Veterinary Imaging Market To Drive Amazing Growth in upcoming year with Top key Players: MinXray, GE Healthcare, Siemens AG
According to the report, the global veterinary imaging industry garnered $1.62 billion in 2018, and is projected to reach $2.65 billion by 2026, registering a CAGR of 6.3% from 2019 to 2026. The report offers an in-depth analysis of the market size, emerging and current trends, future estimations, and key players.
Technological advancements in imaging systems, surge in pet ownership across the world, and increase in spending on animal health drive the growth of the global veterinary imaging market. However, lack of veterinary infrastructure facilities in underdeveloped countries hinder the market growth. On the other hand, untapped potential in emerging economies create new opportunities in the market.
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Impact of COVID-19 on Veterinary Imaging Market:
Negative Impacts:
- Reduced Veterinary Clinic Visits: Lockdowns, stay-at-home orders, and concerns about exposure to the virus led to a decrease in non-essential veterinary visits, including those requiring imaging procedures. This resulted in a decline in revenue for veterinary imaging services and equipment sales.
- Delays in Diagnosis and Treatment: Reduced access to imaging services, along with potential staff shortages at veterinary clinics, could have delayed diagnoses and treatment for some animal illnesses.
- Uncertainty and Supply Chain Disruptions: Global supply chain disruptions impacted the availability and cost of certain imaging equipment and supplies, causing challenges for veterinary practices.
Positive Impacts:
- Increased Pet Adoption: During the pandemic, pet ownership rates grew in many countries. This trend, while not directly driving immediate demand for imaging, suggests potential future growth in the veterinary imaging market as these new pets age and require medical care.
- Shift Towards Telemedicine: The pandemic accelerated the adoption of telemedicine in veterinary care. This increased accessibility to veterinary services potentially mitigated the decline in imaging procedures, as veterinarians could rely on imaging results obtained by pet owners at home or referral clinics.
- Focus on Cost-Effectiveness and Efficiency: The economic stress caused by the pandemic may have encouraged veterinary clinics to seek more cost-effective and efficient imaging solutions. This could benefit manufacturers of portable or point-of-care imaging equipment.
Long-Term Trends:
- Technological Advancements: Continued advancements in veterinary imaging technology, such as low-dose CT scanners and AI-powered image analysis, could improve diagnostic accuracy and efficiency, making imaging services more accessible and desirable for pet owners.
- Emphasis on Preventative Care: The pandemic may have heightened awareness of the importance of pet health and preventative care. This could lead to increased demand for routine diagnostic imaging procedures, such as radiographs and ultrasounds, to detect potential health issues early.
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Veterinary imaging, a branch of veterinary medicine, is used to obtain different medical images of animals for diagnosis of various chronic diseases. This veterinary imaging equipment is high in demand due to increase in adoption of pets and focus of pet owners on health of their pets. Imaging systems such as radiography, X-ray, MRI, CT imaging, endoscopy imaging, and ultrasound imaging are used to diagnose diseases in livestock animals, companion animals, and large animals. The scanning is generally used for the conditions in animals such as brain malformations, spinal herniation, brain tumors, trauma of brain and spine, ligament, and tendon-related problems.
Key Market Segments:
By Modality Type
- Instrument
- Reagents
- Others
Animal Type
- Companion Animals
- Large Animals
- Other Animals
Application
- Orthopedics & Traumatology
- Oncology
- Cardiology
- Neurology
- Other Application
End User
- Clinics and Hospitals
- Reference Labs
- Other End User
By Region
- North America (U.S., Canada, Mexico)
- Europe (France, Germany, Italy, Spain, UK, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, Rest of Asia-Pacific)
- LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Rest of LAMEA)
Leading Market Players:
- Agfa-Gevaert N.V.
- Esaote SpA
- Fujifilm holdings corp. (Sonosite, Inc.)
- General Electric (GE Healthcare)
- IMV Technologies group (IMV imaging)
- IDEXX Laboratories, Inc.
- Mindray Medical International Ltd.
- MinXray, Inc.
- Siemens AG
Regional Growth:
North America held the largest market share, accounting for nearly half of the global veterinary imaging market in 2019, and will maintain its lion’s share during the forecast period. This is attributed to presence of advanced veterinary imaging facilities and skilled veterinary professionals, availability of veterinary hospitals, and rise in demand for advanced imaging systems. However, Asia-Pacific is expected to witness the largest CAGR of 8.1% from 2019 to 2026, owing to development in veterinary facility, improvement in animal health awareness, and increase in number of veterinary clinics & hospitals equipped with advanced medical facilities
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