According to a report available on Radiant Insights, Inc., the United States veterinary imaging equipment market is projected to expand robustly at a high CAGR from 2016 to 2022 (forecast period). It is driven by increased pet healthcare expenditure, purchase of pet insurance, rise in adoption of companion animals, and increasing number of veterinary technicians. In addition, rise in levels of disposable incomes and launch of portable equipment are expected to positively impact growth.
Veterinary (vet) imaging equipment can obtain images in a non-invasive manner. Companion animal diagnostics is expected to be a dominating trend in the U.S. market due to huge rise in sales of immunodiagnostic tests and assays. These tests were launched in response to high prevalence of animal diseases such as canine heartworm and the West Nile virus infection.
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The emphasis on animal treatment has led to technological developments in imaging equipment. The New Bolton Center of the University Of Pennsylvania School Of Medicine launched a new imaging system designed to diagnose horses. The new device has robotic C-arms that assist the vets in their endeavor. It is expected to reduce the number of catastrophic injuries from racetrack. The researchers anticipate this technology to positively influence global horse racing industry.
The global consumption of meat mainly derived from sheep and goats is expected to increase the pressure on vets to maintain the health of animals. This, in turn, is projected to fuel the sale of animal vaccines and assays. Lack of skilled personnel and high cost of vet imaging devices are some of the factors that can hamper market growth in near future.
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The United States veterinary imaging equipment market is segmented according to type, end user, and region. Types of equipment in the market comprise video endoscopy imaging, Magnetic Resonance Imaging (MRI), radiography (X-Ray), Computed Tomography (CT), ultrasound, and others. In 2016, radiography captured a large market share due to the ability to provide high-resolution images.
Major market end users include hospitals and academic Institutes and clinics. The clinics segment is expected to grow at a lucrative CAGR throughout the forecast period. This can be credited to a high number of clinicians. According to a survey report by the International Veterinary Congress in 2016, nearly 60% veterinarians and associated personnel work in clinics. The hospitals and academic institutes segment is also expected to exhibit a decent CAGR over the forecast period.
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Regions covered in the U.S. veterinary imaging equipment market encompass the Midwest, West, Southwest, South, Middle Atlantic, and New England. The Middle Atlantic region is expected to grow at a healthy CAGR in near future thanks to the establishment of various equine veterinary hospitals.
Prominent players operating in the market include IDEXX Laboratories, Inc.; GE Healthcare; VCA, Inc.; MinXray, Inc.; and Diagnostic Imaging Systems, Inc. The market is open to new players in order to reduce the production cost of equipment. Mergers and acquisitions (M&A) is a business strategy incorporated by players to increase their market share. For instance, in 2015, Heska Corporation recently acquired Cuattro Veterinary, LLC, a leader in imaging technologies and products. This can allow the company to expand its reach by relying on the latter’s large consumer base. Other imaging technologies to look out for are 3D imaging and optical coherence microscopy used in diagnosing animals at a cellular level.
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