Asia Pacific Veterinary Imaging Market size surpassed USD 388.5 million in 2021 and is set to observe around 8.1% growth rate between 2022 and 2028. Increasing prevalence of zoonotic diseases and rising livestock population will impel the market growth.
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Veterinary imaging records and monitor the spatiotemporal distribution of cellular and molecular process for biological, diagnostic, biochemical or therapeutics application. Veterinary imaging is a non-invasive method that evolved from the diagnostic imaging instruments of human medicine.
With the outbreak of COVID-19, several veterinarians are shifting towards digital diagnostic and treatment services especially in China and Japan among others. According to the Pet users under the epidemic survey, conducted in March 2020 stated that, over 60% of the pet health related inquiries were made online in the china. Similarly, increase in vet visits coupled with growing demand for pet insurance have escalated the product demand in Asia Pacific region. For instance, in 2020, according to the survey conducted by Japan pet insurance company, Anicom Insurance, stated that, the annual average spending on dogs had gone up from 13.1% to USD 3,036.38, and for cats it was up 3.9% to USD 1,596.34.
Asia Pacific Market, By Product
The veterinary imaging instruments segment will exhibit a CAGR of 8% during the forecast timeframe. The veterinary imaging instruments are basic devices required in the detection of diseases, fractures, and hemorrhages in animals. The demand for these instruments is anticipated to increase owing to their increased sensitivity and low cost of operations. Furthermore, advancements in ultrasonography and ultrasound systems to provide real time monitoring of various organs will further contribute to the market demand.
Asia Pacific Market, By Animal Type
Small companion animal segment will surpass USD 329 million revenue by 2028. High segment growth is due to increasing adoption of pets, as there has been increasing evidence of humans deriving positive health benefits from their pets. Also, growing companion ownership has increased the demand for highly accurate and effective diagnostic solutions. Furthermore, an increase in willingness to pay for pet health and the availability of various diagnostic solutions are factors contributing to the market revenue.
Asia Pacific Market, By Application
The orthopedics and traumatology segment in the Asia Pacific veterinary imaging market was over USD 138.6 million in 2021, owing to growing prevalence of lameness and arthritis disease in animals. Moreover, rising in injuries among animals, growing demand for accurate diagnostic solutions, and availability of animal care facilities will propel the market growth.
Asia Pacific Market, By End-use
The hospital segment is projected to expand at a CAGR of 8% through 2028 Increasing prevalence of various internal diseases and injuries such as cancer and cysts in livestock and companion animals will boost the segment growth. Moreover, technological advancement in veterinary imaging system leads to the launch of new products in the industry that are immediately adopted by the veterinary hospitals.
Asia Pacific Market, By Country
China veterinary imaging market is predicted to register a growth of 7.9% to cross USD 137.4 million by 2028. Growing disposable income is one of the major reasons for the adoption of veterinary medicine including veterinary imaging in China. Moreover, growing adoption of pets, rising awareness regarding innovative and advanced veterinary imaging systems is expected to supplement the market expansion.
Competitive Industry Landscape
Companies involved in the Asia Pacific veterinary imaging market are Shenzhen Mindray Bio-Medical Electronics, Canon Medical Systems, Hitachi, Ltd., and Fujifilm Corporation.
Industry players undertake various strategies such as new product launch, mergers, acquisitions, collaborations, geographic expansions to strengthen their market position. For instance, in May 2020, Woorien announced the launch of its new Spiral CT Scanner namely ‘MyVet CT i3D’. The product delivers superior soft tissue image contrast with 3D reconstruction of soft tissue structures. Further, the product can provide high quality images with whole diagnostic details of the internal organs, soft tissues, blood vessels, and bones. This strategy enabled company to add value to its existing veterinary business portfolio, thereby strengthening its business revenue.