Increment sought after for veterinary diagnostics is required to fuel the interest as these gadgets are essentially utilized for ailments determination. The market for veterinary imaging market is estimated to expand by exhibiting a CAGR of 7.14% during the forecast period and is estimated to reach value of USD 2,167.78 million by 2025.
Developing use on animals wellbeing and pet protection are required to add to expanding request. Moreover, developing partner animals fragment because of high selection of pets and increment in number of vet professionals around the globe are required to push the interest for these frameworks over the next years. Increment in rate of zoonotic sicknesses requests exact and compelling indicative devices, which is estimated to fuel the business growth in coming years. Interest for powerful solution for improve domesticated animals profitability in creating economies is relied upon to drive the selection in coming years
Upsurge in populace of domesticated animals, appeal for dairy and meat items, ascend in reception of pets, and increment in mindfulness among pet proprietors for better treatment alternatives for their pets are a portion of the elements foreseen to add to development of the veterinary imaging market over the conjecture time frame. Veterinary indicative imaging comprises of a non-intrusive technique for getting pictures of the animal’s body with the end goal of restorative diagnostics. The animals considered for imaging are little friend animals, enormous animals, and zoo animals, and others.
The market is driven by expanding consumption on animal wellbeing alongside rising interest for pet protection alongside developing pet market. Besides, specialized improvements identified with veterinary imaging instruments are required to offer inexhaustible development openings in the market. Absence of skilled veterinarians is a key market challenge looked by key market players.
Competitive Analysis:
The key players operating in the global veterinary imaging market include IDEXX Laboratories, Inc., Carestream Health, GE Healthcare, FUJIFILM Holdings America Corporation, Esaote SpA,Hallmarq Veterinary Imaging Ltd, VetZ Limited, SUNI Medical Imaging, Inc., and Universal Medical Systems, Inc.
Segmentation:
The veterinary imaging market is segmented based on product type, animal type, therapeutic areas, end user, and region.
In terms of product type, the global veterinary imaging market is categorized into instruments systems, veterinary software, and veterinary imaging reagents. Of these instruments systems is sub-segmented into ultrasound imaging systems radiography systems, magnetic resonance imaging systems, and computed tomography imaging systems.
Based on the animal type, the market is segmented into small companion animals, large animals, and others.
Based on the therapeutic areas, the market is segmented into orthopedic and traumatology, neurology, cardiology, oncology, and other.
Based on the end user, the market is segmented into hospitals & clinics, academic institutes, and others.
Regional Analysis:
Based on the region, the market is segmented into Europe, the Americas, Asia Pacific, the Rest of the World (RoW). Of these, the Americas are estimated hold strong position in the veterinary imaging market is likely to expand with a CAGR of 7.62% during the forecast period. This is attributed to larger adoption of pets in the region. Increase in research and development (R&D) coupled with the demand for veterinary imaging equipment is driving the growth of the market. The increase in pet adoption along with increasing healthcare expenditure in the animal health segment is anticipated to propel the market growth.
Asia Pacific market for veterinary imaging is anticipated to witness most lucrative growth owing to rising healthcare expenditure. Additionally, the increase in interest of key players for investing in this market is benefiting the market growth in the region. Rising interest of companies to expand their across the region along with growing demand for veterinary products are driving growth of the global veterinary imaging market. In addition to this, increasing R&D investment, availability of low-cost animal health products, and rising healthcare expenditure are expected to drive the growth of market.
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