Global Veterinary CT Scanner Market Research (MRFR Insights)
The veterinary CT scanner market is projected to register a CAGR of 7.40% from 2022 to 2030 and is expected to reach approximately USD 180.7 billion by 2030. A veterinary computed tomography (CT) scanner is a piece of imaging technology used only on domestic animals and pets. These veterinary CT scanners help in animal anomaly diagnosis of any sort. Veterinary professionals are using these scanners because they are safe and affordable. Technology development has led to significant growth in the veterinary healthcare industry. Many veterinarians employ veterinary computed tomography (CT) scanners to improve animal care. One of the key reasons fuelling the growth of the market is the rise in demand for food items made from animals. Additionally, the main reason propelling the market growth is the rise in demand for food items made from animals. Furthermore, market participants will benefit throughout the projected period from innovations and technical advances in scanners that create economic possibilities. On the other hand, high costs related to veterinary CT scanners and an increase in pet care costs are anticipated to restrain market expansion. Moreover, a lack of veterinarians is anticipated to provide a barrier to the market for veterinary computed tomography (CT) scanners during the course of the forecast period.
COVID-19 Impact Analysis
The rapid emergence of the COVID-19 issue on the market for veterinary CT scanners has a significant negative impact. This market has been negatively impacted in the near term due to the strict laws of total lockdown in some areas of the globe. It has given the impression that the production's financial collapse has surprised the entire market. It has significantly impacted market growth both in the long term and in the short term. In addition, the most thorough examination of developing factors has enabled pet owners to make a clinical diagnosis. The lockdown situation to halt the virus has had an impact on this.
Veterinary CT Scanner Market Dynamics
The expanding demand for pet insurance and the rising cost of animal health care are two major marketing driving forces. It makes evident how important it is to spend money on your pet's healthcare, which mostly comprises pet food, over-the-counter drugs, pet insurance, veterinary care, and other expenses. The untapped growing markets are the most promising opportunities in the veterinary CT scanner industry. Animal ownership has also been widespread ly and is a glaring indicator of both urbanization and a rise in disposable wealth. The practices in the US and Europe are allegedly being modernized due to increased access to the veterinary diagnostic system.
- Rising demand for pet insurance
It makes obvious how important it is to spend money on pet healthcare, which mostly comprises pet food, over-the-counter drugs, pet insurance, veterinary treatment, and other expenses. As a result, it has greatly grown over the years, and many pet owners have sizable markets in North America and Europe. With a combination of gross premiums, the growth is seen as large in this case.
- High cost of veterinary CT scanners
The primary critical restraint is the high price of all veterinary imaging devices, regarded as high-cost management. For examining the high-cost management of the restraints, it appears that most veterinary practices are modest in size and operate under stringent financial restrictions. In addition, the delay in paying for the operations has gotten worse. It frequently acts as a barrier to adopting veterinary imaging equipment by qualified practitioners.
- Increase in the animal companion population
Animal ownership has been widespread ly and reflects urbanization and increased disposable income. The veterinary diagnostic system's increased accessibility is said to have improved procedures in the US and Europe. As a result, the veterinary clinics in the region above implement technologically modern solutions, which they claim to support greater growth. It has increased the number of pets as companions and the need for veterinary clinics in the livestock sector.
By Type Insights
The veterinary CT scanner market segmentation, based on type, is multi-slice CT scanners and portable CT scanners. The veterinary CT scanner market growth was prominently high under the multi-slice CT scanners category in 2021 due to the high demand for multi-slice CT scanners amongst animal hospitals, clinics, and diagnostic imaging centers.
By Slice Insights
The veterinary CT scanner market segmentation, based on slice, is 4-slice, 8-slice, 32-slice, and 64-slice. In 2021, 32-slice CT scanners accounted for the largest market share of the market. However, 32 and 64-slice CT scanners are becoming standard for imaging centers and hospitals; their accuracy and speed make them very suitable for hospitals with higher patient throughput. These higher-slice CT scanners offer longer coverage per gantry revolution and lessen the chance of motion artifacts, double pictures, and scan blur.
By Animal Type Insights
Based on animal type, the market is divided into small and large animals. The small animal category dominated the market for veterinary CT scanners in 2021. Dogs, cats, and other small creatures like birds and mammals are included in the category of small animals. The primary drivers of the growth of the small animal segment in the veterinary market are the increasing number of small animals, rising pet ownership, rising pet healthcare costs, and rising demand for pet insurance.
Global Veterinary CT Scanner Market Share, by Region, 2021 (%)
Veterinary CT Scanner Market Overview, By Region
By region, the veterinary CT scanner market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share. Asia-Pacific will exhibit the highest CAGR during the forecast period.
