Rockville, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Worldwide demand for veterinary imaging systems is predicted to surge at a CAGR of 6.3% from 2023 to 2033. Sales in the veterinary imaging systems market are expected to increase from US$ 1.9 billion in 2023 to US$ 3.5 billion in 2033.
Rising prevalence of animal diseases, especially among companion animals is expected to drive the demand during the forecast period (2023 to 2033). Growing awareness regarding animal diseases and potentially early detection approaches to prevent outbreaks is likely to drive the sales.
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Key Takeaways:
- Based on the product type, the X-rays is expected to account for 60% of revenue in the global market.
- In terms of animal type, the small companion animals segment is expected to be the dominant one in the market.
- By end use, the veterinary hospitals segment is expected to account for significant share in the global market by 2033
- The United States is expected to vanguard the sales in North America veterinary imaging systems market backed by the development of AI-enhanced imaging systems.
- Japan is expected to emerge as the lucrative market in Asia Pacific on the back of favorable government initiatives to prevent the outbreak of zoonotic diseases
- Veterinary imaging systems demand in Germany is predicted to surge at a robust pace as awareness regarding tumors in pet animal’s surges.
Growth Drivers:
- Increasing demand for diagnostic tools for the proper maintenance of small pets such as dogs and cats is likely to boost the market.
- Growing awareness regarding the pet insurance policies coupled with advancement in technology will drive the demand.
- Advent of artificial intelligence (AI) in healthcare industry has transformed the face of veterinary care as well. With rising use of AI in diagnosing the diseases is predicted to propel the growth in the market. As per the study, x-ray systems segment is likely to account for nearly 3/5th of revenue in the market over the upcoming decade.
- Regionally, North America is expected to be the most lucrative veterinary imaging systems market. Rising adoption of advanced and digitally enhanced veterinary imaging systems is the key factor driving the growth in the region.
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Competitive Landscape:
Key players in the market are focusing on innovation, product launches, collaborations and partnerships, mergers, and acquisitions to gain competitive edge. Few of the leading companies are investing in research for developing advanced and are integrating AI to cater to the growing demand for non-invasive imaging systems.
For instance,
- In September 2021, Heska Corporation (the United States) announced that it had acquired a directing interest in Biotech Laboratories LLC, taking its global product lines and intellectual property range to new levels.
- In August 2021, Esaote entered into a strategic agreement with the Magnet Group, granting Magnet Group and its members full access to the company's operations in North America, including such goods and services. This relationship has allowed Esaote to develop its customer base and extend its reach.
Key Companies Profiled by Fact. MR
- Siemens Healthcare GmbH
- IDEXX Laboraties, Inc.
- Epica Animal Health
- ReproScan
- Bruker
- PerkinElmer Inc.
- MinXray, Inc.
- SonoScape Medical Corp.
- Esaote SpA
More Valuable Insights on the Veterinary Imaging Systems Market
In this report, Fact.MR highlights key segments projected to drive the development of the global veterinary imaging systems market during the forecast period. This report offers a study of the growth drivers expected to boost the sales of veterinary imaging systems through detailed segmentation such as:
Product:
- Ultrasound systems
- MRI
- X-ray systems
- Endoscopy Devices
- Others
Animal Type:
- Small companion animals
- Large animals
End Use:
- Veterinary Hospitals
- Clinics
- Reference Laboratories
Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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Key Questions Covered in the Veterinary Imaging Systems Market Report
- What will be the demand outlook for the veterinary imaging systems market during the forecast period?
- Which are the challenges faced in the veterinary imaging systems market?
- Which region will lead the growth in the global veterinary imaging systems market?
- What is the projected market valuation of the veterinary imaging systems market in 2033?
- Which are the factors driving the veterinary imaging systems market?
- Which end use will generate the maximum revenue in the global veterinary imaging systems market?
Explore Fact.MR’s Coverage in the Healthcare Domain
Veterinary Artificial Insemination Market: The veterinary artificial insemination market is expected to reach a market value of US$ 3.16 billion in 2022, registering growth at a CAGR of 5.2% between 2022 and 2023.
Veterinary Catheters Market: Increasing prevalence and reappearance of chronic kidney disease and cardiovascular disease in animals are anticipated to be the key factors driving the development of the veterinary catheter market during the forecast period.
Veterinary Endoscopy Market: The global veterinary endoscope market is presently valued at US$ 184 million. Global veterinary endoscopic equipment revenue is projected to increase at a CAGR of 5.5% from 2022 to 2027, reaching US$ 240.4 million by 2027.
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