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Veterinary imaging systems are being used for obtaining medical images of animals for diagnosis of chronic diseases. A non-invasive procedure, veterinary imaging has evolved with the aid of instruments related to diagnostic imaging. The animals that are considered for imaging include zoo animals, large animals, and small companion animals. Animal healthcare spending has gained an uptick over the recent past, with increased number of veterinary practitioners, and significant rise in pet insurance purchases. Demand for veterinary imaging instruments is rising for taking proper care of pets such as dogs and cats, as these instruments help in detecting sinus/nasal diseases by differentiating neoplasia from rhinitis. This further helps in guiding biopsy test results. These instruments also offer increased sensitivity for detection of brain hemorrhage and skull fractures. Veterinary imaging systems have undergone various technical enhancements over the past few years. These systems allow visualization of several types of brain tumors, eliminating use of film jackets, film, dark room, and photo processing supplies, thereby reducing cost of diagnosis. In addition, the concept of insurance services for pet animals has been gaining prevalence, especially in developed regions such as North America and Europe. The aforementioned factors are expected to foster growth of global veterinary imaging systems market.
However, the sensitivity of veterinary imaging systems is comparatively lower than that of MRI systems when it comes to detecting vascular condition, inflammation, and tumors. Utilization of veterinary imaging systems involves high initial cost. Furthermore, these systems can be operated only by skilled professionals possessing knowledge about hardware and software related problems. These factor might hamper the market growth in the near future.
By animal type, sales of veterinary imaging systems for diagnosis of small companion animals are expected to surpass revenues worth US$ 1,000 Mn by 2022-end. The adoption of companion animals is witnessing a significant rise, coupled with rising incidences of disease outbreaks in these animals. These factors are driving adoption of veterinary imaging systems for small companion animals.
North America is projected to remain the most lucrative market for veterinary imaging systems, with sales poised to reach nearly US$ 600 Mn in revenues by 2022-end. In addition, sales of veterinary imaging systems in North America, and Asia-Pacific excluding Japan (APEJ) are expected to register a parallel expansion at 7% CAGR through 2022. Growth of the market in North America is driven by the rise in purchasing power of people, coupled with increased awareness about tumors and cancers in companion animals. The market in APEJ, although untapped until the recent past, is expected to witness a considerable expansion, especially in India and China, where the concept of companion animals is gaining higher popularity.
Key players identified in the global market for veterinary imaging systems are Hitachi Aloka Medical Ltd., Esaote SpA, Canon U.S.A. Inc., FUJIFILM Holdings Corporation, Mindray Medical International Limited, Minxray Inc., Hallmarq Veterinary Imaging Ltd, IDEXX Laboratories, Inc., Agfa-Gevaert N.V., and General Electric Company.
Table of Contents
- Global Veterinary Imaging Systems Market - Executive Summary
- Global Veterinary Imaging Systems Market Overview
2.1.1. Global Veterinary Imaging Systems Market Taxonomy
2.1.2. Global Veterinary Imaging Systems Market Definition
2.2. Global Veterinary Imaging Systems Market Size (US$ Mn) and Forecast, 2012-2022
2.2.1. Global Veterinary Imaging Systems Market Y-o-Y Growth
2.3. Global Veterinary Imaging Systems Market Dynamics
2.5. Supply Chain
2.6. Cost Structure
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