The demand for veterinary imaging is expected to rise over the forecast period due to factors such as increasing diary animal numbers, an increase in household pet numbers. Moreover, the growing requirement for pet insurance, together with animal expenditures, is expected to add up to business development. In contrast, developed world evolving nations are expected to build the growth opportunities for the market.
Market Size – USD 1.61 Billion in 2019, Market Growth - CAGR of 6.7%, Market Trends – High demand from developing nations.
The Global Veterinary Imaging Market is forecast to reach USD 2.72 Billion by 2027, according to a new report by Reports and Data. Increasing competition for magnetic resonance imaging (MRI) for the treatment of different animal health conditions is one of the factors driving the veterinary imaging market. Magnetic resonance imaging is used to research the physiological and structural structure of the body tissues in animals. It is commonly used in small animal operations for disease detection and disease planning and disease control without the possibility of ionizing radiation contamination. The factors listed above enhance the growth of the veterinary picture sector. Technological developments in pet imaging can function as a making catalyst for successful impacts. Enterprise players' emphasis on growing and evolving technically developed and creative veterinary imaging solutions would promote market growth. However, a shortage of professional doctors in controlling the systems is gradually inhibiting the market development. The expense of building and repairing the facilities is too significant and is not feasible for limited businesses as a challenging thing for market developers.
In the last 20 years the veterinary medicine has experienced immense technological advancements. Diverse human medical practice technologies for the diagnosis and treatment of animals are being adopted. Fuel production is projected to be attributed to developments in technology. For example, the launch of portable battery charged imaging equipment is propelling the adoption of these systems in the years ahead. Two of the latest techniques include magnetic resonance imaging (MRI), and ultrasound study. MRIs are successful in predicting neurological conditions in humans. Veterinarians nowadays use MRIs to examine animal brains aiming to treat the anatomy with an animal's soft tissues and orthopedic structure. Imaging tools aid vet and technicians detect and treat zoonotic diseases. Such devices also assist in accident treatment. The growing acceptance of new technology combined with an increasing understanding of animal welfare is some of the reasons that are projected to drive demand growth in the coming years.
Key companies profiled in the report include
FUJIFILM Holdings America Corporation, Universal Medical Systems Inc., Shenzhen Mindray Bio-Medical Electronics, IDEXX Laboratories Inc., Hallmarq Veterinary Imaging Ltd, SUNI Medical Imaging Inc., Canon Medical Systems, Carestream Health, Agfa-Gevaert, and Epica International, among others.
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The report is an investigative study that determines market growth and market scope on the basis of market trends, consumer behavior shifts, consumption and production patterns, product portfolio offered by the market, growth rate, drivers and constraints, financial positions, and existing challenges and limitations of the Veterinary Imaging market.
The report discusses in detail the global production capacity, demand and supply ratio, market dynamics, and comprehensive analysis of the competitive landscape. It provides an industry-wide analysis of the market share of each players along with their business portfolio, production and manufacturing capacity, product portfolio, business expansion plans, financial standing, and strategic alliances such as mergers and acquisitions, joint ventures, and collaborations, among others.
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The regional bifurcation of the market analyzes key market segments such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The report discusses in detail the market growth, market size, revenue growth, market share, production and consumption, demand and supply, current and emerging trends, and technological developments in each region.
The key geographical regions analyzed in the market report are:
• North America (U.S.A., Canada)
• Europe (U.K., Italy, Germany, France, Rest of EU)
• AsiaPacific (India, Japan, China, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Veterinary Imaging Market Segmentation based on Types:
Product Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
• Instrument
• Reagent
• Services
• Veterinary PACS
End-Use Outlook (Volume, Kilotons; 2017-2027, Revenue, USD Billion; 2017-2027)
• Hospitals/Clinics
• Reference Laboratories
• Others
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
• Orthopedics and Traumatology
• Oncology
• Cardiology
• Neurology
• Others
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Further key findings from the report suggest
• Based on the product, reagents generated a revenue of USD 434.94 Million in 2019 and believed to grow considerably with a CAGR of 6.8% in the forecast period due to the growing use of such systems in clinical environments, veterinary picture archiving, and communication systems with increasing demand for applications with the potential to exchange photographs and store details.
• The reference laboratories expected to grow with a CAGR of 6.8% in the forecasted period due to an increase in partnerships between reference laboratories and businesses to offer new products to pet owners and a rise in advertising efforts for reference laboratories.
• The orthopedic and traumatology application is the major contributor to the Veterinary Imaging Market. The orthopedic and traumatology sectors of the North American region are the major shareholder of the market and held around 41.1% of the market in the year 2019, attributable to a growth in animal accidents, an increasing need for reliable medical tools and the proliferation of animal care facilities.
• North America dominated the market for Veterinary Imaging in 2019, due to an increase in R&D activities coupled with the rising demand for veterinary imaging equipment with expanded spending in the animal welfare sector for health care. North America region held approximately 43.2% of the market, followed by the Asia Pacific, which contains around 23.4% market in the year 2019.
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