Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Veterinary Teleradiology Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, June 15, 2021 (GLOBE NEWSWIRE) -- The Global Veterinary Teleradiology Market is expected to grow at a CAGR of around 6.5% from 2020 to 2027 and reach the market value of over US$ 437.6 Mn by 2027.
North America has a reasonable share of the global veterinary teleradiology market and is expected to maintain this trend throughout the forecast period. This is due to technological advancements, an increase in pet ownership, the number of companion animals in the United States and Canada, and increased healthcare spending on animal research. During the forecast period, these factors are also expected to boost the regional veterinary teleradiology market.
Asia Pacific, on the other hand, is expected to have the fastest growing CAGR during the forecast period. Pet adoption, increased demand for veterinarians and radiologists, and a focus on pet wellness are expected to drive the Asia Pacific market in the coming years. The presence of a large number of veterinary clinics and professionals in developed countries such as Japan is expected to drive the Asia Pacific market.
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Technological advancements stimulate the growth of global veterinary teleradiology market
In the global veterinary teleradiology market, artificial intelligence and machine learning (ML) have become recurring trends. Embrace Pet Insurance is promoting Vetology's veterinary teleradiology and other innovative products based on AI and ML that help improve turnaround time and make technology more accessible to radiologists and other value chain users. AI-based teleradiology achieves faster results, lower costs, and higher diagnostic accuracy. Companies in the veterinary teleradiology market are taking advantage of this opportunity to offer their AI products to experienced radiologists in order for them to accurately evaluate X-rays or radiographs.
COVID-19 impact on veterinary teleradiology market
According to the HealthforAnimals research report, the results showed that the Covid-19 pandemic is causing delayed or missed care for pets in many countries, which is causing some veterinarians concerned that pet health may suffer in this scenario. Furthermore, since the start of the Covid-19 pandemic, more than a quarter of pet owners (27%) have delayed or avoided contacting their veterinary practice. According to 65% of pet owners, the pandemic has not made it more difficult to obtain medicines, nor has it necessitated the use of a different medicine than their pet is accustomed to. Less than 5% of pet owners reported that their veterinarian and/or pharmacist did not have their pet's medication on hand.
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However, veterinarians are working to combat this by implementing strict Covid-19 safety precautions in their clinics and significantly expanding their clients' access to telemedicine. Pet owners are responding favorably to these changes, with three out of every four pet owners who have had a digital or remote consultation with their veterinarian reporting that they were satisfied or extremely satisfied with the service. Almost half (47%) of pet owners reported that their veterinarian provided digital/remote consultations, up from 20% prior to the pandemic.
The global veterinary teleradiology market is segmented based on service type, animal type, modality, and end-user. By service type, the market is segmented as emergency care, day time coverage, second opinion, and sub-specialty reading. Based on animal type, the market is bifurcated into companion animals and livestock animals. By modality, the market is segregated as X-ray, computed tomography (CT) scan, magnetic resonance imaging, ultrasound scan, and nuclear scan. Further, by end-user the market is segmented as veterinary hospitals, veterinary clinics, veterinary radiology centers, and others.
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The major players involved in the veterinary teleradiology market involve Veterinary Imaging Consultations, VetRad, VetCT, Lynks Group, BluePearl Veterinary Partners, VEDIM, VICSD Teleradiology Group, and among others.
Some of the key observations regarding the veterinary teleradiology market include:
In November 2016, Rayence announced the acquisition of Osko Digital X-ray solutions. The acquisition will enhance the company's portfolio of total imaging solution business in the U.S.
In September 2016, Merry X-ray announced acquisition with Schiring Radiographic Imaging. The acquisition is done with an aim to become the largest sales and service provider in the medical and veterinary teleradiology market.
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