The global market for veterinary imaging is projected to grow at a steady CAGR of 6.1% throughout the forecast period, reaching a valuation of USD 1.65 billion in 2021. The growth drivers include the increasing adoption of pets, the prevalence of zoonotic diseases, advancements in veterinary imaging services, and efforts by governmental entities and animal associations. The growing adoption of pets, with 85 million households owning pets in the US, contributes significantly to the market expansion. The veterinary imaging industry is also witnessing technological advancements and innovative product introductions, such as Sure Petcare's FELAQUA CONNECT system, which allows owners to monitor their cats' water consumption patterns. However, the market growth is constrained by the high expenses associated with animal vaccination and the elevated costs of manufacturing veterinary imaging devices. The market is fairly fragmented, with major players deploying various strategies to develop more effective veterinary imaging solutions.
Thu, 24 Aug 2023 11:58:19 GMT | GlobeNewswire