The Upsurge of the Global Veterinary CT Scanner Market is Mainly Driven by the Increasing Pet Adoption, the Growing Small Companion Animal Population, and Increasing Number of Veterinary Practitioners and their Income Levels in Developed Economies.
Pune, India -- (SBWIRE) -- 12/11/2018 -- Veterinary CT Scanner Market - Scenario
Veterinary CT scanners are imaging equipment, specific for pets and domestic animals and are used for diagnosing any anomalies in them. Veterinary healthcare is gaining prominence due to the manufacturers focusing on the production of specialized formulation products and manufacturing processes. These factors are beneficial for animal lovers and pet owners. The pet care market has been displaying high potential for the growth owing to the rise in veterinary population, a number of environmental factors, and increasing consumption of animal protein by humans. Moreover, expensive treatment procedures along with the continual surge in the prevalence of veterinary diseases are projected to boost the veterinary CT scanner market substantially over the next few years.
The veterinary practitioners are able to improve animal care by expanding their imaging capabilities and thus., enhancing the safety and affordability at the same time with a device. Moreover, the CT Scanners specific to veterinary services are therefore expected to exhibit a better investment for the growth of this market.
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There has been a considerable increase in pet ownership which in turn has accelerated the adoption of pharmaceuticals for their longevity. Households are also becoming progressively inclined to spend money on their pets and their treatments. Moreover, the increasing demand for pet insurance is also booming the market. For example, according to the report published by the North American Pet Health Insurance Association (NAPHIA), in 2015 North America's pet health insurance sector hit U.S.D 774 million, which is 17.2% more in comparison to 2014. According to the American Pet Product & Services Association (APPA), the revenue in the pet industry was to be U.S.D 62.75 billion in 2016, an increase of more than 4% over 2015. The average annual growth rate since 2002 is 5.4%, and the revenue has been growing steadily for well over 20 years.
The global market for veterinary CT scanners is expected to have a CAGR of approximately 7.30% during 2018 to 2023.
Veterinary CT Scanner Market - Key Players
Some of the key players in the global veterinary CT scanner market are GE Healthcare (U.S.), Canon, Inc. (Toshiba Medical Systems Corporation) (Japan), Epica Medical Innovation (U.S.), Siemens AG (Siemens Healthineers) (Germany), Samsung Electronics Co. Ltd. (NeuroLogica Corporation) (South Korea), Koninklijke Philips N.V. (Netherlands), Hitachi, Ltd. (Japan), Animage, LLC (U.S.), GIN ApS (Denmark), QR s.r.l. (Italy), 4DDI (U.S.), and others.
Veterinary CT Scanner Market - Segmentation
The global veterinary CT scanner market has been divided on the basis of type, device architecture, animal type, application, and end-U.S.er.
Based on the type segment, the global veterinary CT scanner market can be divided into stationary multi-slice CT scanners and portable CT scanners. Stationary multi-slice CT scanners are further divided into mid-end CT scanners, high-end CT scanners, and low-end CT scanners.
Based on the device architecture segment, the global veterinary CT scanner market can be divided into C-arm CT scanners and O-arm CT scanners.
Based on the animal type segment, the global veterinary CT scanner market can be divided into small companion animals, equine and livestock, and others.
Based on the application segment, the global veterinary CT scanner market can be divided into neurology, oncology, orthopedics and traumatology, cardiology, nephrology, dentistry, gastroenterology, respiratory, and others.
Based on the end-U.S.er segment, the global veterinary CT scanner market is divided into veterinary hospitals, veterinary clinics, university teaching hospitals and academic institutes, and others.
Veterinary CT Scanner Market - Regional Analysis
The global veterinary CT scanner market consists of four regions, namely, the Americas, Europe, Asia Pacific, and the Middle East and Africa.
The Americas region accounted for the largest market share of the global veterinary CT scanner market owing to the increasing adoption of pet animals, the growing pet insurance industry, and the increasing veterinary healthcare expenditure in the region.
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Europe holds the second position in the veterinary CT scanner market. It is expected that the rising contribution of marketers and improvement in reimbursement policies are likely to drive the European veterinary CT scanner market.
The Asia Pacific region is expected to exhibit the fastest growth throughout the forecast period owing to the increasing awareness about animal health and increasing per capita animal health expenditure, especially in China and India.
The steady growth in companion animal ownership in emerging markets such as China, India, Brazil, and the other Asia Pacific and Latin American countries serves as a significant growth opportunity for market players in the veterinary CT scanner market.
The Middle Eastern region is expected to grow at a steady pace owing to factors such as the extensive development of healthcare infrastructure and increasing R&D activities in the healthcare sector.
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