SAN FRANCISCO, April 6, 2023 /PRNewswire/ — The size of the global veterinary imaging instruments industry has been assessed at $1.44 billion in 2021 and will show a CAGR of 5.7% from 2022 to 2030, according to the “Veterinary Imaging Instrument Industry Data Book, 2023 – 2030”, published by Grand View Research. Growing penetration of pet insurance in emerging and advanced economies and growing adoption rates have driven the growth of the market. The North American Pet Health Insurance Association noted that 3,979,282 pets were insured in the United States in 2021. In particular, MRIs, CT scans, ultrasounds, digital image management and X-rays have become essential in the veterinary field. Moreover, the advent of artificial intelligence in veterinary radiology will redefine veterinary practices.
X-ray applications in veterinary care present exciting opportunities with high accuracy, non-invasiveness and safety. The prevalence of lung disease, arthritis, pneumonia, cancer and potential trauma has fueled the demand for pet X-rays. Lately, digital x-ray machines have been given a boost for a clearer image and reduced radiation exposure.
Veterinary X-ray market size was $546.96 million in 2021 and will likely see a CAGR of 4% over the assessment period. Technologically advanced equipment can help improve an animal’s life, prevent premature death, minimize treatment costs and increase the chances of a complete recovery. As radiology grows in importance to streamline workflow, industry leaders should seek digital x-rays for increased quality, diagnostic speed and early symptom detection.
Order your free sample copy of “Veterinary Imaging Instruments Industry Data Book – Veterinary X-ray, Veterinary Ultrasound, Animal MRI and Animal/Veterinary CT Imaging Market Size, Share, Trends Analysis and Segment Forecast, 2023-2030Data Book, published by Grand View Research
Stakeholders have placed increased emphasis on ultrasound to reshape health care for cats, dogs, cows, horses, goats, pigs, small mammals, reptiles and exotic animals. Ultrasound has become sought after to accurately examine internal organs and ward off the risk of ionized radiation. Moreover, these devices have highlighted pregnancy detection, health care improvement and advanced diagnosis. Veterinary Ultrasound Market Size Has Grown $326.71 million in 2021 and will grow at a CAGR of 6.8% over the forecast period. The growth prospects are partly due to the resurgence of cardiac disorders in animals.
Market players are likely to explore growth opportunities from the following trends:
- CT imaging has gained ground in providing images that might not be accurate in ultrasound or other procedures.
- Endoscopy in animals has become established for examining the genital, urinary and nasal passages of females and studying the intestines and stomachs.
- THE Asia Pacific The market is well positioned in the industry amid a booming pet population, growing healthcare infrastructure, and heightened awareness of animal diseases.
The United States and Canada are poised to provide lucrative growth opportunities for animal health experts, veterinary technicians, and veterinarians. As a reminder, the bullish outlook is mainly due to the pet insurance trend and an increase in animal health spending. According to NAPHIA’s 2022 State of the Industry Report, nearly 4.41 million pets were insured in North America by the end of 2021. Additionally, stakeholders are focusing on increasing numbers of pet owners, innovations in radiology and veterinary software, and the availability of a myriad of diagnostic alternatives. Essentially, about 70% of U.S. households owned a pet in 2022, according to data cited on the Lemonade website.
Browse the Veterinary Imaging Instruments Industry Data Book Table of Contents to better understand the study coverage and scope
Millennials and baby boomers are expected to seek the health benefits of animal companionship through North America. The Centers for Disease Control and Prevention say pets can help manage depression and loneliness with companionship. Moreover, it can minimize the sensations of PTSD symptoms and improve cognitive functions in the elderly. These trends are expected to increase the number of veterinarians in the region. The American Veterinary Medical Association has suggested there are 124,069 veterinarians in the United States in 2022.
The competitive scenario hints at an increased emphasis on organic and inorganic strategies to tap into the global landscape. Established and emerging players should invest in product offerings, technological advancements, innovations, R&D activities, collaboration and partnerships. For example, in January 2023GE HealthCare has partnered with Sound Technologies to distribute the Vscan Air wireless ultrasound device in the United States which offers intuitive software, clear image quality and full patient scanning capabilities.
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