Veterinary Imaging Market growing at a CAGR of 6.8% during 2021-2031 | Agfa-Gevaert N.V., Carestream Health, Esaote S.p.A, IDEXX Laboratories, Inc

The global Veterinary imaging market was valued at USD 1.8 billion in 2021 and it is anticipated to grow up to USD 3.5 billion by 2031, at a CAGR of 6.8% during the forecast period.

Veterinary imaging is a branch of veterinary medicine that obtains medical images of animals to aid in disease diagnosis. Radiography, X-ray, ultrasound imaging, MRI, CT imaging, endoscopy imaging, and other imaging systems are used to diagnose diseases in companion animals, large animals, livestock animals, and others.

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Market Trends and Drivers

Globally, there is increase in the overall companion animal population and adoption rate. Having a companion animal is associated with positive health benefits such as reduced cardiac arrhythmias, normalised blood pressure, reduced anxiety, increased psychological stability, and improved well-being, according to several studies. Due to the COVID-19 pandemic's loneliness and need for companionship, the ownership of companion animals has increased significantly. The growing pet population is expected to fuel demand for pet care products and services, supporting the growth of dependent industries such as the veterinary imaging market.

Market Restraints and Challenges

Veterinary imaging equipment is an expensive product. Entry-level console (portable) ultrasound systems cost between USD 22,000 and USD 75,000 in developed countries like the United States, Germany, the United Kingdom, and Japan. Depending on the number of probes, the price of these systems could rise by USD 30,000 to USD 40,000. (if multiple probes are considered). Esaote and GE Healthcare both charge a premium for advanced ultrasound systems. Small portable machines start around USD 2,000-3,000 and can go up to USD 50,000, with backup transducer probes costing up to USD 1,000 and printers costing up to USD 2,000 on average. Fully digital portable handheld ultrasound systems are more expensive than basic ultrasound systems, Hence, high cost of imaging systems and treatment in developing countries coupled with less awareness regarding advanced imaging system for diseases diagnosis is expected to restrict the business expansion.

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Global Veterinary Imaging Market Segmentation

By Product Type

• Instrument
• Reagents
• Others

Major Players in the Global Veterinary Imaging Market

The key players in the market are GE Healthcare (US), Agfa-Gevaert N.V. (Belgium), Carestream Health (US), Esaote S.p.A (Italy), IDEXX Laboratories, Inc. (US), Mindray Medical International Limited (China), Canon Inc. (Japan), Heska Corporation (US), Siemens Healthineers (Germany), FUJIFILM Holdings Corporation (Japan), Konica Minolta Inc. (Japan), Samsung Electronics Co., Ltd. (South Korea), E.I. Medical Imaging (US), IMV imaging (UK), and SEDECAL (Spain) among others.

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Reasons to buy Veterinary Imaging Market Report:

• Develop comprehensive understanding of market landscape - industry structure, value-chain, key players, trends, drivers, and challenges
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• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market

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