In a recent published report, Kenneth Research has updated the market report for Veterinary Imaging Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Veterinary Imaging Market products.
Veterinary imaging instruments are used for the diagnosis of chronic diseases and getting medical images of animals. Notably, the increasing prevalence of zoonotic diseases, significant rise in pet insurance purchases, and increased number of veterinary practitioners are promoting the growth of the veterinary imaging market globally.Owing to the rising human population, the demand for meat and dairy products is also escalating, which leads to the rapid transformation in livestock systems. On considering the historical data, it is found that in 2010, the World Bank estimated that zoonotic diseases had cost global economies more than USD 20 million in direct costs and USD 200 million in indirect costs.
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In the recent years, various government and private associations are working to control zoonotic diseases. For instance, in 2014, six associations, namely, the Biotechnology and Biological Sciences Research Council (BBSRC), the Natural Environment Research Council (NERC), the Department for International Development (DFID), the Economic and Social Sciences Research Council (ESRC), the Defense Science and Technology Laboratory (DSTL), and the Medical Research Council (MRC) joined to introduce a new Zoonoses and Emerging Livestock Systems (ZELS) research program. The programme includes USD 27.90 million investment from ZELS partners, and 11 projects involving 19 UK institutions and over 30 overseas institutions.
On the other hand, certain factors are restraining the growth of the market such as high procedure cost and lack of skilled veterinarians.
The global market for veterinary imaging is estimated to reach USD 1858.36 million by 2023, from USD 1247.61 million in 2017. The market is projected to grow at a CAGR of 6.90%, during the forecast period of 2018 to 2023.
On the basis of product type, the market is segmented into veterinary imaging instruments, veterinary imaging reagents, and veterinary imaging software. By product type, veterinary imaging instruments held the maximum market share of the global veterinary imaging market share in 2017.
On the basis of animal type, the global veterinary imaging market is segmented into small companion animals, large animals, and others. By animal type, the small companion animal segment accounted for the highest market share in 2017.
The therapeutic areas for the global veterinary imaging market are segmented into orthopedics and traumatology, cardiology, neurology, oncology and others, where the orthopedics and traumatology segments accounted for the largest share of the veterinary imaging market share in 2017.
On the basis of end-user, the global veterinary imaging testing market is segmented into hospitals and clinics, academic institutes, and others. The hospitals and clinics segment held the largest segment of the market in 2017.
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The key players for the veterinary imaging market are BCF Technology Ltd, Esaote SpA, Medical Imaging / IMCO, Inc, Diagnostic Imaging System, Inc, Merry X-Ray, Hallmarq Veterinary Imaging Ltd, Carestream Health, General Electric Canon Inc., Fujifilm Holding Corporation, Heska Corporation, Idexx Laboratories Inc., and others.
• To provide historical and forecast revenue of the market segments and sub-segments with respect to regional markets and their countries
• To provide insights into factors influencing and affecting the market growth
• To provide strategic profiling of key players in the market, comprehensively analyzing their market share, core competencies, and drawing a competitive landscape for the market
• To provide economic factors that influence the global veterinary imaging market
• Pharmaceutical and Medical Device Industries
• Potential Investors
• Medical Research Institutes
• Key Executive (CEO and COO) and Strategy Growth Manager
• Research Companies
• The major market players in the global veterinary imaging market are Fujifilm Holding, Corporation, Heska Corporation, Idexx Laboratory Inc, and Canon Inc.
• Fujifilm Holding Corporation accounted for more than a 9.9% share of the global veterinary imaging market
• Based on product type, veterinary imaging instruments commanded the largest market share in 2017 and was valued at USD 708.81 million in 2017
• Based on animal type, the small companion animal segment commanded the largest market share in 2017 and was valued at USD 565.85 million in 2017
• Based on therapeutics areas, the orthopedics and traumatology segment commanded the largest market share in 2017 and was valued at USD 520.72 million in 2017
• Based on end-user, the hospitals and clinics segment commanded the largest market share in 2017 and was valued at USD 917.16 million in 2017
• On the basis of region, the Americas is expected to account for the largest share in the global veterinary imaging market, at a CAGR of 7.37% during the forecast period.
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The report also covers the regional analysis.
• North America
• South America
• Western Europe
o Rest of Western Europe
• Eastern Europe
o Republic of Korea
o Rest of Asia-Pacific
The Middle East & Africa
• United Arab Emirates
• Saudi Arabia
• Rest of the Middle East & Africa
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