The Global Veterinary Diagnostic Imaging Market Size 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 non-invasive diagnostic procedure to evaluate animal health conditions. These include CT, ultrasound, and digital radiography. This is a technique of capturing image of the interior body using different scanning technologies. This procedure helps doctors to analyze the internal structure of the body and provide possible treatments for the disease.
The driving factors for global veterinary diagnostic imaging market include increase adoption rate of animals, growing awareness regarding pet insurance and increase in animal healthcare expenditure. Moreover, rise in veterinary healthcare procedures, increase in number of veterinary practitioners, and emergence of innovative veterinary products fuels the growth of veterinary diagnostic imaging market.
In addition to this, increase in demand for dairy products, growing awareness regarding treatment reimbursements policies, and surge for better pet treatment boost the growth of global veterinary diagnostic imaging market. However, lack of animal healthcare awareness in developing countries such as India, China, and Mexico hinder the growth of veterinary diagnostic imaging market.
Global Veterinary Diagnostic Imaging Market Segmentation:
Based on equipment’s, radiography system held the largest market share in 2020 and expected to increase more during forecast period due to production of high throughput image
Based on equipment’s, veterinary diagnostic imaging market is segmented into radiography systems, computed tomography imaging systems, ultrasound imaging systems, video endoscopy imaging systems, and magnetic resonance imaging systems. Radiography accounted for highest market share in 2020 due to growing use of digital image capturing device and demand for easy diagnostic procedure.
Parameters such as immediate image availability, wider dynamic range, and elimination of costly film processing techniques boost the growth radiography segment in veterinary diagnostic imaging market. Moreover, less exposure to radiation add advantage to its application.
Based on application, orthopaedic segment accounted for the highest market share in 2020 and expected to increase more during the forecast period owing to rising number of orthopaedic injuries and surgeries
Based on application, veterinary diagnostic imaging market is segmented into cardiology, neurology, oncology and orthopaedics. Orthopaedics held the largest market share in 2020 due to rise in number of injuries among animals and availability of orthopaedic related animal care boost the growth of veterinary diagnostic imaging market.
Based on animal type, larger animals accounted for the highest market share in 2020 due to increase in adoption of companion animals
Based on animal type, veterinary diagnostic imaging market is segmented into large and small animals. Large animal held the largest market share in 2020 and is expected to increase more during forecast period due to rise in awareness regarding animal healthcare, rise in large animal healthcare expenditure and availability of reimbursement policies for medical procedures. Moreover, rise in large animal adoption rate, increase in healthcare product launch and ongoing research and development for animal healthcare procedures uplifts the growth of this segment in veterinary diagnostic imaging market.
However, small animals’ segment is expected to witness highest market growth during forecast period due to growing adoption rate for small animals and availability of technological advancements in imaging modalities.
Based on geographical region, North America accounted for the highest market share in 2020 and expected to expand more during forecast period due to rise in research facilities in animal healthcare
Based on region, North America accounted for the highest market share in 2020 about ~45% and expected to increase more during the forecast period due to rise in number of R&D sector in this region. Moreover, increasing demand for proper veterinary care, increasing rate of animal adoption and awareness regarding animal healthcare drives the growth of market in this region. According to American Society for the prevention of Cruelty to Animals, the animal/pet adoption rate in American region has increased notably.
On the contrary, Asia-Pacific is expected to witness the fastest market growth with highest CAGR during forecast period due to growing per capita animal healthcare expenditure in developing countries such as India and China.
Company Profiles and Competitive Intelligence
The key players operating in the veterinary diagnostic imaging market are:
The report also provides an in-depth analysis of veterinary diagnostic imaging market dynamics such as drivers, restraints, opportunities, and challenges
COVID-19 Impact on the Veterinary Diagnostic Imaging Market Analysis
Covid-19 has highly affected the industries in terms of growth, economy, health, and mental wellbeing of every individual. In this challenging situation, every industry is trying to give the best services in terms of quality and safety. Covid-19 has badly affected veterinary diagnostic imaging industry.
Covid-19 led to decrease in number of animals diagnosis process and disrupted the supply chain of the industry. Government shutdowns led to decline in gross domestic product and supply of essentials across the globe. During covid-19 outbreak, priority was given to the covid infected population as diagnostic equipment’s were allowed to focus on covid patients.
The report also provides an in-depth analysis of key trends in veterinary diagnostic imaging industry
The report also provides an in-depth analysis of recent news developments and investments
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