CHICAGO, Dec 10, 2021 / PRNewswire / – According to new market research report, “Veterinary Imaging Market by Product (Ultrasound (2D, 3D, Doppler), X-ray (CR, DR), MRI, CT, Software, Reagent), Therapeutic Area (Orthopedics),” Gynecology, Oncology, Dentistry), Animal (Small, Large), Consumer (Hospital, Clinic) – Global Forecast to 2026 “, published by MarketsandMarkets ™, is expected to reach global marketplace $ 2.3 billion until 2026 $ 1.6 billion in 2021 with a CAGR of 7.0% over the forecast period.
The growth of the global Veterinary Imaging Market during the forecast period will be mainly driven by the increasing number of pet populations, increasing demand for pet insurance and spending on animal health, increasing number of veterinarians and their increasing income levels in developed economies, increasing demand for animal food Origin and increasing prevalence of animal diseases. Emerging markets such as India and China, and increasing pet ownership in the APAC region are also factors that are expected to provide significant growth opportunities for market participants. On the other hand, the lack of awareness of animal health, a severe shortage of qualified veterinarians and the high cost of imaging instruments in emerging markets are factors that will curb overall market growth to some extent over the forecast period.
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The impact of the COVID-19 pandemic and the lockdowns it triggered are clearly visible in a variety of markets, including the veterinary imaging market. In 2020 and early 2021, the overall growth of various sectors was severely impacted, especially in countries with a high incidence rate of COVID-19, such as: India, Brazil, China, the USA and several European countries (including Russia, Italy, UK and Spain).
The COVID-19 pandemic is expected to have a temporary negative impact on the market or its growth during the forecast period. The COVID-19 outbreak originated in a meat market in Wuhan (China), which has had a negative impact on the consumption of food from animal sources. Adverse changes in regulations and guidelines are holding back the growth of this market. Factory closures due to lockdowns, supply chain disruptions, and clinical trial recruitment challenges have further impacted the growth of the overall veterinary imaging market. In addition, it is expected that trade barriers in various regions will slow the growth of the market.
The Veterinary Imaging Instruments segment holds the largest market share in the forecast period.
On the basis of the products, the world market is divided into Veterinary Imaging Instruments, Reagents, and Software. In 2020, the instruments segment had the largest share of the global veterinary imaging market. The growth in this product segment is largely due to the increasing adoption of digital imaging due to the high quality images these instruments provide for disease diagnosis.
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In the Therapy segment, the Orthopedics & Traumatology segment holds the largest market share in the forecast period
Based on the type of therapeutic area, the market is segmented into Cardiology, Neurology, Oncology, Orthopedics & Traumatology, Dentistry, Obstetrics & Gynecology, and other therapeutic areas including Veterinary Ophthalmology and Nephrology. In 2020, the orthopedics and traumatology segment had the largest share of the global veterinary imaging market. Most of this segment is due to the increasing incidence of bone injuries and the increasing prevalence of arthritis, lameness and joint disease in animals.
In the Animal Species segment, the small pets segment is expected to make up the largest share of the veterinary imaging market
Based on the species, the market is divided into small service animals, large animals and other animals. The small pet segment had the largest market share in 2020. This is due to the increasing adoption of pet animals, the increasing focus on pet safety, increasing spending on animal health and prevention, increasing demand for pet insurance, aging pet populations, and growing technological advances in imaging. The small pet segment is also expected to show the highest growth in the forecast period.
In the consumer segment, the veterinary clinics and diagnostic centers segment is expected to have the largest share of the veterinary imaging market
On the basis of the end users, the world market is divided into veterinary clinics and diagnostic centers, as well as veterinary clinics and academic institutions. Veterinary clinics and diagnostic centers are the largest end users in the market and will have a share in 2020. The large share of this segment is mainly due to the increasing number of veterinary practices and the growing number of veterinarians.
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APAC is expected to grow at the highest rate of growth in 2020
the Asia Pacific The region is expected to experience the highest CAGR over the forecast period. Growing pet acceptance, growing awareness of animal health and increasing per capita spending on animal health, especially in India and China, contribute to the growth of the APAC market.
Major Players in the Veterinary Imaging Market
The main players in the market are GE Healthcare (USA), Agfa-Gevaert NV (Belgium), Carestream Health (USA), Esaote SpA (Italy), IDEXX Laboratories, Inc. (USA), Mindray Medical International Limited (China), Canon Inc. (Japan), Heska Corporation (USA), Siemens Healthineers (Germany), FUJIFILM Holdings Corporation (Japan), Konica Minolta Inc. (Japan), Samsung Electronics Co., Ltd. (South Korea), EI Medical Imaging (USA), IMV Imaging (UK), SEDECAL (Spain). Other players in the veterinary imaging market include Clarius Mobile Health (Canada), Shenzhen Ricoh Technology Co. Ltd. (China), DRAMIÑSKI SA (Poland), Epica Animal Health (USA) and ClearVet Digital Radiography Systems (USA), MinXray Inc. (USA), Hallmarq Veterinary Imaging (UK), Shantou Institute of Ultrasonic Instruments Co., Ltd (China), Sonoscape Medical Corp. (China) and Reproscan (USA).
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