The Global Veterinary Imaging Market set to Gain $2603.10 Million by 2028

A Triton Market Research report speculates the global veterinary imaging market, which garnered $1566.90 million in 2019, to grow with a CAGR of 5.80% by the year 2028.

A recent study by Triton Market Research titled ‘Global Veterinary Imaging Market,’ covers the Global Analysis and Forecast for 2019-2028 by Animal Type (Large Animals, Companion Animals, Others), by Product Offering (Reagents, Instruments [Ultrasound Imaging Systems, Radiography Systems, Computed Tomography Imaging Systems, Video Endoscopy Imaging Systems, Magnetic Resonance Imaging Systems, Other Equipment], Others), by End-user (Veterinary Laboratories, Veterinary Clinics & Hospitals, Others), by Application (Oncology, Neurology, Orthopedics & Traumatology, Cardiology, Others), and by Geographical Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa).

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Triton’s report on the global veterinary imaging market shows that this industry would generate a revenue of $2603.10 million by the year 2028, expanding at 5.80% of CAGR over the forecasting period of 2019-2028.

The pet and cattle industry has shown tremendous growth in recent years. As a result of this, there is an increase in the demand for veterinary services. Veterinary imaging plays a crucial role in diagnosing the interiors of an animal’s body. Different types of machines, such as Ultrasound, CT, and MRI machines, are used for this purpose. All these machines, along with the reagents and computer software required for imaging, are covered in the veterinary imaging market.

With the availability of favorable pet insurance policies, there has been a notable increase in the spending on animal health. Providing animals with appropriate healthcare has increased their lifespan, providing them a healthy life. Thus, the growth in animal healthcare expenditure has augmented the growth of the veterinary imaging market.

Nearly 20% of veterinary doctors are expected to retire in the next ten years. The number of new vets joining the industry has been showing a meagerly growth rate of 2.2% for every year since the last decade, which is too slow to cater to the growing demand. Thus, the dearth of skilled veterinary practitioners is hampering the market growth.

The market for veterinary imaging includes four main segments, animal type, product offering, end-user, and application. The first segment, animal type, includes large animals, companion animals, and others. Whereas, the second segment, product offering, includes reagents, instruments, and others. These instruments are further classified into ultrasound imaging systems, radiography systems, computed tomography imaging systems, video endoscopy imaging systems, magnetic resonance imaging systems, and other equipment. The third main segment, end-user, includes veterinary laboratories, veterinary clinics & hospitals, and others. Whereas, application, the fourth segment, comprises oncology, neurology, orthopedics & traumatology, cardiology, and others.

North America’s market for veterinary imaging accounted for the largest share in the global market in 2019, and is estimated to showcase constant growth in the coming years. This growth is attributable to the increase in the number of both, pets & other domestic animals. Furthermore, the implementation of strict regulations enacted by the state- and federal-level governments to promote animal welfare, as well as the growing willingness of pet owners to spend more on veterinary healthcare services, is aiding the market growth.

In addition, the NAPHIA reported that the region’s pet insurance industry exhibited an impressive growth of 17% for the period 2017-2018, with 2.43 million animals being insured. The growth of the pet insurance market aids with the growth of the veterinary industry as a whole. This attracts more investment, subsequently helping the veterinary imaging market.

Esaote SPA, Sound Technologies, Fujifilm Sonosite Inc, Hallmarq Veterinary Imaging, General Electric, IMV Imaging, Diagnostic Imaging Systems, Carestream Health, Idexx Laboratories Inc, Agfa-Gevaert Group, Siemens Healthcare GmbH, Heska Corporation, Minxray Inc, Shenzhen Mindray Bio-Medical Electronics Co Ltd, and VetZ GmbH are the well-known players in this industry.

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Question & Answer: Veterinary Imaging Market

Question 1: What factor has augmented the growth of the veterinary imaging market?
Answer: With the availability of favorable pet insurance policies, there has been a notable increase in the spending on animal health. Providing animals with appropriate healthcare has increased their lifespan, providing them a healthy life. Thus, the growth in animal healthcare expenditure has augmented the growth of the veterinary imaging market.

Question 2: What factor is hampering the veterinary imaging market growth?
Answer: Nearly 20% of veterinary doctors are expected to retire in the next ten years. The number of new vets joining the industry has been showing a meagerly growth rate of 2.2% for every year since the last decade, which is too slow to cater to the growing demand. Thus, the dearth of skilled veterinary practitioners is hampering the veterinary imaging market growth.

Question 3: How is the North American region influencing the growth of the veterinary imaging market?
Answer: North America’s market for veterinary imaging accounted for the largest share in the global market in 2019, and is estimated to showcase constant growth in the coming years. This growth is attributable to the increase in the number of both, pets & other domestic animals. Furthermore, the implementation of strict regulations enacted by the state- and federal-level governments to promote animal welfare, as well as the growing willingness of pet owners to spend more on veterinary healthcare services, is aiding the market growth.

In addition, the NAPHIA reported that the region’s pet insurance industry exhibited an impressive growth of 17% for the period 2017-2018, with 2.43 million animals being insured. The growth of the pet insurance market aids with the growth of the veterinary industry as a whole. This attracts more investment, subsequently helping the veterinary imaging market.

Question 4: Which are the well-known players in the veterinary imaging industry?
Answer: Esaote SPA, Sound Technologies, Fujifilm Sonosite Inc, Hallmarq Veterinary Imaging, General Electric, IMV Imaging, Diagnostic Imaging Systems, Carestream Health, Idexx Laboratories Inc, Agfa-Gevaert Group, Siemens Healthcare GmbH, Heska Corporation, Minxray Inc, Shenzhen Mindray Bio-Medical Electronics Co Ltd, and VetZ GmbH are the well-known players in this industry.

Related Report:
Global Animal Nutrition Market

The global market for animal nutrition is predicted to rise with a CAGR of 5.18% in the forecasting years between 2019 and 2028, reaping a revenue growth of $18.05 billion by 2028.

Animal-based products, such as milk, eggs, meat, etc., are widely consumed. People’s increased disposable income has enabled them to afford these food products. Therefore the growing per capita income has driven the demand for more and better-quality livestock. Breeders are now increasingly focusing on the health of the livestock animals. Dietary supplements provide essential nutrients to the animals, and have thus helped them produce healthy and high-quality livestock.

Further, owing to the enhanced incomes, there has been a growing trend for protein-rich foods such as milk, eggs, and meat. Breeders using animal nutrition feed additives has resulted in improved milk output, better-quality meat, and a reduction in diseases & deficiencies. This has helped animal farmers and breeders generate a high return on investment.

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