According to the publisher, the global veterinary imaging market is expected to display a positive market trend over the forecast period of 2019-2028, exhibiting a CAGR of 5.80%.
The rising adoption of pet animals is the primary driving force behind the growth of this market. Further, the growing R&D in veterinary imaging systems and the growth in spending on animal healthcare are further aiding this growth. Besides, there is a huge demand for advanced technologies like veterinary imaging in the emerging markets of developing nations and animal diseases are also becoming highly prevalent. These factors are creating major opportunities for market growth.
However, the exorbitant costs of imaging devices and the scarcity of skilled personnel are acting as factors hindering the growth of the market for veterinary imaging. In addition, the lack of awareness of animal health and their proper care, along with the high costs of pet care, is creating challenges in the path of market growth.
The global market for veterinary imaging spans across North America, Latin America, the Middle East and Africa, Europe, and the Asia-Pacific.
Geographically, North America leads the global market, and captured the largest market share in 2019. The key driving factors responsible for the business growth in the region are increased pet ownership and the growing disposable incomes. According to the National Pet Owners Survey for 2017-2018 conducted by the APPA, 68% of US households (approx. 85 million people) own a pet. This is a major surge of 56% in the thirty-year period from 1988 to 2018. Moreover, the atmosphere has experienced a significant change. Companion animals play a vital role in enhancing one's quality of life; they are known to have a positive effect on human health and thereby improve their physical well-being.
- Growth in the Adoption of Pet
- Research & Development in Veterinary Imaging Systems
- Rise in Spending for Animal Health
- High Cost of Imaging Devices
- Dearth of Skilled Personnel
- Demand from Emerging Markets
- Prevalence of Diseases in Animals on Rise
- Lack of Awareness for Animal Health
- High Cost of Pet Care
- Agfa-Gevaert Group
- Esaote Spa
- Fujifilm Sonosite Inc
- General Electric
- IMV Imaging
- Idexx Laboratories Inc
- Shenzhen Mindray Bio-Medical Electronics Co Ltd
- Minxray Inc
- Siemens Healthcare GmbH
- Heska Corporation
- Sound Technologies
- Diagnostic Imaging Systems
- Hallmarq Veterinary Imaging
- Vetz GmbH
- Carestream Health
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