Veterinary Imaging Market 2021
The global veterinary imaging market is projected to reach an estimated evaluation of USD 1.85 billion by the end of 2023 at CAGR of 6.90% during the forecast period of 2017 to 2023.
Market Dynamics
The global market has grown due to a shift in public opinion toward animal welfare and an increase in the frequency of zoonotic illnesses. The development of adequate diagnostic measures has become more important since the frequency of zoonotic illnesses has increased over the last decade or two. Furthermore, with the rise in pet adoption, animals are increasingly becoming members of the family, creating a desire for breakthroughs in diagnostic technology such as veterinary imaging for the diagnosis of chronic diseases among pet owners and animal rescuers. Pet insurance generally reimburses up to 80% of the cost of modern diagnostics, and pet owners are paying more on insurance for their animal companions as the need for advanced diagnostics grows. In recent years, there has been a dramatic increase in the ownership of companion animals all over the world, particularly in rising areas like Asia Pacific and Latin America. These areas provide a plethora of prospects as a result of rapid urbanisation and rising disposable incomes, which have resulted in increased access to modern animal healthcare and increased spending capacity among owners.
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Major Key Players:
Atlantis Worldwide (US), Canon Inc. (Japan), Diagnostic Imaging Systems, Inc. (US), Fujifilm Holdings Corporation (Japan), GE Healthcare (US), Hitachi, Ltd (Japan), Medical Imaging / IMCO, Inc. (US), Sectra (Sweden), Siemens AG (Germany), Toshiba Medical Systems Corporation (Japan) are some of the prominent players at the forefront of competition in the Global Veterinary Imaging Market and are profiled in MRFR Analysis.
Market Segmentation
Product type, animal type, therapeutic area, end-user, and geography have all been used to segment the worldwide veterinary imaging market. The market has been divided into three product categories: equipment, veterinary imaging reagents, and veterinary software. Because of its cost-effectiveness and diagnostic precision, the instruments section is the most important.
The market has been divided into three categories: small companion animals, large animals, and others. The most significant sector belongs to the small companion animal segment, due to the rising adoption of animals as pets. Pet owners have become more aware of their companion animals' health and are more willing to consult veterinarians in the hopes of receiving high-quality care.
The market has been divided into orthopedics and traumatology, cardiology, neurology, oncology, and other therapeutic areas. Because of the rising occurrences of bone injuries and the prevalence of arthritis and other joint illnesses in animals, the orthopedics and traumatology category has the biggest market share.
The market has been divided into hospitals & clinics, academic institutes, and others based on end-user. Due to their widespread use of imaging modalities for diagnostics, hospitals and clinics accounted for the largest segment of the worldwide veterinary imaging market.
Regional Analysis
Depending on geographic region, veterinary imaging market is segmented into four key regions: Americas, Europe, Asia-Pacific, and Middle East & Africa. Considering the global scenario of the market, North America holds be the largest market for veterinary imaging due to increasing awareness about animal healthcare and increasing investment in healthcare domain. Moreover the European market is also growing and second largest market for Veterinary Imaging. On the other hand, Asia-Pacific market is expected to grow at the fastest pace in the Veterinary Imaging during the forecasted period. Whereas, The Middle East & Africa have the least market share. Additionally, factors such as lack of awareness, low healthcare expenditures will restrain the market during the corresponding period.
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