Sonoscape Medical Corp. (China), and Reproscan (US).
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
Visit Our Website: https://www.marketsandmarkets.com
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are moulded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit MarketsandMarkets™ or follow us on Twitter, LinkedIn and Facebook.