Increasing awareness about zoonotic diseases has led to a shift towards making animal healthcare accessible all around the world. The growth of animal healthcare has intensified the need for advanced medical equipment which is likely to generate demand for veterinary imaging devices. According to an assessment offered by Market Research Future (MRFR), the global veterinary imaging market is expected to grow from USD 1.24 Bn in 2017 to USD 1.85 Bn by the close of 2023. The market is anticipated to strike a CAGR of 6.90% during the review period 2018 to 2023.
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The growth of pet healthcare sector is projected to reflect on the expansion of the veterinary imaging market in the years to come. The increasing rate of pet adoption in conjunction with the ongoing trend of animal companionship is expected to propel the proliferation of the market over the next couple of years. In addition, global economic development is supporting the growth pattern of the market by increasing the per capita income of the masses. It is anticipated to act as the growth catalyst for the veterinary imaging market across the review period.
The growth of the meat industry is also a prime factor responsible for the growth of the veterinary imaging market. The rising awareness about diseases in animals has led to a rising concern in the meat industry towards maintaining the health of the animals. It is projected to exhibit a similar influence on the growth pattern of the market in the foreseeable future.
The noted players participating in the competitive landscape of the global veterinary imaging market are Heska Corporation, Fujifilm Holding Corporation, Idexx Laboratory Inc, Canon, Carestream Health, Hallmarq Veterinary Imaging Ltd. and General Electric among others.
By product, the global veterinary imaging market has been segmented into veterinary imaging reagents, instruments and veterinary software. Among these, the instruments segment holds a significant position in the marketplace owing to its cost-effectiveness and accuracy. The segment is anticipated to expand at a healthy growth pace over the next couple of years.
By animal type, the veterinary imaging market has been segmented into large companion animals, small animals, and others. The small animal’s segment is expected to exhibit substantial growth due to the rise observed in the pet culture.
By therapeutic area, the global veterinary imaging market has been segmented into cardiology, orthopedics & traumatology, oncology, neurology, and others. The orthopedics & traumatology segment is projected to scale a decent growth rate owing to the rising burden of orthopedic diseases in animals.
By end-user, the veterinary imaging market has been segmented into academic institutes, hospitals & clinics, and others. The hospitals & clinics segment is poised to retain its prominence in the years to come.
The global veterinary imaging market, by region, has been segmented into Americas, Europe, Asia Pacific, and the Middle East & Africa. Americas hold the most significant share of the market and is expected to retain its dominance over the assessment period. Increasing inclusion of technological advancements in the pet healthcare industry is projected to drive the growth of the veterinary imaging market in the region. Europe is likely to maintain its second spot and flourish in developed country-level markets such as Germany and France. Meanwhile, the most rapid pace of development is anticipated to be exhibited by Asia Pacific. The ongoing trend of nuclear families, coupled with rising pet adoption, is projected to expedite the growth of the regional veterinary imaging market over the next couple of years.
- In April 2019, City U Veterinary Medical Centre (City U VMC) has been inaugurated in Kowloon side (Sham Shui Po) of Hong Kong.
- In November 2018, Philips Korea has entered mobile ultrasound biz led by for veterinary institutions, hospitals, and academic institutes.
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