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Veterinary Imaging Market to Exhibit 6.1% CAGR till 2027; Increasing Prevalence of Zoonotic Diseases to Bolster Growth: Fortune Business Insights™

03-31-2022 08:16 AM CET | Health & Medicine

Press release from: Fortune Business Insights

Veterinary Imaging Market

Veterinary Imaging Market

The global veterinary imaging market is set to gain impetus from the increasing shift towards digital X-ray detectors. They are capable of storing images digitally, fully implementing the picture archiving and communication system (PACS), and making the images available anywhere at any time. Fortune Business Insights™ mentioned this information in a new report, titled, "Veterinary Imaging Market Size, Share & COVID-19 Impact Analysis, By Product Type (X-ray, Ultrasound, Computed Tomography Systems, Magnetic Resonance Imaging Systems, and Others); By Application (Neurology, Oncology, Cardiology, Gynecology, Orthopedics, and Others); By Animal Type (Livestock Animals and Companion Animals), by End User (Veterinary Hospitals, Diagnostic Imaging Centers, and Others), and Regional Forecast 2020-2027."

The report further states that the veterinary imaging market size was USD 1.46 billion in 2019 and is projected to reach USD 2.07 billion by 2027, exhibiting a CAGR of 6.1% during the forecast period.

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What is the Scope of this market?
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.

Geographical Analysis:
• North America (The U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and the Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia, and the Rest of Asia Pacific)
• Latin America (Brazil, Mexico, and the Rest of Latin America)
• The Middle East & Africa (South Africa, GCC, and the Rest of the Middle East & Africa)

COVID-19: Cancellation or Postponement of Non-Essential Services to Decline Growth
The outbreak of the COVID-19 pandemic has taken a toll on the market by postponing or cancelling non-essential services. Veterinary practices are currently undergoing multiple changes to help patients receive vital care. Besides, new measures to prevent the transmission of coronavirus were deployed in healthcare institutes. We are providing accurate research reports for making you better understand the scenario of the global veterinary imaging market.

This Report Answers the Following Questions:
• Which segment is anticipated to lead the market?
• How will veterinary imaging equipment manufacturers surge sales?
• Will the outbreak of the COVID-19 pandemic affect the market negatively?
• What are the current innovations and developments happening in the market?

Drivers & Restraints-
Rising Demand for Early Diagnosis of Veterinary Diseases will Drive Growth
The rising awareness of multiple veterinary diseases and the possible methods of their early diagnosis would propel the animal imaging market growth in the near future. Also, the spread of animal diseases can severely affect economies and lives. The outbreak of livestock diseases can be a burden on the economy of those countries relying mainly on animals. Hence, early diagnosis is experiencing high demand. However, the lack of well-qualified and trained professionals is set to hamper the demand for veterinary imaging systems in emerging nations.

To get to know more about the short-term and long-term impact of COVID-19 on this market,
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Orthopedics Segment Generated 27.0% Share Owing to High Demand
Based on application, the orthopedics segment earned 27.0% in terms of veterinary imaging systems market share in 2019 and is set to dominate throughout the forthcoming years. This growth is attributable to the increasing demand for these veterinary imaging procedures backed by the surging prevalence of orthopedic diseases among livestock and pet animals.

Regional Analysis-
Increasing Employment in Veterinary Sector to Aid Growth in North America
Geographically, in 2019, North America held USD 0.70 billion in terms of revenue. The favorable reimbursement scenario, rising employment in the veterinary sector, huge expenditure on pet care, and increasing adoption of pet animals in Canada and the U.S. are likely to accelerate growth in this region.

Europe, on the other hand, is expected to retain its second position backed by the growing number of veterinary clinics, increasing adoption of pet animals, improved healthcare infrastructure, and rising prevalence of veterinary diseases. Lastly, Asia Pacific would showcase the highest CAGR in the coming years fueled by the rising awareness of all the risks associated with zoonotic diseases.

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Competitive Landscape-
Key Players Aim to Broaden Their Presence through Acquisitions & Partnerships
The veterinary imaging market contains several leading companies, namely, GE Healthcare, Siemens Healthineers AG, and Koninklijke Philips N.V. They are focusing on partnerships and acquisitions to broaden their presence across the globe. Some of the others are trying to unveil unique veterinary imaging systems to keep up with the huge demand. Below are the two latest industry developments:
• April 2019: Agfa signed an agreement with Universal Imaging, a multi-modality veterinary provider to provide veterinary-dedicated direct radiography (DR) solutions to the markets in Canada and the U.S. These are equipped with MUSICA 3 image processing. The agreement will broaden Agfa's presence in the market, thereby allowing the latter to deliver the lowest radiation dose and excellent image quality to veterinary health providers.

• October 2017: AniCura acquired a majority stake in Tierklinik Haar, an animal hospital based in Germany. It would enable the former to strengthen its leading position in the advanced veterinary care segment in the country. It organizes educational activities and seminars for other veterinarians.

A list of all the prominent veterinary imaging manufacturers operating in the market:
• GENERAL ELECTRIC COMPANY (Boston, United States)
• Agfa-Gevaert Group (Mortsel, Belgium)
• Esaote SpA (Genova, Italy)
• Siemens Healthineers AG (Munich, Germany)
• Heska Corporation (Loveland, Colorado, United States)
• IDEXX Laboratories, Inc. (Westbrook, Maine, United States)
• FUJIFILM Holdings Corporation (Tokyo, Japan)
• Carestream Health (Rochester, New York, United States)
• Canon Medical Systems Corporation (Tochigi, Japan)
• Koninklijke Philips N.V. (Amsterdam, Netherlands)
• Other Prominent Players

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About Us:

Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.

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