Global Veterinary Imaging Market Study Analysis: Pet Insurance Is In High Demand, And Animal Health Costs Are Rising

The fast-food market size was valued at $ billion in 2020 and is estimated to reach $ billion by 2028, growing at a CAGR of 9.31% during the forecast period. Veterinary imaging is a non-invasive technique that is used to obtain medical images of animal bodies for diagnosis of diseases, staging of the diseases, and follow-up of diseases. The veterinary imaging technology works on electromagnetic radiation or sound waves. Veterinary imaging technology is used to diagnose diseases in small animals, large animals, livestock animals, companion animals, exotic animals, and zoo animals. The various veterinary imaging technology includes radiography, X-ray, ultrasound imaging, MRI, CT imaging, endoscopy imaging, and others. The veterinary imaging systems can detect diseases such as nasal/sinus diseases, skull fractures, and brain hemorrhage, and various types of brain tumors. This imaging technology can also examine the physiological and anatomical function of the animal body tissues. Demand for veterinary imaging is rising due to the rising adoption of animals, rise in animal expenditure, increasing number of pet insurance, growth in the number of veterinary practitioners, and continuous advancement in veterinary imaging technology which in turn is expected to boost the veterinary imaging technology growth.

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Global Veterinary Imaging Market Drivers And Restrain:
The major factors that have impacted the growth of the veterinary imaging market are increasing expenditure on pets which demands better diagnosis equipment, and a rising number of companion animals, among others.

Increasing expenditure on Pets:
Pet owners have increased their spending on the health and wellness of their pets. Pet owners are opting for pet insurance for the medical expenses of their companion animals. According to the American Pet Products Association survey 2019-20 states a total of $95.70 billion was spent on pets in the year 2019 it is expected to reach $99.0 billion in the year 2020. In 2019 $19.2 billion was spent on supplies and OTC medicines. The annual expenditure of an owner of dogs for a surgical vet visit and a routine vet is $426 and $212 respectively and the annual expenditure on cats for a surgical vet and routine vet is $214 and $160 respectively. Pet insurance covers expenses including chronic conditions, diagnostic testing, accidents, medication coverage, and routine care coverage. According to the North American Pet Insurance Association, the pet health insurance with total premium volume in North America has reached $1.42 billion in 2018. In the U.S. The average accident and illness premium for dogs and cats were $566 or $47/month and $354 or $29.50/month respectively. A total of 2.43 million pets were insured in North America in the year 2018. The continuous increase in expenditure on pets has increased the demand for better veterinary diagnosis and technology which is anticipated to supplement to veterinary imaging market growth.

Rising numbers of companion animals:
There has been a surge in the population with companion animals owing to the health benefits associated with the adoption of animals. The companion animals can provide health benefits such as reduced cardiac arrhythmias, normalization of blood pressure, decreased anxiety, greater psychological stability, and improved well-being. According to National Pet survey of American Pet Products Association 675 of household in the U.S. has pets which accounts to 84.9 million homes. The number of bird owners is 5.7 million, cat owners are 42.7 million, dog owners are 63.4 million. Rapid urbanization and increasing disposable income are also key factors for rising animal ownership. The growing pet adoption will fuel the demand for better animal healthcare facilities which in turn is anticipated to boost the veterinary imaging market growth.
The market is hampered by veterinary imaging devices are expensive, and pet care costs are rising.

Impact Of COVID-19 on the Veterinary Imaging Market:
• Impact on Market Size
• End-User Trend, Preferences, and Budget Impact
• Regulatory Framework/Government Policies
• Key Players Strategy to Tackle Negative Impact
• Opportunity Window

Global Veterinary Imaging Market Segments:
The global Veterinary Imaging market is further segmented into product, application,end-user, animal type, and geography.
By Product: Instrument, Reagents, and Software
By Application: Orthopedics & Traumatology, Oncology, Cardiology, Neurology, and Others
By End User: Clinics, Hospitals, and Reference Labs
By Animal Type: Small Companion Animals, Large Animals, and Others

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
• Rest of the World (the Middle East & Africa and South America)

North America is expected to dominate the veterinary imaging market attributed to the rise in purchasing power of people, and increasing awareness about tumors and cancers in companion animals Europe is also expected to contribute to the veterinary imaging market. The increasing adoption of pet animals, growing pet insurance services, and increasing veterinary healthcare expenditure in the region are expected to drive the veterinary imaging market growth. Asia-Pacific is anticipated to show lucrative growth in the veterinary imaging market owing to the increasing popularity of the companion animal concept. Moreover, the rise in demand for protein-rich animal food, a surge in consumption of meat & dairy products, and a rise in the number of veterinary hospitals in this region are expected to drive the veterinary imaging market growth.

Key Players of Global Veterinary Imaging Market:
• GE Healthcare
• Agfa- Gevaert
• Esaote
• IDEXX Laboratories
• Hitachi, Ltd
• Siemens
• FUJIFILM Holdings Corporation
• Mindray Medical International Limited
• Epica International
• Canon Medical Systems Corporation

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Key Questioned Answered Through The Report:
• The Impact of COVID-19 on the global market
• What are the potential opportunities for new entrants in the global market
• What is the market Size and Forecast from 2020 to 2028?
• Key Players associated with the global Veterinary Imaging Market
• Value Chain Analysis of Global Veterinary Imaging Market
• What is the CAGR of the global Veterinary Imaging Market from 2021 to 2028
• Major Growth Factor, Challenges, Trends, and Opportunities in the global market
• Key outcomes of SWOT Analysis

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