North America dominated the market share in 2021 as a result of the increasing prevalence of pet and animal illnesses, the expanding pet population, public knowledge of accessible technologies among healthcare stakeholders, and the substantial presence of industrial actors in the area. The market is anticipated to increase as a result of the increasing number of pet insurance plans in the area. For instance, 3.9 million dogs were covered in the United States by the end of 2021, up 20% from 2020, according to the Insurance Information Institute Inc. The three states with the greatest percentage of insured pets are California (19.3%), New York (8.4%), and Florida (6.1%). Additionally, it has been noted that at the end of 2021, 432,533 pets in Canada had insurance, up 22.7% from the year before. Pet owners are paying more for pet health care due to rising pet insurance prices, which increases the value of CT scanners in diagnosing various pet ailments. This is opening up possibilities for the creation and distribution of cutting-edge, novel CT scanners for the better care of animals.
Asia-Pacific accounted for the fastest growth rate in the market in 2021 due to rising public awareness in emerging nations like India, government-sponsored efforts to cure and diagnose animal ailments, and escalating rivalry between regional and local manufacturers. The industry is also expected to develop as a result of rising pet insurance demand, rising costs for veterinary treatment, and an increase in the number of veterinary hospitals.
Veterinary CT Scanner Market Competitive Landscape
There are several players present in the market. To provide the industry with the least amount of time and money-consuming technologies, major companies in the market are focusing on developing new technologies. There have been numerous technological advancements in recent years that had an impact on the market. These advancements will help the sector thrive and will also increase competition. In September 2022, a Toshiba Aquilion 16 CT scanner was installed at a referral hospital in Fort Lauderdale, Florida, to enhance treatment options and offer the finest care for animals.
Prominent players in the veterinary CT scanner market research include Koninklijke Philips N.V., GE Healthcare, SOUND, Canon, Inc., Epica International, Inc, Siemens AG, Samsung Electronics Co. Ltd., Hitachi, Ltd., Animage, LLC, and GNI ApS, among others.
Scope of the Veterinary CT Scanner Market Report Segmentation
By Type Outlook
- Multi-slice CT Scanners
- Portable CT Scanners
By Slice Outlook
By Animal Type Outlook
- Small Animals
- Large Animals
By Region Outlook
- North America
- Rest of Europe
- Australia and New Zealand
- Rest of Asia-Pacific
- Rest of the World
- South America
- Middle East
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
- Veterinary CT Scanner Market Forecast & Size:
To identify and estimate the market size for the veterinary CT scanner market report segmented by type, slice, and animal type by value (in US dollars). Also, to understand the consumption/ demand created in consumers of veterinary CT scanner market forecast between 2022 and 2030
- Market Landscape and Trends:
To identify and infer the drivers, restraints, opportunities, and challenges in the veterinary CT scanner market growth
- Market Influencing Factors:
To find out the factors which are affecting the veterinary CT scanner market size among consumers
To identify and understand the various factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
- Veterinary imaging system manufacturers
- Veterinary imaging system suppliers
- Veterinary hospitals, clinics, and reference laboratories
- Veterinary academic and research institutions
- Government associations
- Market research and consulting firms
- Venture capitalists and investors
|Veterinary CT Scanner Market Size
|2030: USD 180.7 billion
|7.40% CAGR (2022-2030)
|Veterinary CT Scanner Market Forecast Period
|Value (USD Billion)
|Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
|Type, Slice, and Animal Type
|North America, Europe, Asia-Pacific, and the Rest of the World (RoW)
|Koninklijke Philips N.V., GE Healthcare, SOUND, Canon, Inc., Epica International, Inc, Siemens AG, Samsung Electronics Co. Ltd., Hitachi, Ltd., Animage, LLC, and GNI ApS
|Key Market Opportunities
|Increase in the animal companion population
|Key Market Drivers
|Increase in the number of veterinary practitioners and their income levels in developed economies
Veterinary CT Scanner Market Highlights:
Frequently Asked Questions (FAQ) :
The veterinary CT scanner market forecast period is 2022 - 2030
The market is expected to register a CAGR of ~7.40% over the next 10 years, according to the veterinary CT scanner market research.
Asia-Pacific is expected to register the highest CAGR during 2022 - 2030
North America held the largest share in 2021
The market size is expected to be USD XX billion by 2030.
Koninklijke Philips N.V., GE Healthcare, SOUND, Canon, Inc., Epica International, Inc, Siemens AG, Samsung Electronics Co. Ltd., Hitachi, Ltd., Animage, LLC, and GNI ApS are the major companies operating in the market.
Key Questions Answered
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