Market Dynamics
The global market has grown due to a shift in public opinion toward animal welfare and an increase in the frequency of zoonotic illnesses. The development of adequate diagnostic measures has become more important since the frequency of zoonotic illnesses has increased over the last decade or two. Furthermore, with the rise in pet adoption, animals are increasingly becoming members of the family, creating a desire for breakthroughs in diagnostic technology such as veterinary imaging for the diagnosis of chronic diseases among pet owners and animal rescuers. Pet insurance generally reimburses up to 80% of the cost of modern diagnostics, and pet owners are paying more on insurance for their animal companions as the need for advanced diagnostics grows. In recent years, there has been a dramatic increase in the ownership of companion animals all over the world, particularly in rising areas like Asia Pacific and Latin America. These areas provide a plethora of prospects as a result of rapid urbanisation and rising disposable incomes, which have resulted in increased access to modern animal healthcare and increased spending capacity among owners.
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On the other hand, veterinary imaging tools are rather expensive, and small and mid-sized clinics with limited budgets will be unable to afford them, posing a significant challenge for vendors in the years ahead. Furthermore, due to the temporary stoppage of manufacturing facilities and diminished demand, the COVID-19 epidemic has had a crippling effect on the veterinary imaging industry. Along with current attempts to contain the spread of SARS-CoV-2, top veterinary imaging system providers are attempting to strengthen their supply chains and speed up their operations in order to prevent more losses. They are also investing in research and development and forming joint ventures to handle the financial challenges that have arisen as a result of the pandemic. Furthermore, with the gradual lifting of the quarantine across nations and the new coronavirus under control, the worldwide market for veterinary imaging should be able to recover more quickly in the following months.
Market Segmentation
Product type, animal type, therapeutic area, end-user, and geography have all been used to segment the worldwide veterinary imaging market. The market has been divided into three product categories: equipment, veterinary imaging reagents, and veterinary software. Because of its cost-effectiveness and diagnostic precision, the instruments section is the most important.
The market has been divided into three categories: small companion animals, large animals, and others. The most significant sector belongs to the small companion animal segment, due to the rising adoption of animals as pets. Pet owners have become more aware of their companion animals' health and are more willing to consult veterinarians in the hopes of receiving high-quality care.
The market has been divided into orthopedics and traumatology, cardiology, neurology, oncology, and other therapeutic areas. Because of the rising occurrences of bone injuries and the prevalence of arthritis and other joint illnesses in animals, the orthopedics and traumatology category has the biggest market share.
The market has been divided into hospitals & clinics, academic institutes, and others based on end-user. Due to their widespread use of imaging modalities for diagnostics, hospitals and clinics accounted for the largest segment of the worldwide veterinary imaging market.
Regional Overview
The Americas, led by North America, hold the greatest proportion of the global market. Pet insurance is growing more popular in the region as pet owners become more concerned about their pets' health. The region's dominant position in the veterinary imaging market is due to its rapid adoption of novel technological offerings. Due to the presence of significant market participants and supportive government initiatives toward pet insurance and pet healthcare, Europe, which includes established countries such as Germany, France, and the United Kingdom, accounts for the second biggest market share.
The Asia-Pacific region is expected to grow at the fastest rate, with Japan, China, and India leading the way. The rising predominance of nuclear families with a proclivity for pet adoption and rising investments in pet care have spurred foreign players to set up shop in these countries in order to capitalise on the region's potential.
Competitive Dynamics
Key players in the global Veterinary Vaccines Market Size that have been analyzed in the report include Fujifilm Holding Corporation, Heska Corporation, Idexx Laboratory Inc, and Canon. Other players include Hallmarq Veterinary Imaging Ltd., Carestream Health, General Electric and others.
List of Tables
TABLE 1 MARKET SYNOPSIS 16
TABLE 2 PRIMARY INTERVIEWS 21
TABLE 3 GLOBAL VETERINARY/ANIMAL VACCINES MARKET, BY TYPE, 2020–2027 (USD MILLION) 36
TABLE 4 GLOBAL VETERINARY/ANIMAL VACCINES MARKET, FOR LIVESTOCK VACCINES, BY TYPE, 2020–2027 (USD MILLION) 36
TABLE 5 GLOBAL VETERINARY/ANIMAL VACCINES MARKET, FOR COMPANION ANIMAL VACCINES, BY TYPE, 2020–2027 (USD MILLION) 37
TABLE 6 GLOBAL VETERINARY/ANIMAL VACCINES MARKET, FOR LIVESTOCK VACCINES, BY REGION, 2020–2027 (USD MILLION) 37
TABLE 7 GLOBAL VETERINARY/ANIMAL VACCINES MARKET, FOR PORCINE VACCINES, BY REGION, 2020–2027 (USD MILLION) 38
TABLE 8 GLOBAL VETERINARY/ANIMAL VACCINES MARKET, FOR COMPANION ANIMAL VACCINES, BY REGION, 2020–2027
(USD MILLION) 38
TABLE 9 GLOBAL VETERINARY/ANIMAL VACCINES MARKET, FOR POULTRY VACCINES, BY REGION, 2020–2027 (USD MILLION) 39
TABLE 10 GLOBAL VETERINARY/ANIMAL VACCINES MARKET, FOR AQUACULTURE VACCINES, BY REGION, 2020–2027 (USD MILLION) 39
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