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HEALTHCARE & PHARMACEUTICAL

Veterinary Imaging Market Analysis by Product Type {Ultrasound (2D, 3D, and Doppler), X-Ray (CR, and DR), MRI, CT (Single Slice, Multi-Slice), Reagents, Imaging Software, and Others}; by Animal Type (Companion Animals, Livestock, Large Animals, and Others); by Application (Cardiology, Orthopedics, Traumatology, Neurology, Oncology, and Others); and by End-user (Veterinary Hospitals, Clinics, Research Centers, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • June 21st, 2022: IDEXX Laboratories, Inc.,has announced new laboratory tests and services provided to veterinarians to assist them in wellness screenings, the development of treatment plans for cats with chronic kidney disease, and finding fast, definitive answers to critical cases.
  • May 5th, 2022: Hallmarq Veterinary Imaging Ltd, revealed that its award-winning 1.5T Small Animal MRI is now installed at the Hawaii-based Veterinary Emergency and Referral Center (VERC). Since January 2022, Hallmarq's 1.5T MRI has been used on small animal patients at VERC to diagnose neurological conditions.

Global Veterinary Imaging Market Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~11%

Base Year Market Size (2022)

 ~ USD 2Billion

Forecast Year Market Size (2033)

~ USD 4Billion

The globalveterinary imaging market is estimated to garner a revenue of USD 4 Billion by the end of 2033 by growing at a CAGR of ~11% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 2 Billion in the year 2022. The growth of the market is primarily attributed to the increasing technological advancement of veterinary imaging systems, and growing rate of pet adoption across the globe.For instance, it has been noted that by the end of 2022, nearly 17.5 million households are expected to own pets.

Veterinary-Imaging-Market-overview

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Veterinary imaging is utilized to attain clinical images of animals in order to diagnose illness. Diseases in pets, large animals, live-stock animals, and other animals are diagnosed using imaging systems such as radiography, X-ray, ultrasound imaging, MRI, CT imaging, endoscopy imaging, and others. The increasing number of veterinary clinics along with rising count of veterinary practitioners are fueling up the demand of veterinary imaging over the forecast period.For instance, by 2022, there are closely 121,480 veterinarians in the United States.

Global Veterinary Imaging Market: Growth Drivers and Challenges

Growth Drivers

  • Advancement in Veterinary Science - From last few decades, Numerous improvements have been made in the veterinary field, particularly in the field of clinical diagnosis. Now clinical diagnosis of animals is hassle free, thanks to the integration of big data, and IoMT. Now veterinary imaging is more precise, accurate and helps a lot to give a proper treatment in emergency cases. As per a research, with the availability of 3D images in ultrasound and MRI scans, veterinarians are now able to collect more detailed results and thus deliver a more accurate diagnosis. Furthermore, the technology and image format make it simpler to swap information with clients, specialists, or reference centers. Furthermore, the technological innovation in animal implants is a boon for collecting required data and for monitoring diabetic animals.

  • Global Increase in Pet Insurance –As per a report, the total number of pets insured in the United States at the end of 2021 was 3.8 million, a 29% increase from the year 2020.
  • Escalation in the Livestock Population -The global cattle population is predicted to reach approximately 1 billion head in 2022, slightly higher compared from 998 million in 2021.
  • Rise in Zoonotic Diseases –According to the World Economic Forum, 60% of known infectious diseases are predicted to be caused by zoonotic diseases, and up to 75% of newly identified or emerging infectious diseases.
  • Worldwide Rise in Meat Consumption – As per the World Economic Forum, it is estimated that 50 billion chickens are killed annually for food. In contrast, over 1.5 billion pigs are butchered annually to meet the rising demand for sausages, bacon, ham, and pork in the world, which has tripled over the previous 50 years.

Challenges

  • High Cost of Veterinary Imaging Systems
  • Lack of Animal Healthcare Awareness in Developing Nations
  • Lack of ProficientVeterinarians

The global veterinary imagingmarket is segmented and analyzed for demand and supply by application segmentintocardiology, orthopedics, traumatology, neurology, oncology, and others, out of which the oncology segment is estimated to grow over the forecast period owing to the rising prevalence of various type of cancer in animals, and increasing concern in individuals to provide best treatment to their pets. For instance, one of the most prevalent cancer in dogs is lymphoma, which accounts for nearly 12–25% of all cancer cases in dogs. The symptoms of the more than 30 known types of canine lymphoma are differing.

Major Macro-Economic Indicators Impacting the Market Growth

Global-Healthcare-Expenditure

According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capitaexpenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.

Global Veterinary ImagingMarket Regional Synopsis

Regionally, the global veterinary imagingmarket is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2033 backed by the surge in adoption of advanced veterinary imaging systems, increasing disposable income, and significantly rising adoption of companion animals in the region.For instance, each year, approximately 3.4 million animals are adopted in the United States.

Veterinary-Imaging-Market-Size

The global veterinary imagingmarket is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global veterinary imagingmarket includes the following segments:

By Product Type

  • Ultrasound
    • 2D
    • 3D
    • Doppler
  • X-Ray
    • CR
    • DR
  • MRI
  • CT
    • Single Slice
    • Multi-Slice
  • Reagents
  • Imaging Software
  • Others

By Animal Type

  • Companion Animals
  • Livestock
  • Large Animals
  • Others

By Application

  • Cardiology
  • Orthopedics
  • Traumatology
  • Neurology
  • Oncology
  • Others

By End-User

  • Veterinary Hospitals
  • Clinics
  • Research Centers
  • Others
 
Top Featured Companies Dominating the Global Veterinary Imaging Market
  • IDEXX Laboratories, Inc.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Heska Corporation
  • Carestream Health, Inc.
  • IMV imaging (UK) Ltd
  • Hallmarq Veterinary Imaging Ltd
  • Universal Medical Systems, Inc.
  • MinXray, Inc.
  • Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
  • Siemens Aktiengesellschaft
  • Konica Minolta, Inc.

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