As per Inkwood Research, the Global Veterinary Imaging Market is projected to record a CAGR of 5.86% in terms of revenue during the forecast period of 2023-2032.
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Veterinary imaging is a branch of advanced veterinary medicine that helps obtain medical images for disease diagnosis in companion animals, large animals, and livestock animals, among others. The technology can also help identify nerve injury and dysfunction, in addition to detecting problems associated with both hard and soft tissues.
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Increase in Companion Animal Population Fuels Global Market Growth
Companion animals play a vital role in enhancing the quality of life by positively influencing human health and subsequently improving their physical and emotional well-being. Most families also consider pets as their family members, and as a result, a significant rise has been witnessed in pet ownership worldwide. Hence, the increase in the companion animal population contributes to the notable growth of the global veterinary imaging market.
Instrument Expected to be the Fastest-Growing Product Type
Some of the key factors propelling the growth of the instrument segment include the increasing number of veterinary practitioners as well as the rise in veterinary hospitals, the launch of portable, battery-chargeable imaging instruments, and technological advancements in veterinary imaging.
North America was the Major Region in 2022
The market growth in North America is credited to key drivers, including the rising willingness of pet owners to pay for veterinary services as well as the increase in the number of pets and other domestic animals.
Since the technology sources of all major players are relatively well-known, the rivalry among competitors exists on the basis of researching new and innovative products for development. Hence, the industrial rivalry is expected to be moderate in the global veterinary imaging market. Some of the top players operating in the market are GE Healthcare, Heska, Carestream, etc.
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