Global Veterinary Imaging Market Growth Forecast: Surpassing USD 3.93 Billion by 2032 at 7% CAGR
The Brainy Insights recently published a report, Veterinary Imaging Market – Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032. The global veterinary imaging market was valued at USD 2.0 billion in 2022, growing at a CAGR of 7% from 2023 to 2032. The key market players are listed in the report with their sales, revenues and strategies are IDEXX Laboratories, Inc., ESAOTE SPA, SOUND, General Electric Company, Universal Medical Systems, Inc., FUJIFILM Holdings America Corporation, Hallmarq Veterinary Imaging Ltd., VetZ GmbH, Shenzhen Mindray Animal Medical Technology Co., LTD., Heska Corporation and others.
Newark, Sept. 26, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 2.0 billion veterinary imaging market will reach USD 3.93 billion by 2032. Veterinary imaging will likely be in high demand over the forecast period as the focus on animal healthcare has grown significantly worldwide. As has pet ownership, humans’ expanding usage of companion animals has significantly raised the demand for veterinary imaging. Increasing government activities to improve veterinary health and an increased focus on animal healthcare by pet owners are likely to boost the veterinary imaging market potential in the long run. The increased availability of veterinary imaging equipment will also be a major driver, favouring market growth during the forecast period.
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Key Insights on Veterinary Imaging Market
North America to account for the largest market size during the forecast period.
North America is expected to have the essential veterinary imaging market share. The rising prevalence of numerous animal diseases and injuries has been a primary driver of market expansion. According to the American Pet Products Association’s (APPA) 2017-2018 National Pet Owners Survey, 68 percent of US homes, or 85 million families, own a pet. Pet ownership has increased in recent years, as has the cattle population since 2014. According to the National Agricultural Statistics Service of the United States Department of Agriculture, the number of cattle and calves in the United States increased from 93.7 million in 2017 to 94.4 million in 2018. Americans have been more worried about the health of their pets and livestock as their ownership has increased.
The ultrasound imaging systems segment dominated the market with the most significant revenue of USD 0.68 billion.
The ultrasound imaging systems segment dominated the market with the most significant revenue of USD 0.68 billion. Technological advancements result in the development of more precise and efficient ultrasound systems. Key players in the veterinary ultrasound devices market are constantly improving their technologies and launching new and advanced ultrasound devices over time, which is expected to drive the segment’s growth. For example, key companies increasingly focus on creating handheld ultrasound equipment for veterinary applications. Doctors favour handheld ultrasound equipment for convenience, expected to drive market expansion.
The orthopaedics & traumatology segment dominated the market with the most significant revenue of USD 0.8 billion.
The orthopaedics & traumatology segment dominated the market with the most significant revenue of USD 0.8 billion. The high prevalence of bone fractures in small animals is a major factor driving segment expansion. Road traffic accidents have been identified as the primary cause of bone fractures in companion animals. Furthermore, an increase in animal bone and joint injuries, a high need for precise diagnostics, and an increase in animal care facilities are all contributing to segment growth.
Report Coverage Details
|Market Size in 2022||USD 2.0 Billion|
|Market Size in 2032||USD 3.93 Billion|
|No. of Pages in Report||232|
|Segments Covered||Equipment, Application|
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Drivers: Rise of Companion Animals
Companion animals have witnessed a significant increase in popularity in recent years, and this trend is predicted to significantly boost the veterinary imaging market potential over the forecast period as well. The positive health benefits of having a companion animal, such as reduced cardiac arrhythmias, normalised blood pressure, and reduced anxiety, are important factors that have increased the companion animal population worldwide and the need for their healthcare.
Restraint: Need Good Experience
Radiographic images are complicated, two-dimensional representations of three-dimensional subjects created in a manner that the typical person is unfamiliar with. Significant experience and attention to detail are required to become proficient at interpreting.
Increased pharmaceutical sector and R&D expenditure would create favourable possibilities for expanding the veterinary imaging market. In the continual advancement of imaging technology, the development and use of multimodal imaging devices have experienced tremendous growth. The increased R&D spending by pharmaceutical companies is a direct outcome of changing industry structure, particularly the rise of the biotechnology division.
Challenge: High Cost
The high cost of imaging tools will slow the market’s expansion. Veterinary imaging equipment is a costly undertaking. In affluent countries such as Germany, the United States, Japan, and the United Kingdom, entry-level console (portable) ultrasound systems range in price from USD 22,000 to USD 75,000.
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Some of the major players operating in the Veterinary Imaging Market are:
● IDEXX Laboratories, Inc.
● ESAOTE SPA
● General Electric Company
● Universal Medical Systems, Inc.
● FUJIFILM Holdings America Corporation
● Hallmarq Veterinary Imaging Ltd.
● VetZ GmbH
● Shenzhen Mindray Animal Medical Technology Co., LTD.
● Heska Corporation
Key Segments cover in the Market:
● Radiography (X-ray) Systems
● Ultrasound Imaging Systems
● Computed Tomography Imaging Systems
● Magnetic Resonance Imaging Systems
● Video Endoscopy Imaging Systems
● Orthopaedics & Traumatology
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About the report:
The global veterinary imaging market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter’s five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.
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