Preliminary research of Fairfield Market Research indicates a promising growth outlook for global veterinary MRI market during the course of next few years.
Functional Advantages of to Drive Demand Across Critical Care Conditions, in Turn Driving Veterinary MRI Market Forward
The need for carrying out veterinary MRI procedures has been increasing since past few years on the back of their perceived benefits. The main advantage of veterinary MRI is its non-invasiveness as it does not require any type of intervention to glean images about the animal’s internal structure. Being an innocuous procedure, veterinary MRI does not affect pet health post the procedure. In addition, by using veterinary MRI, the information can be gathered with higher accuracy and in less time, which can help the vet diagnose the disease and take necessary medical actions. That said, this technique is most used during critical cases where time becomes a vital aspect. Moreover, veterinary MRI provides a better soft tissue contrast as compared to CT and also can differentiate between water, fat, muscle, and other soft tissues in a better manner. These factors coupled with rising prevalence of diseases among pets remain instrumental in driving the need for the technique, thus influencing the growth of the veterinary MRI market.
Growing Adoption in Pet Cardiology to Augment Veterinary MRI Market Growth
Cardiac diseases in pets can be hereditary or acquired. Common cardiac diseases include congenital heart defects, valve diseases, mitral valve dysplasia, cardiomyopathies, and mitral valve diseases among others. The rise in the prevalence of such diseases among small and large pets has triggered the demand for advanced pet care, thus providing ample opportunities for the veterinary MRI market. In addition, as per The Feline Cardiomyopathies study conducted in 2021, prevalence of hypertrophic cardiomyopathy (HCM) is higher among pets. This has pushed owners to take preventive and immediate measures in case of symptoms of such diseases, in turn uplifting the need for veterinary MRI. In this backdrop, growing pet ownerships coupled with prevalence of different cardiac diseases in pets is expected to drive the need for veterinary MRI for pet cardiology applications, thus contributing towards revenue growth of the market.
North America Accounts for a Dominant Share in Global Veterinary MRI Market
North America region is expected to account for a significant value share in the veterinary MRI market in the forthcoming years. This can be attributed towards increasing adoption of pets coupled with stable rise in GDP per capita followed by growing expenditure on animal healthcare. Also, rising cases associated with several animal injuries and diseases have remained instrumental in driving the need for veterinary healthcare including but not limited to veterinary MRI services. For instance, according to the American Pet Products Association (APPA), overall spending on pets by individuals in United States has been reflecting an increase since past several years. In 2020, the overall spending was US$103.6 Bn which increased to US$123.6 Bn in 2021. Of this, the spending on vet care and products sales were around US$34.3 Bn in 2021 as compared to US$30.2 Bn in 2020. Moreover, as per APPA analysis, expenditure on pet food and wellness products and pet care items is high as compared to expenditure on other pet services such as grooming, training, and insurance. Furthermore, rising number of pet ownerships has further influenced the sales of these pet care products, including veterinary care services. According to the American Pet Product Association 2021-2022 survey, 70% of households in the United States own a pet which amounts to around 90.5 million homes.
Apart from pet ownership, the livestock population has also reflected a stable increase in the region. According to the United States Department of Agriculture (USDA), there are around 30.1 million beef cows in United States in 2022. This also has played a vital role in driving the need for livestock healthcare, in turn contributing towards growth of the veterinary MRI market in North America. In addition, the demand for veterinary MRI continues to grow in the region owing to prevalence of fatal diseases. For instance, according to Animal Cancer Foundation, around 32 million cats and 65 million dogs in the US alone have been diagnosed with cancer. To add to the situation, around 6 million new cancer cases among pets are being registered every year in the country. These statistics are becoming critical, thus inducing a sense of care and precaution among pet owners, which has indirectly complemented growth of the veterinary MRI market in North America.
Veterinary MRI Market: Competitive Landscape
A few of the major players in global veterinary MRI market include Esaote SpA, Imotek International Ltd., Bruker Corporation, MR Solutions, Mediso Ltd., Agfa-Gevaert Group, Fujifilm Holdings Corporation, Idexx Laboratories Inc., Carestream Health, and Heska Corporation. New product launches, collaborations, alliances, and partnerships have been observed in the veterinary MRI market.
Recent Notable Developments
The Global Veterinary MRI Market is Segmented as Below:
By Product Type
By Animal Type
Key Elements Included In The Study: Global Veterinary MRI Market
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