A recent study by Triton Market Research titled ‘Global Veterinary Imaging Market,’ covers the Global Analysis and Forecast for 2019-2028 by Product Offering (Reagents, Instruments [Ultrasound Imaging Systems, Video Endoscopy Imaging Systems, Radiography Systems, Magnetic Resonance Imaging Systems, Computed Tomography Imaging Systems, Other Equipment], Others), by Animal Type (Large Animals, Companion Animals, Others), by Application (Oncology, Orthopedics & Traumatology, Neurology, Cardiology, Others), by End-user (Veterinary Laboratories, Veterinary Clinics & Hospitals, Others), and by Geographical Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa).
The veterinary imaging market includes the instruments, reagents, and software that are used to create a visual representation of the interior of the animals’ body for the purpose of clinical analysis and medical intervention. The instruments used for imaging consists of ultrasound imaging systems, computed tomography imaging systems, video endoscopy imaging systems, magnetic resonance imaging systems, and radiography systems.
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The Triton report on the global veterinary imaging market depicts that this industry will accumulate a revenue of $2603.10 million by 2028, growing at a CAGR of 5.80% in the forecasting years from 2019 to 2028.
The growing adoption of companion animals, along with the increasing research & technological advancements in the field of veterinary imaging systems, are driving the growth of this market. However, many people are doubtful about the impact vet medications have on animals. Thus, the lack of awareness regarding animal health is restraining the market growth.
The market for veterinary imaging is mainly categorized into four parts, product offering, animal type, application, and end-user. Product offering is sub-segmented into reagents, instruments, and others. The category of instruments is further divided into ultrasound imaging systems, video endoscopy imaging systems, radiography systems, magnetic resonance imaging systems, computed tomography imaging systems, and other equipment. The second category, animal type, is trifurcated into large animals, companion animals, and others. On the basis of application, the market consists of oncology, orthopedics & traumatology, neurology, cardiology, and others. Whereas, on the basis of end-user, it includes veterinary laboratories, veterinary clinics & hospitals, and others.
The North American market demonstrated the largest revenue growth in 2019, and is expected to maintain its leading position in the market over the forecast period. Whereas, the United Staes dominated the regional market with the largest market share. Factors contributing to the growth of the market in this region include the presence of skilled veterinary doctors as well as the presence of veterinary hospitals & clinics, along with the easy availability of veterinary imaging systems. Additionally, major key players, such as Carestream Health, Idexx Laboratories, and General Electric, have their base in this region. And this is majorly aiding the growth of the veterinary imaging market in North America.
Fujifilm Sonosite Inc, VetZ GmbH, Hallmarq Veterinary Imaging, Idexx Laboratories Inc, Carestream Health, Shenzhen Mindray Bio-Medical Electronics Co Ltd, Siemens Healthcare GmbH, Esaote SPA, Minxray Inc, Heska Corporation, Sound Technologies, Agfa-Gevaert Group, Diagnostic Imaging Systems, IMV Imaging, and General Electric are the eminent players operating in the veterinary imaging market.
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Question & Answer: Veterinary Imaging Market
Question 1: What factors are driving the growth of the veterinary imaging market?
Answer: The growing adoption of companion animals, along with the increasing research & technological advancements in the field of veterinary imaging systems, are driving the growth of the veterinary imaging market.
Question 2: What factor is restraining the veterinary imaging market growth?
Answer: Many people are doubtful about the impact vet medications have on animals. Thus, the lack of awareness regarding animal health is restraining the market growth.
Question 3: How is North America influencing the growth of the veterinary imaging market?
Answer: The North American market demonstrated the largest revenue growth in 2019, and is expected to maintain its leading position in the market over the forecast period. Whereas, the United Staes dominated the regional market with the largest market share. Factors contributing to the growth of the market in this region include the presence of skilled veterinary doctors as well as the presence of veterinary hospitals & clinics, along with the easy availability of veterinary imaging systems. Additionally, major key players, such as Carestream Health, Idexx Laboratories, and General Electric, have their base in this region. And this is majorly aiding the growth of the veterinary imaging market in North America.
Question 4: Which are the eminent players operating in the veterinary imaging market?
Answer: Fujifilm Sonosite Inc, VetZ GmbH, Hallmarq Veterinary Imaging, Idexx Laboratories Inc, Carestream Health, Shenzhen Mindray Bio-Medical Electronics Co Ltd, Siemens Healthcare GmbH, Esaote SPA, Minxray Inc, Heska Corporation, Sound Technologies, Agfa-Gevaert Group, Diagnostic Imaging Systems, IMV Imaging, and General Electric are the eminent players operating in the veterinary imaging market.
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Global Animal Nutrition Market
The global animal nutrition market is expected to showcase a CAGR of 5.18% in the projected years from 2019 to 2028. With $11.45 billion in 2019, this market is expected to garner $18.05 billion by the year 2028.
The growing number of investments by the leading players operating in this market are favoring the growth of the studied market. These companies are increasingly venturing into unexplored territories in order to expand their global footprint and also reduce their production costs. Moreover, the government authorities, as well as several NGOs, are increasingly investing in the development of animal welfare associations. These increased investments are particularly expected to benefit the developing markets of APAC and Africa, helping them exhibit a double growth rate.
Furthermore, the established market players are laying a major emphasis on research and development so as to formulate new animal food and health products. For instance, Zoetis is focusing on R&D with a view to broaden its product portfolio and range of vaccines for other new species of animals around the world. It has set up its manufacturing facilities close to the R&D sites for increased production efficiency and reduced transportation costs. Enhanced R&D efforts help increase the range of products and services available in the market, and hence help the market to grow further.
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