VETERINARY DIAGNOSTIC IMAGING MARKET ANALYSIS

Market Challenges And Opportunities

Global Veterinary Diagnostic Imaging Market Drivers:

Rise in prevalence of zoonotic diseases to augment market growth

One of the key factors expected to augment the growth of the global veterinary diagnostic imaging market during the forecast period is the increasing incidence of zoonotic and chronic diseases. For instance, according to the U.S. Centers for Disease Control & Prevention (CDC), zoonotic diseases are very common, both in the U.S. and worldwide. More than six out of every ten known infectious diseases in people can be spread from animals, and three out of every four new and/or emerging infectious diseases in people come from animals. Hence, CDC works 24/7 to protect people from zoonotic diseases in the United States and around the world.

Rise in companion animal population to underpin market growth

Another factor which is driving the growth of the global veterinary diagnostic imaging market is the rise in companion animal population around the world. For instance, with the rise in companion animal population, the demand for safe & effective veterinary diagnostic imaging is also increasing with a rapid pace. According to healthforanimals.org, families in the U.S., European Union, Brazil, and China alone account for over half a billion dogs and cats, while more than half the world is estimated to have a pet at home. Moreover, pet ownership increased 113% between 2014 and 2019, and by 2024, experts estimate China will have the most pets in the world.

Global Veterinary Diagnostic Imaging Market Opportunities:

Rise in demand for veterinary diagnostics across the globe is expected to offer significant growth opportunities for players in the global veterinary diagnostic imaging market. For instance, with the increasing prevalence of zoonotic and chronic diseases, the demand for safe & effective veterinary diagnostics is also increasing. Thus, market players are focusing on developing & launching novel products in the market. In February 2022, Aycan Medical Systems added Softneta's MedDream VET DICOM Viewer to its expanding portfolio of veterinary imaging. It is a natural extension of Aycan’s other solutions and developed on the same DICOM standard.

Rise in animal health expenditure is expected to offer lucrative growth opportunities for players in the global veterinary diagnostic imaging market. For instance, the health of animals is inextricably linked to the wellbeing of people and planet. According to the National Pet Owners Survey 2021-2022, the annual expenditure on routine visits for dogs is US$ 242, whereas it is US$ 178 for cats in the United States. Moreover, according to the American Pet Products Association, in 2021, over US$ 123.6 billion were spent on the pets in the U.S. Such increasing focus on animal healthcare is driving the veterinary diagnostic imaging market growth.

Global Veterinary Diagnostic Imaging Market Restraints:

High cost of imaging devices to hinder market growth

One of the key factors expected to hamper the growth of the global veterinary diagnostic imaging market is the high cost of veterinary diagnostic imaging devices. For instance, several factors lead to the increasing veterinary costs, while technologically advanced and the latest medical equipment are also more expensive. Any additional tests and exams also increase the cost of care. Moreover, the cost of diagnostic imaging equipment and veterinary drugs is high, which has led to the high cost of veterinary services. Cost effectiveness is a major concern regarding veterinary healthcare, which in turn is restraining the market growth.

Lack of skilled personnel to hamper the market growth

Another factor which is hampering the growth of the global veterinary diagnostic imaging market is the lack of skilled or trained personnel or lack of veterinarians. For instance, the number of vets (veterinarians) has declined in some countries, raising concerns about the geographical coverage of livestock healthcare. The ongoing shortage of veterinarians in rural areas may lead to an increase in animal diseases and need for veterinary care. Even with the new veterinary graduates expected over the next 10 years, a shortage of nearly 15,000 veterinarians (16 percent) will likely still exist by 2030. This in turn is expected to hinder market growth.