Orbisresearch.com has published “Veterinary Diagnostic Imaging Market-Growth, Trends, and Forecast (2019-2024)” report to its store.
Dallas, United States – December 4, 2019 /MarketersMedia/ —
As per the scope of this report, veterinary diagnostic imaging is defined as the non-invasive method of making medical images of animals to diagnose a disease. It includes a detailed analysis of imaging equipment, application, and animal type, along with the areas in which they are being used. The application segment includes cardiology, oncology, neurology, orthopedics, and other applications.
The global veterinary diagnostic imaging market was valued at USD 711.45 million in 2018 and is expected to witness a CAGR of 6.45%, during the period of 2019-2024.
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The market for veterinary diagnostic imaging is expected to grow over the forecast period owing to the significant rise in the adoption of animals, including dogs and cats as the favorite companions of human beings, as well as cattle and swine for various commercial purposes. The developed countries have the leading position in companion animal-ownership, owing to several factors, like favorable economic condition, among others. As reported in 2017, by the ASPCA (American Society for the Prevention of Cruelty to Animals), every year, around 6.5 million companion animals enter animal shelters nationwide. In the United States, out of those animals, approximately 3.3 million are dogs and 3.2 million are cats. ASPCA also estimated that 3.2 million shelter animals are adopted as pets each year; among which, around 1.6 million are dogs and the rest 1.6 million are cats. The emerging markets, such as China and India, are also experiencing fast growth in animal adoption, along with general awareness about animal health. The large livestock population in India is one of the key factors which is contributing to this market’s growth. The rise in both companion and livestock animal adoption, along with the increased animal health expenditure, indirectly generates a rise in demand for proper diagnostic imaging for various diseases that can affect these animals, which is further expected to propel the market’s growth over the forecast period.
Competitive Landscape
The market studied is a fragmented market owing to the presence of various market players. Some of the market players are Canon Medical Systems Corporation, Carestream Health, Epica Animal Health, Esaote SPA, Fujifilm Holdings, Hallmarq Veterinary Imaging, IDEXX Laboratories Inc., IMV Imaging, and Sound
Key players listed in the report are Canon Medical Systems Corporation, Carestream Health, Epica Animal Health, Esaote SPA, Fujifilm Holdings, Hallmarq Veterinary Imaging, IDEXX Laboratories Inc., IMV Imaging, and Sound
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Key Market Trends
Radiography (X-ray) Systems is the Segment by Equipment expected to Hold Largest Market Share over the Forecast Period.
Digital radiography is a form of radiography that uses x-ray–sensitive plates to directly capture data during patient examination, immediately transferring it to a computer system. Thus, instead of X-ray film, digital radiography uses a digital image capture device. Nowadays, veterinary radiography systems are being extensively used to understand the complex conditions suffered by animals. This provides the advantages of immediate image preview and availability, elimination of costly film processing steps, and a wider dynamic range, which makes it more forgiving of over and under-exposure and provides the ability to apply special image processing techniques that enhance the overall display quality of the image. In addition, less radiation can be used to produce an image of similar contrast to conventional radiography. In 2016, Idexx launched the ImageVue DR50 Digital Imaging System. It is the first radiography system in veterinary medicine that improves the visualization of dense anatomy and fine anatomical structures. Thus, the large share of this segment is attributed to various factors, such as the consistently high quality of images provided by X-ray imaging, cost-effectiveness, and the increasing preference for this technology by veterinarians.
North America is Expected to Hold Largest Market Share over the Forecast Period
The United States is expected to retain its significant market share, owing to factors, such as rising pet adoption and the increasing per capita animal healthcare expenditure. In addition, the rise in the prevalence of various animal diseases and injuries has been identified as the major factor, fueling market growth. According to the 2017-2018 National Pet Owners Survey conducted by the American Pet Products Association (APPA), 68% of US households, or about 85 million families, own a pet. This is up from 56% of US households in 1988, the first year the survey was conducted. Not only has the pet ownership been increasing in recent years, but the number of livestock population has also increased at a steady rate since 2014. According to the US Department of Agriculture’s National Agricultural Statistics Service, the United States witnessed an increase from 93.7 million cattle and calves in 2017 to 94.4 million cattle and calves in 2018. With increased ownership of pets and livestock, the US citizens have also become more considerate toward the health of these animals. According to the American Pet Products Association, the expenditure on pets in the United States in 2018 was USD 72.56 billion. Hence, the increased pet and livestock ownership and increased awareness about their health are major factors, driving the growth of this market.
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Few points from Table of Contents:
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increased Pet Ownership and Animal Health Expenditure
4.2.2 Rising Prevalence of Animal Diseases and Injuries
4.3 Market Restraints
4.3.1 High Cost of Imaging Devices
4.3.2 Lack of Skilled Personnel
4.4 Porter’s Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
Continued…
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