Market Trends of Global Veterinary Diagnostic Imaging Industry
This section covers the major market trends shaping the Veterinary Diagnostic Imaging Market according to our research experts:
Ultrasound Imaging Systems is Expected to Hold Significant Share in the Market
Ultrasound devices are expected to hold a significant share of the veterinary diagnostic imaging market across the globe. The ultrasound devices are easy to use and provide veterinarians with the information needed to make quick decisions and diagnose animals more quickly than other types of equipment. Therefore, they are mostly preferred by veterinarians. Thus, this segment is expected to grow during the forecast period.
These devices can be used in ambulance services, emergency rooms, and point-of-care examinations. Also, they provide rapid response and immediate diagnostics compared to conventional ultrasound machines, which are fixed, bulky, and expensive. Thus, the ultrasound scanner segment is expected to grow in the market studied. Furthermore, technological innovation is leading to the development of more precise and efficient ultrasound systems, and key manufacturers in the veterinary ultrasound devices market are continually improving their technologies and launching new and advanced ultrasound devices over time, which is expected to boost the growth of this segment. For instance, there has been an increasing focus of key companies on developing hand-held ultrasound devices for veterinary uses. With the ease of use, doctors are preferring hand-held ultrasound devices which are believed to propel the market growth.
For instance, in October 2021, Butterfly Network Inc. launched its latest handheld ultrasound scanner called Butterfly iQ+ Vet, which is a second-generation device and brings sharper imaging, a new procedural guidance tool, and hardware improvements that make the solution more powerful, versatile, and easy-to-use.
Hence, with the above-mentioned factors, the segment is expected to witness a healthy growth over the forecast period.
North America is Expected to Hold Largest Market Share over the Forecast Period
The United States is expected to retain its significant market share, owing to factors, such as rising pet adoption and the increasing per capita animal healthcare expenditure. In addition, the rise in the prevalence of various animal diseases and injuries has been identified as the major factor, fueling market growth.
As per the 2021 statistics by the North American Pet Health Insurance Association (NAPHIA), the total number of pets insured was 3.1 million by the end of 2020 in the United States. This indicates the growing number of diagnostic examinations of pets in healthcare facilities across the country. According to the 2021-2022 National Pet Owners Survey, conducted by the American Pet Products Association (APPA), around 70% of United States households own a pet, which equates to 90.5 million homes, including 45.3 million cats and 69 million dogs. As per the same source, the number of United States households with small animals is 6.2 million. High pet ownership in the country is one of the major factors for the growth of the market studied.
According to the 2021-2022 National Pet Owners Survey, conducted by the American Pet Products Association (APPA), an annual routine visit for dogs costs USD 242, while it costs USD 178 for cats in the country. As the cost for imaging is insured in the country, it is acting as a beneficial factor for the market studied. The expenditure on pets is increasing in the United States. For instance, as per the American Pet Products Association Inc., in 2020, USD 99 billion was spent on pets in the United States. This high spending on pets coupled with growing diseases among animals is responsible for the growth of the market studied in the country.
Hence, owing to the above-mentioned factors, the market studied is expected to witness significant growth during the forecast period.
