Veterinary Imaging Market will Grow at a CAGR of 10.54% during 2022-2029

Veterinary Imaging Market Overview:

Veterinary imaging allows the veterinarian to look inside an animal's body for indications about a medical condition. Various devices and strategies can produce images of the structures and shifting inside the animal body. The kind of imaging a veterinarian utilizes relies on symptoms and the body part being examined.

The global Veterinary Imaging market size was worth USD YY million in 2021 and is estimated to reach USD YY million by 2029, growing at a CAGR of 10.54% during the forecast period (2022-2029).

The increasing technological advancements in veterinary imaging equipment are expected to boost the global market growth. Furthermore, the increasing pet adoption worldwide contributes to global market growth.

The problems associated with imaging procedures are hampering the global market growth. Veterinary Imaging is a competitive market owing to the increasing demand and new product introductions by key market players.

North America is expected to dominate the global veterinary imaging market during the forecast period. The X-Ray Systems segment is estimated to grow at a high CAGR during the projection period.

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Veterinary Imaging Market Growth Dynamics:

Technological advancements have aided in improving the quality of human life and the lives of animals that people care about.

Veterinary medicine has advanced by leaps and bounds, allowing veterinarians to make more accurate diagnoses and, ultimately, save animal lives. Technology has also resulted in better outcomes for both pets and their owners in terms of care. Veterinary clinics are constantly being upgraded in terms of technology.

Modern veterinary medicine has incorporated many new technological innovations that have altered how pets are treated. While MRIs are popular among humans, they are much more difficult to perform on animals. As a result, ultrasound has proven to be a viable alternative. The most recent technology allows for the creation of 4D images.

In contrast to MRIs used on animals, ultrasound does not require anesthesia. To meet the ever-increasing demand for high-quality pet care, the world of veterinary medicine is constantly changing.

For instance, in October 2021, Butterfly Network, Inc. launched the new Butterfly iQ+ Vet, directing the next big shift in veterinary medicine. Sharper imaging, a new procedural recommendation tool, and hardware modifications make the solution more effective, versatile, and simple in its second generation.

Veterinary Imaging Market Segmentation - By Equipment

Digital radiography is a type in which x-ray-sensitive plates are used to capture data directly during patient examination and immediately transfer it to a computer system. As an alternative to X-ray film, digital radiography employs a digital image capture device.

Veterinary radiography systems are now widely used to understand better the complex conditions that animals face, which provides the benefits of immediate image preview and elimination, availability of costly film processing steps, and a wider dynamic range. Being more forgiving of over- and under-exposure allows for special image processing techniques that improve overall image display quality. Furthermore, less radiation can produce an image with the same contrast as conventional radiography.

In veterinary medicine, radiography is a common diagnostic tool. A basic understanding of how radiographs are created allows users to select the most appropriate exposure factor settings to achieve optimal image quality during radiograph production. In veterinary practice, three types of radiography systems are available: conventional film-screen radiography, computed radiography (CR), and direct digital radiography (DR). Digital radiography systems, including CR and DR, have several advantages over traditional film-screen systems.

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Veterinary Imaging Market Regional Insights:

The North American veterinary imaging market is assessed to boost at a high CAGR in the forecasted period (2022-2029) because of the rising number of pet adoptions and expanding pet health spending in this region.

According to the Human Society of the United States 2021-2022 American Pet Products Association Survey, among the 128.451 million United States households, about 90.5 million own a pet making up to 70% of entire households out of the U.S. households with pets, around 69 million pets a dog with spending $1,344 annually over veterinary visit while over 45.4 million pets a cat spending around $801 annually over veterinary visits.

Additionally, according to the American Pet Products Association's 2021-2022 National Pet Owners Survey, the whole U.S. pet industry expenditure was about $103.6 billion in 2020, which climbed to $123.6 billion in 2021, displaying growth of 19%.

Furthermore, the presence of key market players are based in the United States and hold most of the market to themselves thereby ensuring the dominance of North America over the global veterinary imaging market.

Therefore, the mentioned data indicates an increased number of families with pets and their spending on pet health in North America, contributing to the veterinary orthopedics market growth at a high CAGR in the forecasted period (2022-2029).

Veterinary Imaging Market Competitive Analysis:

The veterinary imaging market is a moderately competitive presence of local and global companies. Some key players contributing to the market's growth include Canon Medical Systems Corporation, Carestream Health, Epica Animal Health, Esaote SPA, Fujifilm Holdings, Hallmarq Veterinary Imaging, IDEXX Laboratories Inc., IMV Imaging and Sound, GE Healthcare, Konica Minolta Inc.

The major players are adopting several growth strategies, such as product launches, acquisitions, and collaborations, which are contributing to the growth of the Veterinary Imaging market globally. For instance, in February 2021, FUJIFILM Medical Systems U.S.A., Inc. launched its first fully equipped VXR Veterinary X-Ray Room. This new X-ray room's innovative design is aimed at veterinarians who want to transition to high-quality, low-dose X-rays with an affordable, versatile, easy-to-use, and simple-to-install system.

Market Segmentation

By Equipment:
• Radiography (X-ray) Systems
• Ultrasound Imaging Systems
• Computed Tomography Imaging Systems
• Magnetic Resonance Imaging Systems
• Video Endoscopy Imaging Systems
• Other

By Application:
• Cardiology
• Oncology
• Neurology
• Orthopedics
• Others

By End User:
• Veterinary Hospitals & Clinics
• Diagnostic Centre
• Other

by Region:
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa

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This release was published on openPR.