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.
Furthermore, the report is furnished with the latest impact of the COVID-19 pandemic on the market. The pandemic has affected every segment of the market, along with bringing disruption in the supply chain, demands & trends, and financial difficulties. The report covers the initial and future assessment of the COVID-19 impact on the market.
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The report covers the market dynamics analysis, company profiles, production and manufacturing capacity, product specifications, product value, and key players. The report also offers an insight into the growth prospects during the forecast period. The Veterinary Imaging Market report also offers detailed data on the key market players to impart a deeper understanding of the competitive landscape. The report focuses on the key market elements to ensure the readers gain a competitive advantage and maximum benefit of the market data to assist them in achieving substantial growth and an advantageous position in the global market.
Key findings of the report:
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.
Key participants 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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For the purpose of this study, the global Veterinary Imaging market has been segmented on the basis of disease type, application, distribution channel, and region:
Product Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Veterinary PACS
End-Use Outlook (Volume, Kilotons; 2017-2027, Revenue, USD Billion; 2017-2027)
- Reference Laboratories
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Orthopedics and Traumatology
By Region (Revenue, USD Million; 2017-2027)
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
Table Of Contents:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Indicative Metrics
Chapter 4. Veterinary Imaging Market Segmentation & Impact Analysis
4.1. Veterinary Imaging Market Product Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
18.104.22.168. Increasing number of pre-term births taking place globally which requires increased concern and focus on the infants born
22.214.171.124. Growth in the number of veterinary practitioners & rise in their income levels in developed economies
126.96.36.199. Rising demand for animal-derived food products
4.2.3. Market restraints analysis
188.8.131.52. High amount of costing of these equipment
184.108.40.206. Increased cost in maintain of pets and livestock production
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter’s Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
4.9. Customer Mapping
4.10. Covid-19 Impact Analysis
4.11. Global Recession Influence
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