The global Veterinary Diagnostic Imaging Market is estimated to be valued at US$ 900.4 Mn in 2022 and is expected to exhibit a CAGR of 7.32% over the forecast period, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Veterinary diagnostic imaging involves the use of various imaging modalities to diagnose diseases in animals. These imaging techniques include X-ray, ultrasound, CT scan, MRI, and others. These tools provide clear and detailed images of internal organs, bones, and tissues, enabling veterinarians to make accurate diagnoses and provide effective treatments. The use of veterinary diagnostic imaging has several advantages, including non-invasive procedures, early detection of diseases, and improved treatment planning. The growing need for accurate and timely diagnosis of animal diseases is driving the demand for veterinary diagnostic imaging products.
Market Key Trends:
One key trend in the global Veterinary Diagnostic Imaging Market is technological advancements in imaging modalities. With advancements in imaging technology, veterinary practitioners can now obtain higher resolution images in a shorter time. For example, the introduction of digital radiography allows veterinarians to capture high-quality images with reduced radiation exposure for animals. Furthermore, developments in ultrasound technology have resulted in portable devices with improved image quality and capabilities. These technological advancements are enhancing the accuracy and efficiency of veterinary diagnostic imaging, leading to better clinical outcomes.
PEST Analysis:
Political: The veterinary diagnostic imaging market is influenced by government regulations related to animal healthcare and diagnostics. For instance, the FDA regulates the use of imaging modalities in veterinary medicine to ensure patient safety and effectiveness.
Economic: The rising pet ownership and increasing expenditure on pet healthcare are driving the growth of the veterinary diagnostic imaging market. The strong economic growth in emerging markets is also contributing to market expansion.
Social: The growing awareness about animal welfare and the rising demand for pet insurance are positively impacting the veterinary diagnostic imaging market. Moreover, the increasing prevalence of zoonotic diseases is driving the need for accurate and timely diagnosis in animals.
Technological: Technological advancements in imaging modalities, such as digital radiography and ultrasound, are revolutionizing veterinary diagnostic imaging. These advancements are improving image quality, reducing radiation exposure, and increasing the speed of diagnosis.
Key Takeaways:
1: The Global Veterinary Diagnostic Imaging Market Size is expected to witness high growth, exhibiting a CAGR of 7.32% over the forecast period, due to increasing pet ownership and the rising demand for accurate and timely diagnosis in animals. Technological advancements in imaging modalities are also driving market growth.
2: North America is expected to dominate the Veterinary Diagnostic Imaging Market due to the high prevalence of pet ownership and well-established veterinary care infrastructure. Asia Pacific is projected to be the fastest-growing region, driven by increasing disposable income and growing awareness about animal health.
3: Key players operating in the global Veterinary Diagnostic Imaging Market include Esaote SPA, Epica Animal Health, IDEXX Laboratories, Carestream Health, IMV Imaging, Fujifilm Holdings Corp., Hallmarq Veterinary Imaging, and Canon Medical Systems Corporation. These players are focusing on product innovation and strategic collaborations to gain a competitive edge in the market.
The new research report titled "Veterinary Diagnostic Imaging Market, Global Industry Analysis, and Forecast to 2027" gives a detailed analysis and future forecasts of the market.
The report highlights the significant players, including market size, share, and demand, development.
This report further covers the latest trends, technological advancements, and growth opportunities.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the veterinary diagnostic imaging market include GE, IDEXX, Esaote, Agfa Healthcare, Toshiba, Carestream Health, BCF Technology, Mindray, HallmarqS.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Veterinary Diagnostic Imaging Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/veterinary-diagnostic-imaging-market/download-sampleMarket DynamicsThe key factors likely to drive the industry's growth are rising spending on animal health and expanding the pet insurance sector.
Besides the high adoption rate of pets and the growing number of vet practitioners globally, a rise in pet owners' awareness is predicted to fuel these systems' demand over the forthcoming period.
