Pune, India, Nov. 20, 2020 (GLOBE NEWSWIRE) — The global veterinary imaging market is set to gain impetus from the increasing shift towards digital X–ray detectors. They are capable of storing images digitally, fully implementing the picture archiving and communication system (PACS), and making the images available anywhere at any time. Fortune Business Insights™ mentioned this information in a new report. The report further states that the veterinary imaging market size was USD 1.46 billion in 2019 and is projected to reach USD 2.07 billion by 2027, exhibiting a CAGR of 6.1% during the forecast period. North America held USD 0.70 billion in terms of revenue.
Key Players Aim to Broaden Their Presence through Acquisitions & Partnerships
- April 2019: Agfa signed an agreement with Universal Imaging, a multi-modality veterinary provider to provide veterinary-dedicated direct radiography (DR) solutions to the markets in Canada and the U.S. These are equipped with MUSICA 3 image processing. The agreement will broaden Agfa’s presence in the market, thereby allowing the latter to deliver the lowest radiation dose and excellent image quality to veterinary health providers.
- October 2017: AniCura acquired a majority stake in Tierklinik Haar, an animal hospital based in Germany. It would enable the former to strengthen its leading position in the advanced veterinary care segment in the country. It organizes educational activities and seminars for other veterinarians.
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Rising Demand for Early Diagnosis of Veterinary Diseases will Drive Growth
The rising awareness of multiple veterinary diseases and the possible methods of their early diagnosis would propel the animal imaging market growth in the near future. Also, the spread of animal diseases can severely affect economies and lives. The outbreak of livestock diseases can be a burden on the economy of those countries relying mainly on animals.
Hence, early diagnosis is experiencing high demand. However, the lack of well-qualified and trained professionals is set to hamper the demand for veterinary imaging systems in emerging nations.
COVID-19: Cancellation or Postponement of Non-Essential Services to Decline Growth
The outbreak of the COVID-19 pandemic has taken a toll on the market by postponing or cancelling non-essential services. Veterinary practices are currently undergoing multiple changes to help patients receive vital care. Besides, new measures to prevent the transmission of coronavirus were deployed in healthcare institutes. We are providing accurate research reports for making you better understand the scenario of the global veterinary imaging market.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/veterinary-imaging-equipment-market-100522
Orthopedics Segment Generated 27.0% Share Owing to High Demand
Based on application, the orthopedics segment earned 27.0% in terms of veterinary imaging systems market share in 2019 and is set to dominate throughout the forthcoming years. This growth is attributable to the increasing demand for these veterinary imaging procedures backed by the surging prevalence of orthopedic diseases among livestock and pet animals.
Increasing Employment in Veterinary Sector to Aid Growth in North America
Geographically, in 2019, North America held USD 0.70 billion in terms of revenue. The favorable reimbursement scenario, rising employment in the veterinary sector, huge expenditure on pet care, and increasing adoption of pet animals in Canada and the U.S. are likely to accelerate growth in this region.
Europe, on the other hand, is expected to retain its second position backed by the growing number of veterinary clinics, increasing adoption of pet animals, improved healthcare infrastructure, and rising prevalence of veterinary diseases. Lastly, Asia Pacific would showcase the highest CAGR in the coming years fueled by the rising awareness of all the risks associated with zoonotic diseases.
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A list of all the prominent veterinary imaging manufacturers operating in the market:
- GENERAL ELECTRIC COMPANY (Boston, United States)
- Agfa-Gevaert Group (Mortsel, Belgium)
- Esaote SpA (Genova, Italy)
- Siemens Healthineers AG (Munich, Germany)
- Heska Corporation (Loveland, Colorado, United States)
- IDEXX Laboratories, Inc. (Westbrook, Maine, United States)
- FUJIFILM Holdings Corporation (Tokyo, Japan)
- Carestream Health (Rochester, New York, United States)
- Canon Medical Systems Corporation (Tochigi, Japan)
- Koninklijke Philips N.V. (Amsterdam, Netherlands)
- Other Prominent Players
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Table of Contents:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Mergers, Acquisition, and Partnerships
- Key Advancements in Veterinary Imaging Market
- Pet Ownership Statistics, By Key Countries, 2019
- Overview of Pet Insurance by Key Countries
- Prevalence of Key Veterinary Diseases
- New Product Launches/Approvals, By Major Players
- Key Industry Trends
- Impact of COVID-19 on Veterinary Imaging Market
- Global Veterinary Imaging Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Computed Tomography Systems
- Magnetic Resonance Imaging Systems
- Market Analysis, Insights and Forecast – By Application
- Market Analysis, Insights and Forecast – By Animal Type
- Market Analysis, Insights and Forecast – By End User
- Veterinary Hospitals
- Diagnostic Imaging Centers
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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SECONDARY DATA SOURCES THAT WE REFER TO:
- Annual reports, investor presentation, SEC filings, and press releases of companies operating in the market
- Studies published by relevant associations MedTech Europe; American College of Radiology; Cancer Council Australia; Japan Hospital Association, etc.), government sources (Centers for Disease Control & Prevention, Ministry of Health, Labour & Welfare, Japan; National Health Service, England, etc.), international organizations (World Health Organization, The Organization for Economic Co-operation and Development, Eurostat, etc.), and articles published by Research Gate, NCBI, etc.
- Website, reports, and press releases of end user facilities – Hospitals, Ambulatory Surgery Centres, Clinics
- Industry journals and paid databases
SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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