The Geographical Analysis of the Veterinary Diagnostic Imaging Devices Market
The North American Veterinary Diagnostic Imaging Devices Market was valued at US$ 356.0 million for 2014 according to the new report “Global Veterinary Diagnostic Imaging Devices Market Assessment & Forecast: 2015-2019” by SA-Business Research & Consulting group.
North America led the market with a share of 34.3% in 2014, which is expected to get eroded as emerging economies such as Brazil, India, China, Middle-East and parts of South-East Asia increase their stakes in the market. The emerging economies have observed a healthy growth in the veterinary care sector and it is expected that Asia-Pacific region which currently accounts for a share of 19.0% will grow with the fastest CAGR of 6.8% till 2019.
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Greater awareness and care for animal health has ensured the leadership of North America in the global market. Emerging regions are expected to show a strong growth for more affordable modalities of imaging such as ultrasound and X-ray accompanied by growing per capita income and purchase power. In 2014, pet owners in U.S. spent approximately US$ 55.0 billion over services and products related to animal healthcare. This excludes the healthcare services provided to wildlife and farm animals segments, thus it is clearly illustrated that this is a highly prospective market.
Although France is a major producer of veterinary medicines and health products, the United Kingdom leads European market in the veterinary diagnostic imaging devices segment. Trends across the European countries are similar in terms of companion animal care. Most pet owners prefer to choose the closest veterinary care centers, thus making revenue generation for clinics and hospitals only on a local level. This creates a ripple in the purchase pattern since only city and suburb based clinics are able to afford purchase of expensive imaging devices such as MRI and CT. A large variety of exotic animals that are kept as pets in Middle-East, and in addition to this a very high purchase power the region has created one of the greatest potential for growth of the market in future. Several Asian equipment manufacturers have already initiated capitalizing on this region’s prospective opportunities.
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Advanced healthcare IT technologies such as PACS and teleradiology have also caught up with the existing imaging technology at least in developed regions such as United States and parts of Europe. Veterinary medicine professionals united by the introduction of new technology are now fervently trying to raise awareness of the plight faced by the veterinary industry and the challenge faced by wildlife conservation experts across the world. Due to a rapidly declining habitat, the wildlife and animal conservation efforts is expected to raise the demand for veterinary technologies in coming years.
Spearhead Acuity Business Research & Consulting Private Limited (SA-BRC) is a premium Life Science business intelligence and data analytics firm. SA-BRC team offers a wide range of business intelligence services to multiple stakeholders such as Medical Device Manufacturers, Service Providers (Hospitals, Payers, etc.), Suppliers, Group Purchase Organizations, Distributors and all other individuals in the entire value chain of healthcare industry. Our research and consulting capabilities extend across several sub-domains within the sphere of Life Sciences such as Biotechnology, Healthcare IT, Medical Devices, Veterinary Sciences, Wellness Products and Pharmaceuticals.
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