December 04, 2020
According to the research report titled ‘Global Veterinary Imaging Market Size study, by Product (Ultrasound (2D, Doppler, 3D), X-ray (CR, DR), MRI, CT, Software, Reagent), Therapeutic Area (Oncology, Gynecology, Orthopedic), Animal (Small Companion, Large), End User (Hospital, Clinic) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global veterinary imaging market had reached a valuation of USD 1.52 billion in 2019 and is predicted to expand at 6.6% CAGR during 2020-2027.
Rising adoption of diagnostic equipment for treating small pets such as dogs and cats is one of the key factors driving the growth of global veterinary imaging market.
For those uninitiated, a veterinary imaging is a technique used to determine medical images of animals for in order to diagnose chronic conditions. It is a non-invasive technique and is developed using diagnostic imaging instruments. The imaging helps in detecting nasal diseases and eliminates the use of darkrooms and other photo processing supplies.
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Introduction of insurance services for companion animals particularly in Europe and North America coupled with escalating expenditure towards animal healthcare are also stimulating global veterinary imaging industry outlook. According to NAPHIA (North American Pet Health Insurance Association, pet health insurance sector in Canada and the U.S. recorded a gross premium of around USD 1.42 billion in the year 2018.
If market speculations are right, the total number of pets insured in North America accounted for 2.82 million in the year 2019 from 2.43 million recorded in 2018. Thus, inclination towards applying for pet insurance are facilitating the overall business scenario. However, high costs associated with the product may negatively impact the market growth.
From the regional point of view, North America currently dominates global veterinary imaging industry in terms of revenue share and is expected to grow significantly during the forecast period, primarily driven by escalating pet expenditure and growing trends of pet insurances.
Parallelly, Asia-Pacific veterinary imaging industry is expected to record remunerative growth in the forthcoming years, owing to rising pet population and surging disposable income.
The competitive landscape of global veterinary imaging market is defined by companies such as Fujifilm Holdings Corporation, Siemens Healthineers AG, Heska Corporation, Canon Inc., Mindray Medical International Limited, IDEXX Laboratories Inc., Esaote S.p.A, Carestream Health Inc., Agfa-Gevaert N.V., and GE Healthcare among others.