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Top Market Shifts Transforming the Veterinary Stereotactic Radiosurgery System Market Landscape: Key Insights
Veterinary Stereotactic Radiosurgery System
What Is the Expected CAGR for the Veterinary Stereotactic Radiosurgery System Market Through 2025?
The market size of the veterinary stereotactic radiosurgery system has seen swift growth in the past few years. It is projected to increase from $2.92 billion in 2024 to $3.28 billion in 2025, marking a compound annual growth rate (CAGR) of 12.1%. The historical period's growth is linked to factors such as the rise in pet ownership, investments in veterinary healthcare, regulatory backing, and the expansion of pet insurance.
What's the Projected Size of the Global Veterinary Stereotactic Radiosurgery System Market by 2029?
Expectations are high for swift growth in the veterinary stereotactic radiosurgery system market size over the oncoming years. The projected size for 2029 is estimated at $5.25 billion, with a compound annual growth rate (CAGR) of 12.5%. The growth during this forecast period is likely due to an expanding geriatric pet population, heightened awareness and education, and the globalization of veterinary services. Major trends predicted for this period include AI and robotics integration, perpetual technological innovation, a heightened emphasis on personalized medicine, integration of telemedicine, collaborations and partnerships, rising popularity of cyberknife and linac systems, and a focus on minimally invasive procedures.
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Top Growth Drivers in the Veterinary Stereotactic Radiosurgery System Industry: What's Accelerating the Market?
The surge in pet ownership is predicted to stimulate the expansion of the veterinary stereotactic radiosurgery system market. Pets, often kept for pleasure and companionship in homes, can have a variety of tumors treated by these systems. For instance, the People's Dispensary Sick Animals wellness (PAW) Report, which conducts the largest annual survey of pet health in the UK, predicts that by 2023, 53% of UK adults will own a pet (including 29% with dogs, 24% with cats, and 2% with rabbits). An increase in the pet population has been reported by 67% of veterinary professionals over the past two years, attributing this to a 71% rise in the number of pets visiting their clinics and a 54% increase in new pets in their vicinity. Consequently, this growth in the pet population is fueling the expansion of the veterinary stereotactic radiosurgery system market.
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What Trends Will Shape the Veterinary Stereotactic Radiosurgery System Market Through 2029 and Beyond?
The evolution of technology is an emerging trend that is growing in significance in the veterinary stereotactic radiosurgery system market. In order to maintain their market dominance, major industry players are focusing on the development of advanced technology. An exemplification would be Accuray Incorporated, a firm based in the US that manufactures radiotherapy systems, which recently released the CyberKnife S7 system, a new addition to their CyberKnife radiation therapy line. The robotic radiation therapy system is utilized to administer Stereotactic radiosurgery (SRS) and stereotactic body radiation therapy (SBRT) treatments within a 15-minute window. It's effective in addressing neurological diseases and both benign and malignant cancers throughout the body. To enhance radiation delivery by containing in real-time progress of the patient and/or tumor, the S7 uses Accuray's Synchrony motion-synchronization technology. The system's exceptional robotic structure allows radiation delivery from potentially countless different angles.
What Are the Main Segments in the Veterinary Stereotactic Radiosurgery System Market?
The veterinary stereotactic radiosurgery system market covered in this report is segmented -
1) By Product: Microsurgical Instrumentation, Optical Or Viewing Instruments, Other Products
2) By Modality: Gamma Knife, Linear Accelerator, Particle Beam Radiation Therapy, Cyber Knife
3) By Application: Canine, Feline, Other Applications
4) By End User: Hospitals, Contract Research Organizations (CROs), Other End Users
Subsegments:
1) By Microsurgical Instrumentation: Stereotactic Frames, Navigation Systems, Targeting Devices
2) By Optical Or Viewing Instruments: Endoscopes, Surgical Microscopes, Imaging Systems
3) By Other Products: Treatment Planning Software, Radiation Delivery Systems, Accessories
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Which Top Companies are Driving Growth in the Veterinary Stereotactic Radiosurgery System Market?
Major companies operating in the veterinary stereotactic radiosurgery system market include PetCure Oncology, Elekta AB, Accuray Incorporated, Varian Medical Systems Inc., Nanovi Radiotherapy A/S, Ion Beam Applications SA, ZAP Surgical Systems Inc., Brainlab AG, Best Medical International Inc., Mevion Medical Systems Inc., Hitachi Ltd., Sumitomo Heavy Industries Ltd., Shinva Medical Instrument Co. Ltd., Beijing Wandong Medical Equipment Co. Ltd., Neusoft Medical Systems Co. Ltd., Xinjiang Xinxing Medical Equipment Co. Ltd., Beijing Neusoft Medical Systems Co. Ltd., Siemens Healthineers AG, Philips Healthcare Company, GE Healthcare Technologies Inc., Toshiba Medical Systems Corporation, Hitachi Aloka Medical Ltd., Vision RT Limited
Which Regions Will Dominate the Veterinary Stereotactic Radiosurgery System Market Through 2029?
North America was the largest region in the veterinary stereotactic radiosurgery system market in 2024. The regions covered in the veterinary stereotactic radiosurgery system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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