Increasing Pet Healthcare Expenditure in Most of the Countries is Escalating the Growth of the Veterinary Imaging Market

The rising cost of pet healthcare will boost the expansion of the veterinary imaging industry. Pet food, pet insurance, veterinarian care, supplies/over-the-counter medications, and companion animal diagnostic services, among other things, are becoming increasingly expensive. Furthermore, market growth for animal-derived food items is expected to boost the market ahead. Moreover, rising disposable income and increased desire for pet adoption in developing countries are driving factors boosting the growth of the veterinary imaging market. Furthermore, the rising frequency of animal diseases is one of the primary market drivers that would propel the veterinary imaging market forward. The growing number of veterinary practitioners is expected to drive expansion in the global small animal imaging market in the cardiology application sector. However, the rising concerns of veterinary diseases such as cardiovascular disease, cancer, and orthopedic disorders are expected to contribute to the expansion of the global market during the forecast period. May 2022: Sri YS Jagan Mohan Reddy, the Chief Minister of Andhra Pradesh, officially launched 175 Mobile Ambulatory Veterinary Clinics (MAVCs) with a Rs 278 crore investment. The state government intended to build 340 Dr. YSR Sanchaara Pasu Aarogya Seva, or Mobile Ambulatory Veterinary Clinics (MAVC), throughout the state in order to improve service delivery and make the animal husbandry department's veterinary services more easily accessible to the public.

According to Marketlook Consulting’ research report “Global Veterinary Imaging Market Analysis, 2021”, the Global Veterinary Imaging market is anticipated to grow at a CAGR of 7.1% during 2022-29. The market would reach USD 2.77 Bn by 2029.

Based on Application, Orthopedics, and Traumatology acquired a significant market share in 2021. Veterinary imaging is required to diagnose and treat orthopedic and traumatology diseases in animals. Using cutting-edge imaging equipment such as X-rays, CT scans, and MRIs, veterinarians may precisely detect and evaluate the injury to bones, joints, and soft tissues. Furthermore, veterinary imaging tools have transformed the diagnosis and management of orthopedic and trauma injuries in animals. These procedures enable non-invasive viewing of bones, joints, and soft tissues, which aids in correct diagnosis and surgical intervention.

Based on End Users, Hospitals acquired a significant market share in 2021. Veterinary imaging is extremely important in the diagnosis and treatment of animal ailments. It allows veterinarians at hospitals and clinics to view interior structures and identify anomalies with crisp images, resulting in faster and more accurate diagnoses. Furthermore, imaging technologies such as ultrasonography and radiography are non-invasive, making them safer and more cost-effective than other diagnostic procedures for animals. Furthermore, veterinary hospitals and clinics are equipped with more advanced imaging techniques, resulting in more accurate and thorough data. The increasing number of veterinary care professionals in hospitals and the availability of all imaging equipment to detect various diseases in animals are projected to drive the growth of this segment during the forecast period.

“Global Veterinary Imaging Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Veterinary Imaging providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.      

North America Dominated the Market

Based on Leading regions, North America dominated the global veterinary imaging market in 2021 and is projected to maintain its dominance during the forecasted period 2022-29 due to the increased adoption of pets and the rising prevalence of animal diseases in the region. The North American market is characterized by an increasing population of companion and livestock animals, rising meat and dairy product consumption, rising veterinary healthcare spending, and rising pet insurance coverage. Furthermore, growing concerns regarding cancer and tumors in small pets are propelling this region's veterinary imaging industry ahead. Furthermore, the increased prevalence of different animal diseases and injuries has been identified as a major driver of market expansion. The presence of numerous top players in North America, as well as technical improvements in the region, can raise the region's contribution to the worldwide veterinary imaging market in the forthcoming period as stated in Marketlook Consulting research report “Global Veterinary Imaging Market Analysis, 2021”. 

According to Marketlook Consulting’, the key players with a considerable market share in the global Veterinary Imaging market are Agfa-Gevaert N.V., Canon Inc., Carestream Health Inc., Esaote SpA, Fujifilm Holdings Corp., Hallmarq Veterinary Imaging, IDEXX Laboratories Inc., IMV Technologies Group, MinXray Inc., Siemens Healthineers AG.

 

Market Segmentation:

• By Product (Veterinary Imaging Instruments, Veterinary Software, Veterinary Imaging Reagents)
• By Animal Type (Small Companion Animals, Large Animals)
• By Application (Orthopedics and Traumatology, Oncology, Cardiology, Neurology)
• By End Users (Hospitals, Clinics, Others)
• By Region (North America, Asia Pacific, Europe, Latin America, Middle East and Africa)
• By Company (Agfa-Gevaert N.V., Canon Inc., Carestream Health Inc., Esaote SpA, Fujifilm Holdings Corp., Hallmarq Veterinary Imaging, IDEXX Laboratories Inc., IMV Technologies Group, MinXray Inc., Siemens Healthineers AG)

Key questions answered in the study:

1. What are the current and future trends of the Veterinary Imaging industry?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Veterinary Imaging industry?
5. What is the customer orientation, purchase behavior, and expectations from the Veterinary Imaging firms across various regions?