Increasing Expenditure on Pet Insurance is set to Propel the Growth of the Global Veterinary Imaging Market at a CAGR of 7.40%

Pune, India, August 2022, MRFR Press Release/- Market Research Future has Published a Cooked Research Report on the Global Veterinary Imaging Market.

Market Highlights

The Global Veterinary Imaging Market is estimated to be valued at USD 3.1317 Billion by 2030 and is projected to register a CAGR of 7.40% during the forecast period.

Veterinary imaging is the noninvasive method that helps to diagnose disease by making medical images of the veterinary body. We have various advanced imaging technology used for veterinary patients. Veterinary imaging instruments are used to diagnosis of chronic disease and getting medical images of animals. Notably, the increasing prevalence of zoonotic diseases, significant rise in pet insurance purchases, and increased number of veterinary practitioners are promoting the growth of the veterinary imaging market globally.

The market growth is mainly driven by increasing incidence of zoonotic diseases, increasing expenditure on pet insurance, and technological advancements in veterinary imaging. However, high procedure cost and lack of skilled veterinarians may slow the growth of the market.

Segment Analysis

The global veterinary imaging market is segmented into product type, animal type, therapeutic area, and end user. On the basis of product type, the market is segmented into instruments, veterinary imaging reagents, and veterinary software. On the basis of animal type, it is segmented into small companion animals and large animals. On the basis of the therapeutic area, the veterinary imaging market segmented into orthopedics and traumatology, cardiology, neurology, and oncology. On the basis of end user, the veterinary imaging market segmented into hospitals & clinics, and academic institutes.

Explore In-depth Details: Veterinary Imaging Market Research Report

Market Players 

Market Research Future (MRFR) recognizes Esaote SpA (Italy), GE Healthcare (US), Medical Imaging/IMCO, Inc. (US), BCF (Scotland), Fujifilm Holding Corporation (Japan), Heska Corporation (US), Diagnostic Imaging System, Inc. (US), Canon Inc. (Tokyo), Carestream Health (US), and Merry X-Ray (US) as the key players in the global Veterinary Imaging market.

Regional Analysis

The global veterinary imaging market, based on region, is divided into the Americas, Europe, Asia-Pacific, and the Middle East and Africa.

The Americas accounts for the largest market share in 2018. The larger share is majorly attributed to the growth in adoption of pet animals, increasing veterinary healthcare expenditure, increasing demand for pet insurance, and increasing pet ownership. According to the report published by the American Pet Products Association, from 2017 to 2018, 68% of the U.S. households or 85 million families have a pet.

Europe is the second-largest market for veterinary imaging owing to the presence of large market players, innovative advanced technology, increasing companion animal ownership, and the presence of veterinaries.

The Asia-Pacific region accounted the third-largest market owing to the presence of large animal population, increasing disposal income, increasing nuclear families preferring to have pets and increased investments by the American and European market giants in Asian countries such as China and India.

The market in the Middle East and Africa is constrained due to poor development of the animal industry and the low productivity of the maximum breeds in the region.

Key Findings of the Study:

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  The global veterinary imaging market was valued at USD 1336.81million in 2018, is estimated to grow at USD 2167.78 million by 2025 at a CAGR of 7.14% during the assessment period

  
  


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  The Americas accounted for the largest share of the global veterinary imaging market due to growth in adoption of pet animals, increasing veterinary healthcare expenditure, increasing demand for pet insurance, and increasing pet ownership.

  
  


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  Based on product type, the Instruments segment accounted for the largest market share of 67% in 2018

  
  


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  Based on end user, the hospitals & clinics segment dominated the market and projected to register the highest CAGR of 7.40%% during the forecast period

  
  

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