Market Research Future with their unique quality of simplifying the market research study, announces a deep study report on “Veterinary Imaging Market Research Report -Forecast To 2023” Gives industry size, top players and worldwide demand
The global veterinary imaging market was valued at USD 1.24 Bn in 2017 and is projected to reach an estimated evaluation of USD 1.85 Bn by the end of 2023 while observing a consistently average CAGR of 6.90% during the forecast period of 2017 to 2023. The globally changing attitude toward animal welfare and the increasing incidences of zoonotic diseases have prompted growth for the global market.
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According to the Maine Center for Disease Control & Prevention, close to three-fourths of emerging infectious diseases that affect humans originate in animals. With rising incidences of zoonotic diseases over the past decade or so, has raised the requirement for the development of appropriate diagnostic measures. Moreover, with pet adoption rising, animals are increasingly becoming a member of the family, and as such, pet owners and animal enthusiasts who work in animal rescue have compelled demand for advancements in diagnostic technology such as veterinary imaging for the detection of chronic diseases. Pet insurance often offers up to 80% reimbursement, and due to the growing demand for advanced diagnostics, pet owners are spending on insurance for their animal companions. The North American Pet Health Insurance Association (NAPHIA) has recorded a 17.2% increase in pet health insurance from 2014 to 2015.
Without pet insurance, however, procedures that involve veterinary imaging modalities are expensive and as such are expected to hamper market growth. The University of Illinois published in a report which found that procedural cost ranged between USD 878 to USD 1,461 depending on the site and inclusion of contrast. However, due to the factors mentioned above and the unrealized potential in the market, regulatory authorities such as the FDA have proposed various guidelines of imaging accuracy which have compelled competitors in the market, both new and existing, to develop innovative products and services which meet these guidelines, thus creating new avenues for growth during the assessment period.
The global veterinary imaging market has been segmented on the basis of product type, animal type, therapeutic area, end-user, and region. By product, the market has been segmented into instruments, veterinary imaging reagents, and veterinary software. The instruments segment is the most significant segment due to its cost-effectiveness and accuracy in diagnosis. Among the various sub-segments that have been included under the instruments segment, the radiography segment is expected to account for the largest share. The fastest growing segment, however, is veterinary software which allows for efficient client & animal management and integration with various forms of medical imaging devices.
By animal type, the market has been segmented into small companion animals, large animals, and others. Due to the increasing adoption of animals as pets, the most significant segment belongs to the small companion animal segment. Pet owners have become more conscientious regarding pet health and are quick to consult veterinarians in hopes of high-quality health care for their companion animals.
By therapeutic area, the market has been segmented into orthopedics & traumatology, cardiology, neurology, oncology and others. The orthopedics & traumatology segment accounts for the largest market share due to the increasing incidences of bone injuries and prevalence of arthritis and other joint diseases in animals. The cardiology segment accounts for the second largest market segment due to the rising occurrences of cardiac conditions afflicting animals.
By end-user, the market has been segmented into hospitals & clinics, academic institutes, and others. The hospitals and clinics segment accounted for the largest segment of the global veterinary imaging market due to their extensive use of imaging modalities for diagnostics. Meanwhile, the fastest growing segment belongs to academic research institutes which have facilitated growth for the market due to continuous development and innovation of existing imaging technology.
Led by North America, The Americas have the largest share of the global market. The region is witnessing a rising demand for pet insurance as pet owners are becoming more invested in their pets’ health. The rapid adoption of innovative technology offerings in the region is responsible for its leading position in the veterinary imaging market. Europe, with its inclusion of developed countries such as Germany, France, and the U.K. accounts for the second largest market share due to the presence of prominent market players and supportive government initiatives toward pet insurance and pet healthcare.
The Asia-Pacific is set to grow at the most rapid pace with countries such as Japan, China, and India taking the lead. The growing prevalence of nuclear families with a tendency toward pet adoption and increasing investments in pet care have prompted international players to establish their presence in these countries in an effort to tap the potential this region carries.
Key players in the global veterinary imaging market that have been analyzed in the report include Fujifilm Holding Corporation, Heska Corporation, Idexx Laboratory Inc, and Canon. Other players include Hallmarq Veterinary Imaging Ltd., Carestream Health, General Electric and others. Market strategies most employed by these competitors include product innovation and investments in R&D pipeline.
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Detailed Table of Contents:
1 Report Prologue
2 Executive Summary
3 Market Introduction
3.1 Definition 19
3.2 Scope Of The Study 19
3.3 List Of Assumptions 20
3.4 Market Structure 20
4 Research Methodology
4.1 Research Process 22
4.2 Primary Research 23
4.3 Secondary Research 24
4.4 Market Size Estimation 25
4.5 Forecast Model 25
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