Pune India, Feb. 03, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the veterinary imaging market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the veterinary imaging market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the equipment, animal type, application, end-user, and region. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.
The significant players operating in the global veterinary imaging market are IDEXX Laboratories, Inc.; SUNI Medical Imaging, Inc.; GE Healthcare; Sound; and FUJIFILM Holdings America Corporation among others. To achieve a substantial market share in the worldwide veterinary imaging market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
In recent years, there has been an increase in the adoption of companion and livestock animals. This is anticipated to be one of the key factors in the market under study's growth. The Canadian Animal Health Institute (CAHI) released the findings of its 2020 Pet Population Survey in February 2021. According to the poll, the number of dogs in Canada increased from 7.6 million to 7.7 million between 2018 and 2020, while the number of cats remained stable. According to the same statistic, there will be 8.1 million more cats in homes as pets in 2020 than there will be dogs. In addition, 11.2 million cattle were kept on Canadian farms as of January 2021, according to a report by Agriculture and Agri-Food Canada. The market potential for diagnostic imaging is indicated by a large number of adopted animals. In a similar vein, People's Dispensary for Sick Animals, 2021, findings showed that 51% of adults in the United Kingdom own a pet. Of those adults, 26% have a dog, with an estimated population of 9.6 million pet dogs, 24% have a cat, with an estimated population of 10.7 million pet cats, and 2% have a rabbit, with an estimated population of 900,000 pet rabbits.
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Scope of veterinary imaging market Report
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Equipment, Animal Type, Application, End-User, and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | IDEXX Laboratories, Inc.; SUNI Medical Imaging, Inc.; GE Healthcare; Sound; and FUJIFILM Holdings America Corporation among others. |
Segmentation Analysis
The ultrasound imaging systems segment is expected to be the fastest-growing segment in 2022.
The equipment segment is ultrasound imaging systems, computed tomography imaging systems, radiography (X-ray) systems, video endoscopy imaging systems, magnetic resonance imaging systems, and others. The ultrasound imaging systems segment is expected to witness the highest growth rate during the forecast period. When other forms of treatment for depression have failed, TMS machines are routinely utilized. The most effective way to treat depression is by giving patients antidepressant-like drugs because doing so boosts treatment effectiveness while lowering the likelihood of clinically significant side effects.
The small companion animals segment is expected to be the fastest-growing segment in 2022.
The animal type segment is large animals, small companion animals, and others. The small companion animals segment is expected to witness the highest growth rate during the forecast period. Because pet adoption has increased and there is growing evidence that having pets has significant health benefits for people. The market for imaging systems is expected to be driven by the growing demand for diagnostic tools that are both highly accurate and effective in the coming years. According to the American Pet Products Association, 44% of American homes had dogs, while 35% had cats. There are already about 85.8 million cats and 78 million dogs living in the United States alone, and this number is projected to increase during the forecast period.
The oncology segment is expected to be the fastest-growing segment in 2022.
The application segment is oncology, orthopedics, neurology, cardiology, and others. The oncology segment is expected to witness the highest growth rate during the forecast period. As a result of increased oncology-related R&D efforts and an increase in the incidence of cancer in animals. The expansion of the sector is being fueled by market participants' investments in research to develop effective cancer diagnostic and treatment alternatives.
The hospitals segment is expected to be the fastest-growing segment in 2022.
The end-user segment is reference laboratories, hospitals, and others. The hospitals segment is expected to witness the highest growth rate during the forecast period. The adoption of imaging technology is driven by the need for accessible, rapid, and accurate diagnostic tools for animal healthcare. The segment is expected to grow due to the advancement of imaging technologies. Effective mobile pet owner technology and cloud-based information management systems are a couple of these innovations.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the veterinary imaging include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
- The North America region witnessed a major share. According to the American Pet Products Association's (APPA) 2021–2022 National Pet Owners Survey, a standard annual checkup for dogs in the nation costs USD 242, while it costs USD 178 for cats. The fact that imaging costs are covered by insurance in the nation is helping the market under study. In the United States, spending on pets is rising. For instance, the American Pet Products Association Inc. estimates that in 2020, Americans spent USD 99 billion on dogs. The growth of the market under study in the nation is attributable to increased pet spending and rising animal diseases.
Country Analysis
- Germany
Germany's veterinary imaging market size was valued at USD 0.75 billion in 2022 and is expected to reach USD 1.19 billion by 2030, at a CAGR of 6% from 2023 to 2030. Contrary to affluent countries like Germany, this region offers lower prices on things like computed radiography and film-based radiography. Governmental and non-governmental organisations are also making efforts to halt the spread of zoonotic diseases.
- China
China’s veterinary imaging market size was valued at USD 0.78 billion in 2022 and is expected to reach USD 1.26 billion by 2030, at a CAGR of 6.2% from 2023 to 2030. Because there is a huge increase in the adoption of companion animals here. The importance of livestock animals is rising together with the demand for animal food high in protein, which will all help to accelerate market expansion in this region.
- India
India's veterinary imaging market size was valued at USD 0.60 billion in 2022 and is expected to reach USD 0.96 billion by 2030, at a CAGR of 6.1% from 2023 to 2030. Because veterinary imaging in this field is getting more well-known. In this region, higher disposable income and more knowledge of animal health will both accelerate market expansion.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of the veterinary imaging market is mainly driven by the rise in adoption of pets.
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