Veterinary imaging is a commonly used technique for non-invasive diagnosis of various diseases and disorders in companion animals such as dogs, cats, birds, rabbits, goats, as well as other livestock animals such as swine and cow. There are multiple imaging techniques used for diagnosis of diseases in animals some of which include CT scan, radiography, MRI, and ultrasound imaging. The imaging techniques are used to detect fractures, abnormalities, and presence of foreign organisms in animals’ bodies. The veterinary imaging market has been on the rise in recent times and here are the trends that have been observed in the market:
Explosive Growth in the Pet Industry Bolstering Veterinary Imaging Market
The pet industry is booming in recent times with an increasing number of people opting for pet ownership. The millennial population is driving the growth of pet ownership as they view pets as an integral part of the family. Further, the growing trend of multi-pet households has also augmented to the growth of pet ownership in recent times. A recent survey conducted by the American Pet Products Association found out that approximately 85 million households in America now have a pet. The survey further revealed that pet ownership had increased from 56% to 68% in the last 30 years. Pets are highly likely to suffer from a serious illness once or twice in their lifetime. With the number of pets in the world on the rise, demand for non-invasive diagnostic techniques such as veterinary imaging market is estimated to increase.
Advancements in the Veterinary Imaging Systems Aiding in the Proliferation of the Market
Diagnosis of diseases plays a pivotal role in deciding the treatment required for the disease. With pets ranging in size effective and accurate imaging equipment is required for efficient diagnosis. Advancements in technology have helped researchers develop cutting-edge veterinary systems that can help in the visualization of abnormalities in soft tissues and pinpoint the area of fractures. The development of techniques such as the computer tomography scan has enabled doctors to detect the presence of tumors, change in blood vessels, and in the detection of abscesses using the clear images produced from the scan. Ultrasound imaging can be used to create a 2D, 3D, or 4D structure of the pet’s body and enables the detection of abnormalities in cardiac, circulatory, gastrointestinal, and hepatic systems. In addition to this, integration of computing capabilities with veterinary diagnostics is comprehensively reducing the time required to identify a disease or disorder. For instance, a new software launched by a San Diego-based company utilizes artificial neural networks to examine radiographs of animals. The software returns a written analysis of the image in less than 90 seconds thus reducing the time required for diagnosis. Improving accuracy of veterinary imaging systems coupled with the development of innovative computing algorithms for pet diagnostics is helping the growth of the veterinary imaging market.
Increasing Expenditure on Animal Health and Rise in Pet Insurances to Boost Veterinary Imaging Market
Rise in the disposable income of the global population coupled with the growing trend of perceiving pets as family members have been causing an increase in the investment on animal health around the world. A recent release from the American Pet Products Association revealed that American citizens spent approximately $69 billion on pets in 2017 out of which $17 billion was spent on veterinary services. The growth in the number of pet insurances is another key reason that people are investing heavily in their pet’s well-being. Insurance companies are adopting aggressive marketing techniques and educating the population about the benefits of pet insurances to gain higher market penetration. The techniques are proving effective with pet insurance rates up around the world and especially in North America where the gross premiums from pet insurances hit a record $1.2 billion in 2017 according to a report released by North American Pet Health Insurance Association (NAPHIA). The factors are aiding in the bolstering of the veterinary imaging market.