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Global Veterinary Imaging Systems Market Outlook – Growth Drivers and Opportunities Examined
Fact.MR
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Small Companion Animals to Remain a Lucrative Segment in the Market
By animal type, sales of veterinary imaging systems for diagnosis of small companion animals are expected to surpass revenues worth US$ 1,000 Mn by 2022-end. The adoption of companion animals is witnessing a significant rise, coupled with rising incidences of disease outbreaks in these animals. These factors are driving adoption of veterinary imaging systems for small companion animals.
North America is projected to remain the most lucrative market for veterinary imaging systems, with sales poised to reach nearly US$ 600 Mn in revenues by 2022-end. In addition, sales of veterinary imaging systems in North America, and Asia-Pacific excluding Japan (APEJ) are expected to register a parallel expansion at 7% CAGR through 2022. Growth of the market in North America is driven by the rise in purchasing power of people, coupled with increased awareness about tumors and cancers in companion animals. The market in APEJ, although untapped until the recent past, is expected to witness a considerable expansion, especially in India and China, where the concept of companion animals is gaining higher popularity.
Adoption of Veterinary Imaging System Results into Reduced Cost of Diagnosis
In order to care proper care of companion animals, demand for veterinary imaging instruments has been witnessing a rise, as there instruments aid detection of sinus/nasal disorders by differentiation of neoplasia from rhinitis. With increase in number of veterinary practitioners, coupled with tremendous hike in pet insurance purchases, animal healthcare spending is gaining an uptick across the globe. Veterinary imaging systems have increased sensitivity, which helps in detecting brain hemorrhage, and fractures in skull. Various technical enhancements have been made in veterinary imaging systems over the past couple of years. These systems eliminate the requirement of photo processing supplies, films, film jackets, and dark room, which in turn helps in lowering the cost of diagnosis. In developed economies including North America and Europe, there has been a rise in popularity of insurance services related to pets. These factors are expected to drive growth of the global veterinary imaging systems market.
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However, high initial cost is involved in the use of veterinary imaging systems, and these systems require skilled professionals for their operation. In addition, veterinary imaging systems have a comparatively lower sensitivity than MRI systems. This factor might impede their adoption in the detection of inflammation, tumors, and vascular condition. Lack of skilled personnel is another major factor, which might impede growth of the market during the forecast period.
Sales of MRI Systems to Register the Highest CAGR through 2022
X-ray systems will remain the top-selling product in the global veterinary imaging systems market. Revenues from X-ray systems will account for over one-third share of the market during 2017 to 2022. Dominance of x-ray systems is mainly attributed to their provision of consistent high-quality images, and rise in shifts of preference toward this technology by veterinarians. However, sales of MRI systems will register the highest CAGR in the market through 2022, based on product type.
Veterinary clinics will continue to be the largest end-users of veterinary imaging systems in the global market, accounting for more than two-third market share during 2017 to 2022 in terms of revenues. The surge in number of veterinarians, and veterinary practices will contribute to growth of veterinary clinics as end-users of veterinary imaging systems. Sales of veterinary imaging systems in hospitals will register a slightly higher CAGR than sales in veterinary clinics through 2022.
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