Veterinary imagining devices are used
for diagnosis and management of zoonotic ailments. It is used widely in a
variety of application areas such as orthopedics and traumatology, oncology,
cardiology, oncology, neurology, and others. Various product types of
veterinary imaging devices include instruments, reagent, veterinary PACS, and services
and can be used in hospitals or clinics, reference laboratories, and others.
High Adoption of Pets to Boost Demand for Veterinary Imaging
Imaging devices can be used to
diagnose diseases in companion animals of different sizes and species thus the
veterinary imaging industry is categorized into large animals, small companion animals,
and others (exotic animals and aquatic species). In 2016, the small companion
animals estimated for the largest share due to increasing adoption of pets. Increasing
companion ownership has augmented the demand for effective and expensive
diagnostic solutions. The number of pets is likely to increase in the years to
come. All these factors are said to fuel the market demand during the forecast period
(from 2018 to 2025). Moreover, willingness to pay for pet health is also expected
to contribute toward the growth of the segment.
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The large animal segment is
likely to show stable growth over the next few years due to growing demand for
noninvasive diagnostic imagin.ng system and rising number of veterinary practitioners.
The other animals segment holds reasonable share, as the adoption ratio of exotic
animals is comparatively low as compared to another animals. Companies in the
field are increasingly focusing on R&D to introduce novel products. For instance,
Northwest MRI recently launched a new CT scanner.
Market Overview
According to a report by Grand
View Research, Inc., the telecom veterinary imaging market is expected to reach
USD 3.27 billion by 2025. Increasing demand for minimally invasive diagnostic
tools to minimize animal death rates is expected to boost the market growth.
Moreover, willingness to spend more on animal healthcare and pet insurance can also
fuel the market demand over the next few years. Increasing demand for effective
solutions for improving livestock productivity in emerging countries is also likely
to augment the product demand in the coming years. Key companies operating in
the market include SUNI Medical Imaging, Inc.; Universal Medical Systems, Inc.;
IDEXX Laboratories, Inc.; Carestream Health; and GE Healthcare.
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