4 factors bolstering veterinary imaging market size
An evident increase in the number of pet adoption across the globe along with the consequent expansion in the pet insurance sector has positively influenced global veterinary imaging market size over the last few of years. Improvement in economic conditions, a rise in purchasing power, and a growth in social awareness among the people regarding the need to adopt domestic animals is supporting growth trends in the industry.
Veterinary imaging is particularly a non-invasive diagnostic method that scans the bodies of the animal to diagnose. In today’s day where domestic animals are increasingly susceptible to various ailments, the procedure has become extremely important especially in oncology and for small animal internal medication to ensure reliable and effective treatment.
Described below are some of the factors likely to impact veterinary imaging market through 2025.
Increased incidences of cancer in domestic animals
Growing cases of cancer in domestic pets is a major factor supporting the demand for advanced, smart veterinary imaging solutions. With an improvement in healthcare offerings, there is a subsequent need for precise diagnostic tools to treat tumors and cancer.
Many clinical institutions have joined hands with academic institutions to encourage the development of advanced imaging devices that help in the diagnosis of targeted problems. As per the American Veterinary Medical Association, nearly one in four dogs, at some point in their lives are diagnosed with neoplasia. Moreover, almost 50% of the dogs above the age of 10 develop cancer. One of the most common types of cancer prevalent in cats and dogs is lymphoma.
The availability of targeted diagnostic tools and growing concern for cancer and tumor in small animals are aspects that that will propel the demand for veterinary imaging market. Most of the clinical institutions have joined hands with prominent academic institutions to promote innovation in oncology.
Expanding demand across North America
With respect to the regional footprint, North America has emerged as a key market for veterinary products due to the high rate of adoption of animals in the region and the growing prevalence of zoonotic diseases. Additionally, veterinary imaging provides a vast range of instruments and reagents that allow the early detection of diseases in animals which helps in preventing serious illnesses and deaths.
Increase in the number of pet clinics
With a rise in the number of domestic pets across the globe, there has been a proportional increase in the development of pet specialty clinics. The ability of the people to spend on animal healthcare over the years has driven the clinics segment. In the year 2018, this segment accounted for nearly $570m share of the veterinary imaging industry and is expected to witness robust gains due to the surge in the number of veterinarians and awareness regarding diagnosis for small companion animals.
Developments undertaken by market players
Veterinary imaging companies are frequently entering into strategic alliances, acquisitions and mergers to increase their product offerings and expand its geographical presence. For instance, Australian biotechnology company- Factor Therapeutics has reportedly inked a deal with the US headquartered Longmile Veterinary Pet Imaging - that offers technologies for animal and equine veterinary imaging. The deal was to help expand American technology to Australia.
Some of the prominent providers of veterinary imaging technologies in the market include Hitachi, Shenzhen Mindray Bio-Medical Electronics, GE Healthcare, BCF, Agfa-Gevaert, and Canon Medical Systems, among numerous others.
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