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SAN FRANCISCO, March 22, 2023 /PRNewswire/ — The global veterinary imaging market size is expected to reach USD 2.94 billion by 2030, according to expand at a lucrative CAGR of 6.84% from 2023 to 2030 according to a new report by Grand View Research, Inc. The key factors driving the market growth include a growing pet population, increased animal health spending, high pet insurance, and the availability of advanced veterinary imaging devices.
Key Industry Insights & Findings from the report:
Read 150-page market research report, “Veterinary Imaging Market Size, Share & Trends Analysis Report By Product (X-ray, Ultrasound, MRI, CT Imaging, Video Endoscopy), By Solutions, By Animal Type, By Application, By End-use, By Region, And Segment Forecasts, 2023 – 2030“, published by Grand View Research.
Veterinary Imaging Market Growth & Trends
The veterinary diagnostic field has experienced immense technological developments in recent years. Imaging modalities used in human medical practices are being highly adopted for veterinary usage, with specific modifications. Such advancements in technologies are expected to fuel market growth. For instance, the launch of portable imaging equipment, such as ultrasound, with chargeable batteries, is anticipated to fuel the market growth in the coming years.
The COVID-19 pandemic had a slightly negative impact on the market across the globe, owing to the discontinuation or postponement of non-essential services. In the second quarter of the financial year, several key players also reported a revenue drop in their veterinary imaging segment. For instance, IDEXX Laboratories, Inc., has reported a decline in its revenue of 3-4% during the year 2020. Moreover, the pandemic has also decreased veterinary hospital visits, negatively affecting the market. For instance, the American Veterinary Medical Association reported that pet patient visits had dropped sharply in about half of all veterinarian practices.
Another key factor that is expected to drive market growth is the rise in pet ownership. For instance, according to the European Pet Food Industry (FEDIAF) report from 2022, countries like Germany, UK, and Russia have the biggest pet populations in Europe. Similarly, according to the 2021 to 2022 National Pet Owners Survey by the American Pet Products Association, dogs are the most popular companion in the U. S. This is expected to contribute to the demand for veterinary imaging devices for small animals in the coming years.
Moreover, to gain a larger market share, some players are focusing on providing innovative products. These advanced products, which have built-in detector connections, faster and safer technology, and are simple to use and install, are gaining popularity over traditional systems. For instance, in February 2021
Veterinary Imaging Market Segmentation
Grand View Research has segmented the veterinary imaging market report based on product, solutions, animal type, application, end-use, and region:
Veterinary Imaging Market – Product Outlook (Revenue, USD Million; 2018 – 2030)
Veterinary Imaging Market – Solutions Outlook (Revenue, USD Million; 2018 – 2030)
Veterinary Imaging Market – Animal Type Outlook (Revenue, USD Million; 2018 – 2030)
Veterinary Imaging Market – Application Outlook (Revenue, USD Million; 2018 – 2030)
Veterinary Imaging Market – End-use Outlook (Revenue, USD Million; 2018 – 2030)
Veterinary Imaging Market – Regional Outlook (Revenue, USD Million; 2018 – 2030)
List of Key Players of Veterinary Imaging Market
Check out more related studies published by Grand View Research:
Browse through Grand View Research’s Animal Health Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
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Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
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SOURCE Grand View Research, Inc
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