VETERINARY IMAGING MARKET ANALYSIS

Veterinary Imaging MarketSize and Trends

Veterinary Imaging Market: Market Dynamics

Veterinary imaging market is expected to exhibit growth on an account of increasing insurance coverage for household as well as livestock animals, owing to high cost associated with imaging systems. According to North American Pet Health Insurance Association (NAPHIA) reports in 2015, pet health insurance sector generated premiums of US$ 774 million, which is 17.2 percent higher than that recorded in 2014. In 2015, 1.6 million pets were insured, which is 12.0 percent higher than that recorded in 2014. Another factor driving growth of the veterinary imaging market is the overall growth in pet ownership in households. For instance, according to report by the Pet food Manufacturers Association’s Pet Data Report, 2017, in the U.K., 8.5 million dogs, 8 million cats, 500,000 guinea pigs, and 300,000 horses and ponies were pet owned, with over 29% houses recording two dogs. Pet ownership in turn, accelerates growth of the veterinary imaging market, as most pets face one or two major illnesses in their lifetime. According to statistics given by Cancer Research Institute, around 6 million new cancer diagnoses are made in dogs and a similar number made in cats each year. Increasing growth of livestock, globally is also expected to propel growth of the veterinary imaging market. For instance, according to the Food and Agricultural Organization’s factsheet in 2017, the total headcount of pigs is over one billion, globally. Significant number of veterinary professionals in developed regions such as North America is also expected to boost growth of the market for veterinary imaging. According to American Veterinary Medical Foundation statistics in 2017, over 110,000 veterinary professionals were recorded in the U.S. Other factors such as increasing awareness amongst pet owners for better treatment and high spending on health are expected to drive growth of the veterinary imaging market.

Market- Trends

Veterinary imaging market is expected to exhibit growth on an account of increasing insurance coverage for household as well as livestock animals, owing to high cost associated with imaging systems. According to North American Pet Health Insurance Association (NAPHIA) reports in 2015, pet health insurance sector generated premiums of US$ 774 million, which is 17.2 percent higher than that recorded in 2014. In 2015, 1.6 million pets were insured, which is 12.0 percent higher than that recorded in 2014. Another factor driving growth of the veterinary imaging market is the overall growth in pet ownership in households. For instance, according to report by the Pet food Manufacturers Association’s Pet Data Report, 2017, in the U.K., 8.5 million dogs, 8 million cats, 500,000 guinea pigs, and 300,000 horses and ponies were pet owned, with over 29% houses recording two dogs. Pet ownership in turn, accelerates growth of the veterinary imaging market, as most pets face one or two major illnesses in their lifetime. According to statistics given by Cancer Research Institute, around 6 million new cancer diagnoses are made in dogs and a similar number made in cats each year. Increasing growth of livestock, globally is also expected to propel growth of the veterinary imaging market. For instance, according to the Food and Agricultural Organization’s factsheet in 2017, the total headcount of pigs is over one billion, globally. Significant number of veterinary professionals in developed regions such as North America is also expected to boost growth of the market for veterinary imaging. According to American Veterinary Medical Foundation statistics in 2017, over 110,000 veterinary professionals were recorded in the U.S. Other factors such as increasing awareness amongst pet owners for better treatment and high spending on health are expected to drive growth of the veterinary imaging market.