New York, Sept. 03, 2020 (GLOBE NEWSWIRE) -- The Global Veterinary Imaging Market is forecast to reach USD 2.72 Billion by 2027, according to a new report by Reports and Data. Increasing competition for magnetic resonance imaging (MRI) for the treatment of different animal health conditions is one of the factors driving the veterinary imaging market. Magnetic resonance imaging is used to research the physiological and structural structure of the body tissues in animals. It is commonly used in small animal operations for disease detection and disease planning and disease control without the possibility of ionizing radiation contamination. The factors listed above enhance the growth of the veterinary picture sector. Technological developments in pet imaging can function as a making catalyst for successful impacts. Enterprise players' emphasis on growing and evolving technically developed and creative veterinary imaging solutions would promote market growth. However, a shortage of professional doctors for controlling the systems is gradually inhibiting the market growth. The expense of building and repairing the facilities is too significant and is not feasible for limited businesses as a challenging thing for market developers.
In the last 20 years, veterinary medicine has experienced immense technological advancements. Diverse human medical practice technologies for the diagnosis and treatment of animals are being adopted. Fuel production is projected to be attributed to developments in technology. For example, the launch of portable battery charged imaging equipment is propelling the adoption of these systems in the years ahead. Two of the latest techniques include magnetic resonance imaging (MRI) and ultrasound study. MRIs are successful in predicting neurological conditions in humans. Veterinarians nowadays use MRIs to examine animal brains aiming to treat the anatomy with an animal's soft tissues and orthopedic structure. Imaging tools aid vet and technicians detect and treat zoonotic diseases. Such devices also assist in accident treatment. The growing acceptance of new technology combined with an increasing understanding of animal welfare is some of the reasons that are projected to drive demand growth in the coming years.
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The demand for veterinary imaging in North America is expected to undergo due to the increasing use of advanced veterinary imaging systems is due to regional development. Increasing healthcare expenditure on companion animals, coupled with strong footholds of notable players in North America, will also boost the business of veterinary imaging techniques. The Asia Pacific veterinary diagnostic imaging industry will grow significantly, owing to the rising knowledge of sophisticated and creative veterinary imaging systems should promote regional development. The increase in the adoption of pets in India and China should, moreover, foster business growth.
COVID-19 Impact Analysis:
While the COVID-19 epidemic continues to spread, manufacturers are gradually adapting their production and purchasing strategies to fulfill the challenges of a pandemic that has created market-based Veterinary Imaging needs. There will be a series of negative and positive disruptions over a few months as retailers and their suppliers respond to growing customer demands. With the unstable global situation, several states look vulnerable to export-dependent economies. Due to a lack of downwind demand, the effect of this pandemic would transform the global Veterinary Imaging industry; some manufacturing plants either shut down or decrease their capacity. Others, however, stopped their output by their respective governments as a precautionary move to prevent the spread of the virus. For other nations, by looking at the severity of the crisis and the consequent behavior of the state officials themselves, customers are centered on becoming more important. Market dynamics in Asia Pacific countries have become chaotic in all of these situations, collapsing frequently and finding it impossible to stabilize.
Further key findings from the report suggest
- Based on product, reagents generated a revenue of USD 434.94 Million in 2019 and believed to grow considerably with a CAGR of 6.8% in the forecast period due to the growing use of such systems in clinical environments, veterinary picture archiving, and communication systems with increasing demand for applications with the potential to exchange photographs and store details.
- The reference laboratories are expected to grow with a CAGR of 6.8% in the forecast period due to an increase in partnerships between reference laboratories and businesses to offer new products to pet owners and a rise in advertising efforts for reference laboratories.
- The orthopedic and traumatology application is a major contributor to the Veterinary Imaging Market. The North American orthopedic and traumatology sectors are major shareholders of the market and held around 41.1% of the market in the year 2019, attributable to growth in animal accidents, an increasing need for reliable medical tools, and the proliferation of animal care facilities.
- North America dominated the veterinary imaging market in 2019, due to an increase in R&D activities coupled with the rising demand for veterinary imaging equipment with expanded spending in the animal welfare sector for health care. North America region held approximately 43.2% of the market, followed by the Asia Pacific, which contains around 23.4% market in the year 2019.
- Key participants include FUJIFILM Holdings America Corporation, Universal Medical Systems Inc., Shenzhen Mindray Bio-Medical Electronics, IDEXX Laboratories Inc., Hallmarq Veterinary Imaging Ltd, SUNI Medical Imaging Inc., Canon Medical Systems, Carestream Health, Agfa-Gevaert, and Epica International, among others.
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For the purpose of this report, Reports and Data has segmented the Global Veterinary Imaging Market on the basis of product, end-use, application, and region:
Product Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2017-2027)
- Instrument
- Reagent
- Services
- Veterinary PACS
End-Use Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2017-2027)
- Hospitals/Clinics
- Reference Laboratories
- Others
Application Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2017-2027)
- Orthopedics and Traumatology
- Oncology
- Cardiology
- Neurology
- Others
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Regional Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Benelux
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of MEA
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