Veterinary Imaging Market to Partake Significant Development During 2018-2026
Veterinary imaging systems are commonly used non-invasive methods of diagnosing various diseases or disorders in companion animals such as cats, dogs, horses, birds, rabbits, goats as well as livestock animals such as cattle and swine. Various imaging techniques such as radiography, CT scan, magnetic resonance imaging, and ultra sound imaging system are commonly used to diagnose these animals. These system are often used in combinations to better diagnose a disease. Radiography system highlights important structures within the body and is utilized to detect skeletal fractures, damage to soft tissues, dental abnormalities, and presence of foreign bodies inside the animal. Ultrasound imaging can be performed with the help of various techniques such as 2D/3D/4D system, and is used to visualize abnormalities within organs (soft tissues) in circulatory, cardiac, hepatic, and gastrointestinal systems. However, they are most commonly used in the heart and abdominal abnormalities, though cannot be used to scan gas-filled or bony tissues. Click To Read More On Veterinary Imaging Market.
Veterinary Imaging Market: Market Dynamics
Veterinary imaging market is expected to exhibit growth on an account of increasing insurance coverage for household as well as livestock animals, owing to high cost associated with imaging systems. According to North American Pet Health Insurance Association (NAPHIA) reports in 2015, pet health insurance sector generated premiums of US$ 774 million, which is 17.2 percent higher than that recorded in 2014. In 2015, 1.6 million pets were insured, which is 12.0 percent higher than that recorded in 2014.
Another factor driving growth of the veterinary imaging market is the overall growth in pet ownership in households. For instance, according to report by the Pet food Manufacturers Association’s Pet Data Report, 2017, in the U.K., 8.5 million dogs, 8 million cats, 500,000 guinea pigs, and 300,000 horses and ponies were pet owned, with over 29% houses recording two dogs. Pet ownership in turn, accelerates growth of the veterinary imaging market, as most pets face one or two major illnesses in their lifetime.
According to statistics given by Cancer Research Institute, around 6 million new cancer diagnoses are made in dogs and a similar number made in cats each year. Increasing growth of livestock, globally is also expected to propel growth of the veterinary imaging market. For instance, according to the Food and Agricultural Organization’s factsheet in 2017, the total headcount of pigs is over one billion, globally. Significant number of veterinary professionals in developed regions such as North America is also expected to boost growth of the market for veterinary imaging.
Veterinary Imaging Market: Competitive landscape
Major players operating in the global veterinary imaging market include GE Healthcare, Universal Medical Systems, Inc, Agfa- Gevaert N.V., Excelsior Union Limited, Carestream Health, Onex Corporation, Esaote S.p.A, Canon Inc., IDEXX Laboratories, Inc., VCA Inc., Hitachi, Ltd, BCF Technology, Ltd. Siemens AG, Diagnostic Imaging Systems, Inc., Hallmarq Veterinary Imaging Ltd., MinXray, Inc., and Fujifilm Holdings Corporation.
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Veterinary Imaging Market: Regional Insights
The market in North America is expected to hold a dominant position in the market. According to American Pet Products Association, 2017-18 National Pet Owner’s survey, U.S. pet expenditure recorded US$ 6.8 billion in 2016 and US$ 69.2 billion in 2017. 89.7 million dogs, 94.2 million cats, and 7.6 million horses were reported as pets in the U.S. Around 68% of households own a companion animal or pet in the U.S. This in turn, makes the U.S. the largest market for veterinary imaging. Europe accounts for the second-largest market for veterinary imaging, as it has one of the robust pet insurance regimes and common households account for significant number of pet ownership. Countries in Asia Pacific, such as China hold lucrative opportunities for market growth, as it has one of highest population of dogs and livestock, according to United States Department of Agriculture (USDA) report, 2017.
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