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Veterinary Imaging Market: Opportunities and Challenges

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Veterinary Imaging Market: Opportunities and Challenges

November 05
10:44 2019
Veterinary Imaging Market: Opportunities and Challenges

Some of the major market players in the market include GE Healthcare (U.S.), Agfa- Gevaert N.V. (Belgium), Excelsior Union Limited (Russia), Onex Corporation (Canada), Esaote SpA (Italy), Canon Inc. (Japan)
Rapid urbanization and growing disposable incomes are some of the key factors driving pet ownership in emerging countries. This further driving the market growth.

The overall Veterinary Imaging Market is expected to grow from USD 1,321.5 million in 2016 to USD 1,948.0 million by 2022, at a CAGR of 6.8% from 2017 to 2022, as per a report by MarketsandMarkets. 

Why untapped emerging markets present an opportunity?

Companion animal ownership has witnessed a steady increase over the past few years, especially in emerging markets such as India, China, Brazil, and other APAC and Latin American countries. According to information portal Animal Health India, the number of pet dogs in India increased by 58.1% from 2007 to 2012. Rapid urbanization and growing disposable incomes are some of the key factors driving pet ownership in emerging countries. A large number of pet owners in these countries are now willing to spend more on pet care, specifically for healthcare services.

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Emerging countries like India and China have robust livestock markets. According to an article published by Dairy Tech India 2015, India is emerging as the world’s second largest poultry market with an annual growth of more than 14%. The country is also the world’s largest milk producer, with an annual output of 1.16 million tons (16% of the global production).

Large poultry and dairy animal population in these emerging markets are also expected to drive the growth of the veterinary health market. Many global players are now focusing on investing in emerging countries to expand their presence in these high-growth markets and thereby ensure long-term revenue growth.

How lack of animal healthcare awareness in emerging countries remain a challenge?

Emerging economies such as India, China, Brazil, and some Southeast Asian countries are home to a large companion and farm animal population. However, animal health expenditure and the adoption of imaging techniques for diagnosis and treatment in these countries is relatively lower than in North America and Europe due mainly to the lack of awareness among pet owners and veterinarians. This challenge is further exacerbated by the greater focus of veterinary imaging instrument manufacturers on developed markets in North America and Europe as compared to developing markets, primarily due to the wider acceptance of diagnostic imaging modalities and higher animal health expenditure as compared to developing countries. Thus, lack of awareness is a key challenge for the growth of the veterinary imaging market in emerging markets despite their high growth potential.

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Browse Related Reports:

Veterinary Diagnostics Market by Product (Instruments, Consumables),Technology (Clinical Biochemistry, Urinalysis, Immunodiagnostics, Hematology, Molecular Diagnostics), Animal (Dogs, Cats, Horses, Cattle, Pigs, Poultry), End User – Global Forecast to 2023

Dairy Herd Management Market by Product (Automated Systems (Milking Parlours, Meters, Sensors, Reproductive & Health, Cattle Management), Software (On-premise, Cloud-based)), Application (Feeding, Breeding), End user (Large Farms) – Global Forecast to 2022

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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