Increased Spending on Animal Healthcare Drives Veterinary Im
DUBAI, U.A.E, Aug. 18, 2020 /PRNewswire/ -- A new market study by Future Market Insights (FMI) forecasted that the veterinary imaging market will expand at a healthy CAGR of 6.4% between 2020 and 2030.
The report attributes the growth of the market to the growing trend of pet humanization in developed economies. As people become increasingly reliant on their pets for emotional support, the spending on animal health has significantly burgeoned in the recent past, thus bolstering the growth of the veterinary imaging market.
According to the statistics of the American Pet Products Association, more than 44% of households in the U.S. own dogs and more than 35% own cats. As the number of pets continues to increase the demand for their healthcare will subsequently rise. Furthermore, the growing emphasis on animal healthcare coupled with the introduction of government mandates pertaining to animal health will continue to fuel the growth of the market.
Along similar lines, increasing preference for point-of-care (POC) facilities among consumers has propelled the demand for veterinary imaging among POC facilities. Likewise, technological advancements in the veterinary field such as penetration of cloud-based information management systems and appropriate pet owner mobile technologies are also complementing market growth.
"Regardless of the mandated lockdowns as a result of the pandemic, the demand for veterinary imaging remains undisrupted as people continue to rely on their pets during the time of isolation", opines FMI analyst.
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Veterinary Imaging Market - Key Takeaways
- The veterinary imaging market is forecasted to surge past a global valuation of US$ 3.37 Bn by the end of 2030.
- The ever-growing adoption of imaging devices with reagents associated with them, including PET, MRI, X-Ray radiology devices, and CT scanners, will continue to drive the market on a positive growth trajectory.
- Multi-slice CT scan systems are expected to witness high demand among end-users during the forecast period
- Magnetic resonance imaging (MRI) systems are expected to hold a prominent share in the market value owing to high preference among veterinarians.
Veterinary Imaging Market - Key Trends
- Genetically modified animal models are gaining remarkable traction as they aid in expediting the development of novel products.
- Increased number of clinical trials coupled with rising usage of small animals has been identified as a crucial attribute to market growth.
Veterinary Imaging Market - Regional Analysis
- North America and Europe are projected to cumulatively account for more than 60% of global share by the end of the forecast period.
- In North America - which accounts for around 30% of market share - the Canadian and US veterinary imaging markets are anticipated to drive the majority of market share.
- Europe will continue to grow at a healthy pace owing to high spending on pet care.
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Veterinary Imaging Market - Competitive Landscape
Some of the key players operating in the market include IDEXX Laboratories, Carestream Health, Hallmarq Veterinary Imaging Ltd., Esaote SUNI Medical Imaging, Universal Medical Systems, Inc., VetZ Limited, FUJIFILM Holdings America Corporation, and GE Healthcare. Market players are focusing on launching novel products and are entering partnerships with other players to gain a competitive advantage. On these lines,
- Esaote, in Mar 2019, launched a novel ultrasound platform called MyLabX8 to enhance ultrasound machines
- IDEXX Laboratories, Inc., in Jun 2017, entered into a partnership with rVetLink to increase the adoption of products based on cloud technology.
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Veterinary Imaging Market - Taxonomy
- Equipment (Radiography (X-ray) System (Computed Radiography, Film-based Radiography)
- Ultrasound Imaging System (2D US Imaging, 3D US Imaging)
- Magnetic Resonance Imaging System
- Computed Tomography System (Single Slice CT, Multi-Slice CT)
- Video Endoscopy Imaging System
- Imaging Reagents (Ultrasound Contrast Reagents, MRI Contrast Reagents, X-Ray/CT Contrast Reagents, and Nuclear Imaging Reagents),
- Small animal
- Large animal
- Veterinary Clinics
- Veterinary Hospitals
- Veterinary Institutes and Research Centers
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- South Asia
- Sri Lanka
- East Asia
- South Korea
- New Zealand
- Middle East & Africa
- South Africa
- Rest of MEA
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Get Valuable Insights into the Veterinary Imaging Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global veterinary imaging market, presenting historical demand data (2015-2019) and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the veterinary imaging market, allowing readers to glean qualitative and quantitative information which will enable them to make informed market decisions in the upcoming forecast period.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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