Inkwood
Research evaluates that the Global Veterinary Imaging Market is projected to
evolve at a CAGR of 6.12% during the forecast period, 2019-2028.
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market Data Tables and 53 Figures spread over 156 Pages, along with an in-depth
TOC on Global Veterinary Imaging Market Forecast 2019-2028.”
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Veterinary
imaging is a segment of advanced veterinary medicine that helps to obtain
medical images of companion animals, large animals, livestock animals, and
others. These imaging systems are used for various medical conditions such as
orthopedics & traumatology, cardiology, oncology, neurology, and others.
Diagnostic imaging is the non-invasive method of making medical images of the body
to diagnose disease. Instruments such as MRI systems, digital radiography
systems, CT systems, nuclear imaging scanner, ultrasound, and thermal imaging
systems play a crucial role in veterinary imaging.
Increasing Pet Ownership Fuels Market Growth
A pet or
companion animal is kept for a person’s company and entertainment, and provides
emotional attachment to the pet owner. Companion animals play a vital role in
improving the quality of life by affirming a positive impact on human health
and well-being. Recently, the adoption of companion animals has increased
across the globe. During the last 30 years, pert ownership of all households has
accelerated from 56% to 68%. Some of the changes in pet ownership are occurring
on account of technology and the advent of online purchasing. But most of the
growth is because of cultural changes. Generation Z and millennial consumers have
embraced the pet-owning and pet-loving lifestyles to a large extent than their
elders. The households headed by elders account for 32% of pets, whereas
younger consumers record 62% of pet ownership.
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Oncology Registers the Highest Growth
Rate in the Application Segment
Cancer is a major cause of death in companion animals. Veterinary
oncology is a section of veterinary medicine that deals with the diagnosis and
treatment of cancer in animals. The most common forms of cancer that are
prevalent in dogs are lymphoma, connective tissue cancer, mouth & throat
cancer, breast cancer, testis cancer, and skin cancer. It is expected that the
veterinary imaging market for the branch of oncology will display the fastest
growth during the forecast period, due to rising occurrences of cancer in
animals, increasing awareness about animal health, and the availability of
diagnostic systems for the detection of different forms in cancer in animals.
North America Dominates the Global
Market
In terms of revenue, North America contributed the largest
share, and is estimated to demonstrate continuous growth, owing to surge in the
number of pets and other domestic animals, an increase in spending for
veterinary services by pet owners, and administering of strict regulations by
state and federal governments to improve animal welfare. In addition,
supportive pet insurance policies, the presence of trained veterinary
practitioners, and the availability of veterinary imaging systems, veterinary
hospitals and clinics, contribute to market growth prospects. Also, the
prominence of well-established players in the region, namely GE Healthcare,
Idexx Laboratories, Inc, Carestream Health, impacts market growth.
The technologically advanced companies are focusing on new
product development, which is creating competitive rivalry in the market. The
market comprises of various pioneering players operating actively across the
globe, such as Hallmarq Veterinary Imaging, IMV Technologies Group, Siemens AG,
Mindray Medical International Limited, FUJIFILM Holdings, etc.
About Inkwood
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objective comprehension that acknowledges the business environments. Our
geographical analysis comprises of North & South America, CEE, CIS, Middle
East, Europe, Asia, and Africa.
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