The Global Veterinary Diagnostic Imaging Market was valued at USD 2.3 Bn in 2020 and is expected to reach USD 3.7 Bn by 2027, with a growing CAGR of 7.0% during the forecast period
Veterinary diagnostic imaging is a process of obtaining complete body image that clues about medical condition of the animal body. Different types of imaging devices are used in diagnostic procedures such as CT, radiography, MRI, and X-ray.
The driving factors influencing the growth of global veterinary diagnostic imaging market include increase in veterinary imaging products and growing awareness about various animal diseases such as bone injuries, cancer, and cardiovascular diseases. Moreover, rising spending on animal welfare, growing demand for use of meat, and other dairy products and strong government support for research activities in animal healthcare uplifts the growth of global veterinary diagnostic imaging market.
In addition to this, growing potential in developing regions such as India, China and Mexico are expected to offer huge growth opportunities. However, lack of trained professionals and lack of focus on animal care during covid-19 hampered the growth of veterinary diagnostic imaging market.
This industry is broadly segmented into equipment’s, applications, animal type, and region. Based on equipment’s, radiography accounted for the highest market share in 2020 due to high use of digital image capturing device in veterinary diagnostic animal care. Based on applications, orthopaedics held the largest market share in 2020 due to rise in number of bone injuries among animals fuels the growth of this segment in veterinary diagnostic imaging market. Based on animal type, large animal held the largest market share in 2020 and expected to increase more during forecast period due to rising awareness regarding large animal healthcare.
Geographically, North America accounted for the highest market share in 2020 about 45% and expected to increase more during the forecast period due to more awareness about animal diseases and ability to spend more on animal welfare.
Global Veterinary Diagnostic Imaging Market by Region Outlook (Revenue, USD Million, 2021-2027)
Based on region, North America accounted for the highest market share in 2020 about 45.0% due to large volume of animal adoption in North America and huge spending on pet healthcare. Moreover, growing employment in veterinary or animal welfare sector, availability of favourable treatment reimbursement policies and high penetration of technologically advanced imaging products fuels the growth of veterinary diagnostics imaging market. In addition to this, growing focus of key players towards innovative imaging product launch leverage the growth of veterinary diagnostic imaging market in this region.
On the contrary, Asia-Pacific is expected to witness the fastest market growth with highest CAGR during forecast period due to growing awareness about risk associated in zoonotic diseases and increasing spending on animal healthcare thrives the growth of market in this region.
The Global Veterinary Diagnostic Imaging Market Segmentation:
Global Veterinary Diagnostic Imaging Market by Component Type Outlook (Revenue, USD Million, 2021-2027)
Global Veterinary Diagnostic Imaging Market by Application Type Outlook (Revenue, USD Million, 2021-2027)
Global Veterinary Diagnostic Imaging Market by Animal Type Outlook (Revenue, USD Million, 2021-2027)
Key Findings:
Company Profiles and Competitive Intelligence
The key players operating in the veterinary diagnostic imaging market are:
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