Veterinary Imaging Equipment Global Market Report 2023
Major players in the veterinary imaging equipment market are Agfa-Gevaert N.V., Canon Inc., Excelsior Union Limited, Fujifilm Holdings Corporation, Hitachi Ltd., Onex Corporation, Siemens AG, GE Healthcare, Chison, and IDEXX.
New York, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Veterinary Imaging Equipment Global Market Report 2023" - https://www.reportlinker.com/p06281016/?utm_source=GNW
The global veterinary imaging equipment market will grow from $1.76 billion in 2022 to $1.88 billion in 2023 at a compound annual growth rate (CAGR) of 6.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The eterinary imaging equipment market is expected to grow from $2.43 billion in 2027 at a CAGR of 6.6%.
The veterinary imaging equipment market consists of sales of positron-emission tomography, nuclear medicine imaging, fluoroscopy, and echocardiography.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Veterinary imaging equipment refers to veterinary diagnostic equipment such as radiography, X-ray, ultrasound imaging, MRI, CT imaging, endoscopy imaging, and other imaging equipment. used to obtain medical images of animals for the diagnosis of various diseases. This industry includes establishments that produce diagnostic equipment that is used in cardiology, orthopaedics & traumatology, oncology, neurology, and others.
The main types of veterinary imaging equipment are radiography (x-ray) systems, ultrasound imaging systems, computed tomography imaging systems, video endoscopy imaging systems, magnetic resonance imaging systems, and other types and are used for small companion animals, large animals, and other animal types.Ultrasound imaging equipment refers to the imaging equipment that is used for animals to diagnose a disease.
The different modalities include portable and stationary.These are applicable in orthopaedics and traumatology, oncology, cardiology, neurology, and other applications.
Veterinary imaging equipment is used in veterinary hospitals, veterinary clinics, academic and research organizations, and other end users.
The rising livestock population is anticipated to boost the demand for veterinary imaging equipment.The surge in the livestock population and associated diseases is expected to drive the demand for veterinary medical equipment, including veterinary imaging equipment, to diagnose and treat various diseases in animals.
For instance, according to the Food and Agriculture Organization of the United Nations, the global cattle population is projected to increase to 2.6 billion by 2050 and the global population of goats and sheep is predicted to reach 2.7 billion by the end of 2050. Consequently, growth in the livestock population is expected to trigger the demand for veterinary imaging equipment in the forecast period.
The high cost of veterinary imaging systems is expected to limit the growth of the veterinary imaging equipment market over the coming years.Veterinary imaging equipment is considered to be costly, which is likely to be a major challenge for veterinary hospitals and clinics.
For instance, the veterinary digital radiography systems cost ranges between $25,000 and $50,000.The cost of ultrasound devices is estimated to range from $2,000 to $3,000 for small portable machines, and large machines can range from $50,000 and more.
In addition to this, the maintenance agreement cost is estimated to be around 15% of the purchase price. Therefore, the high cost of veterinary imaging equipment and associated maintenance costs will act as a key factor to hinder the market’s growth.
Key companies operating in the veterinary imaging equipment market are focusing on the launch of portable or wireless devices to provide better solutions for effective veterinary technologies, which is projected to be a leading trend in the veterinary imaging equipment market.For instance, in September 2022, Planmed, a Ginland-based designer and manufacturer of imaging systems, launched launched Planmed Verity® VET – a high-resolution CT scanner for veterinary 3D imaging.
It is a standalone cone beam CT scanner created especially for imaging animals.The animal’s skeletal structures, including the teeth, skull, and extremities, are represented in incredibly precise submillimeter-resolution 3D pictures.
Its precise volumetric images allow for consistently accurate diagnosis and treatment planning. The portable and small Planmed Verity VET scanner makes it simple to access 3D imaging when necessary and brings it right to the patient.
In September 2021, Mindray, a company operating in veterinary imaging equipment based in China, acquired HyTest Invest Oy and its subsidiaries for an undisclosed amount.With this acquisition, HyTest Company enables Mindray to have top-notch raw material R&D and innovation capabilities and also helps in investing in R&D as well as strengthening and improving its competitive edge.
Hytest is a company operating in veterinary imaging equipment based in Finland.
The countries covered in the veterinary imaging equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The veterinary imaging equipment research report is one of a series of new reports that provides veterinary imaging equipment statistics, including veterinary imaging equipment industry global market size, regional shares, competitors with veterinary imaging equipment share, detailed veterinary imaging equipment segments, market trends and opportunities, and any further data you may need to thrive in the veterinary imaging equipment industry. This veterinary imaging equipment research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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