Veterinary Imaging Market Trends

Growth Drivers

• Growing Number of Pet Owners - Worldwide pet ownership is on the rise, especially in millennial households, who often have fewer children and have them later in life and also as there has been a tendency of "pet parenting," wherein pet owners treat their animals like members of the family to postpone making other important decisions in life, including getting married and starting a family. For instance, more than 30% of households have pets worldwide.
• Increasing Popularity of Minimally Invasive Techniques- Veterinarians can more accurately detect a variety of illnesses by using the non-invasive imaging approach, which helps them see probable abnormalities, and also view images with unprecedented depth, and have a deeper understanding of the health of an animal. For instance, Ultrasound is a non-invasive diagnostic imaging method that creates real-time images of the pet's internal structures by using sound waves to provide priceless information about the health and welfare of animals.
• Surge in Pet Insurance- In the past few years, pet insurance has seen a sharp increase in investment and revenue and is one of the property and liability insurance lines that is expanding the fastest, driven by the new generation of pet owners. For instance, more than 19% of insured pets are cats, yet dogs continue to make up the majority.

Challenges

• High Cost of Imaging Services - The high-resolution imaging services, such as ultrasound, X-rays, MRI, or CT scans, that are utilized to identify minor issues in the animals are typically very expensive. The diagnostic technology also requires large installation and operational costs, which drives up the price of services. Hence this factor is expected to hinder the growth of the market.
• Inadequate Reimbursement Policies May Limit Financial Support for Veterinary Services
• Stringent Government Regulations for the Use of Animals in Research