June 18, 2021
According to the research report titled ‘Global Veterinary Imaging Market 2019-2028’, available with Market Study Report, global veterinary imaging market is projected to register a y-o-y growth rate of 5.8% during 2019-2028.
As per the research findings, increasing adoption of pet animals is primarily driving global veterinary imaging market growth. Moreover, pet animals play an important role in enhancing the quality of life by having a positive effect on human health, thereby encouraging their adoption.
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Further, rising expenditure on animal healthcare, and growing number of research and development in this field are adding considerable traction to the market development. Besides, increased pervasiveness of various animal diseases and escalating demand for advanced veterinary technologies in developing countries are further enhancing the market outlook.
However, high costs of imaging devices and lack of skilled professionals are the restraining the market growth. Moreover, low awareness about animal health and animal care along with high expenses for pet care are arresting the industry expansion.
Based on product offering, global veterinary imaging industry is segmented into reagent, instrument, and others. On the basis of animal type, the marketplace is divided into companion animals and large animals including others. Speaking of the application range, the industry space is fragmented into orthopedics & traumatology, cardiology, oncology and neurology among others. Moving on to the end user spectrum, the market space is categorized into veterinary laboratories, veterinary clinics & hospitals and others.
Considering the geographical analysis, the industry size spans across North America, Latin America, Middle East & Africa, Europe, and Asia-Pacific.
Expert analysts cite that North America market held the largest share in 2019 and is likely to display strong growth patterns over the forecast period, owing to rising income of the population and increased pet ownership. For the record, the APPA 2017-2018 National Pet Owners Survey cites that 68% of the families in U.S. own a pet, indicating a 56% surge from 1988 to 2018.
Leading players in worldwide veterinary imaging industry sphere are Heska Corporation, Siemens Healthineers AG, MinXray Inc., Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Idexx Laboratories Inc., IMV imaging, General Electric Company, Fujifilm SonoSite Inc., Esaote SpA, Agfa-Gevaert N.V., Carestream Health, VetZ GmbH, Hallmarq Veterinary Imaging, Diagnostic Imaging Systems Inc. and Sound Technologies.