The Veterinary Computed Tomography Scanner Market Size is currently valued at US$ 173.7 Mn in 2022 growing at a steady CAGR of 6.6% through 2032. The market is anticipated to cross the revenue value of US$ 351.4 Mn by 2032.
Emerging trends in veterinary computed tomography scanner market suggests that the growing demand for pet care and the growing critical diseases amongst the animals are the factors that propel the sales of veterinary computed tomography scanner. An animal CT scan involves a thin cross-section of the head that is known as a tomographic slice. This is examined through a straight ray beam that penetrates more than the radiology and ultrasound tests.
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The veterinary computed tomography scanner market size is likely to witness significant growth owing to factors such as an increased number of CT scans, raising awareness about pet care along with the rising number of veterinary clinics. The demand for veterinary computed tomography scanner is anticipated to grow as vet practitioners prefer it for better diagnostics. The CT scanners that come with different ray intensity modules are also gaining the traction of the market.
However, the high cost of veterinary CT scanner has hindered the growth of veterinary computed tomography scanner market. COVID-19 and its implications have slowed the market performance that can be seen in the last forecasted CAGR% of 2017-2021. Each CT slice is formatted from multiple x-ray exposures captured as the scan completes a 360-degree rotation. It is important for doctors to know the veterinary CT interpretation, and indications for CT imaging so this modality can be incorporated into a case when financially feasible. As a result, this factor is likely to fuel the sales of veterinary computed tomography scanners.
What are the Major Drivers of the Veterinary Computed Tomography Scanner Market?
The veterinary computed tomography scanner market is expected to mark a significant growth in the coming few years due to increasing awareness about injuries to small companion animals and large animal populations. In addition to this, the growing demand for pet insurance with growing animal health expenditure, and rising number of veterinary practitioners who require veterinary CT scanners to understand the anatomy of the animals tend to propel the demand for veterinary computed tomography scanner.
The global market for veterinary computed tomography scanner market is expected to witness high growth over the forecast period due to increasing incidences of respiratory, neurological diseases in animals. Innovations, advancements in veterinary CT scanners, and robust recommendations about the significance of veterinary CT scanners, by healthcare bodies, are the other factors that are propelling the sales of veterinary computed tomography scanners.
Furthermore, high growth opportunities for companies who are engaged in the development and marketing of veterinary CT scanner due to large patient pool. Rising inclination towards adoption and petting of animals are also an indirect growth factor for this market. Non-Government Organizations (NGOs) such as PETA also emphasize veterinary hospitals adopting advanced veterinary CT scanners.
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What are the Challenges in the Veterinary Computed Tomography Scanner Market?
The major factor limiting the growth is the high cost of veterinary computed tomography scanners, which are all deemed to be in high-cost management. For examining the high-cost management of the restraints, it appears that the majority of veterinary offices are modest in size and operate under stringent financial restrictions. In addition, the delay in paying for the operations has gotten worse. This frequently acts as a barrier to the adoption of veterinary computed tomography scanners by qualified practitioners.
Regional Analysis
What is the North America Growth Outlook for the Veterinary Computed Scanner Market?
North America dominates the global veterinary computed tomography scanner market due to the rise in healthcare expenditure, and increasing demand for veterinary computed tomography scanners by the end users. The North America market holds a significant share of 34.7% in the veterinary computed tomography scanner market. The region-specific demand is rising as more and more people in countries like US and Canada adopt pets and treat them with care.
How is Europe Performing in the Veterinary Computed Tomography Scanner Market?
With a share of 30.1%, the European veterinary computed tomography scanner market is growing at a steady CAGR. The Europe veterinary computed tomography scanner market share is expected to be one of the fastest growing markets due to a large number of animal populations and the increasing number of NGOs who work for animal welfare. Home pet care units in areas that also deal with the diagnosis procedures of diseases for these animals also propel the sales of veterinary computed tomography scanner in the region.
How Start-ups are Influencing the Veterinary Computed Tomography Scanner Market?
Startups in the veterinary computed tomography scanner market are actively putting their efforts to integrate multiple services at a single place. The integrated pet care programs include the improvement of veterinary practices along with the availability of a one-stop shop for everything, from pet care to emergency medical services like diagnosis procedures and operations. These procedures include veterinary computed tomography scanning and Animal CT scans.
However, the high manufacturing cost is making it hard for startup owners to invest capital into the business. The increasing sales of veterinary computed tomography scanners aid the overall animal healthcare industry with new developments.
For example, Nestlé purchased a minority position in Independent Vetcare Group, a European veterinary services business, in April 2019. (IVC). Purina Pet Services, a branch of Nestlé Purina, has also worked with IVC to exchange knowledge and expertise in pet health, nutrition, and scientific innovation, as well as to provide IVC with access to Nestlé Purina goods to assist its veterinarian care.
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How Key Players are Contributing to the Veterinary Computed Tomography Scanner Market?
Key participants have added cutting-edge technology along with the latest medical technology like highly efficient devices delivering optimum diagnostics capability in veterinary computed tomography scanners. As the market rises and skyrockets its growth prospects, the competition amongst the key players keeps on increasing, making the market more dynamic.
Recent Developments in the Veterinary Computed Tomography Scanner Market
- Siemens AG has introduced the computed tomography that helps in clinical research along with new diagnostics application that comes under its CT technologies & Innovations platform, fueling the sales of veterinary computed tomography scanners.
- Epica Medical Innovations has launched its new Vimago GT30, HDVI, that comes with improved diagnostic capability and efficiency. This multi-modality masterpiece includes onboard fluoroscopy and digital radiology. It increases competition by experimenting with the latest healthcare technology.
- Hitachi Healthcare America announced an expansion of its cooperation with scil animal care, a division of Henry Schein Animal Health, in August 2018. The deal widens the scil region to include statewide coverage and distribution of Hitachi’s unique ultrasound solutions aimed at the veterinary sector, which has been in place since 2011.
- Woorien introduced MyVet CT i3D, the first veterinary-specific spiral Linear CTV Scanner, in March 2020.
Key players
- GE Healthcare
- Toshiba Medical Systems Corporation
- Siemens AG
- Koninklijke Philips N.V
- Epica Medical Innovations
- Samsung Electronics Co. Ltd. (Neurologica Corporation)
- Hitachi, Ltd.
- Animage, LLC
- QR S.R.L.
- Gin ApS
Report Coverage
Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
Segments Covered
- Type
- Animal Group
- Application
- End User
Key Companies Profiled
- GE Healthcare
- Toshiba Medical Systems Corporation
- Siemens AG
- Koninklijke Philips N.V
- Epica Medical Innovations
- Samsung Electronics Co. Ltd. (Neurologica Corporation)
- Hitachi, Ltd.
- Animage, LLC
- QR S.R.L.
- Gin ApS
Key segments
By Type:
- Portable CT Scanners
- Stationary Multi-Slice CT Scanners
- Mid-End CT Scanners
- High-End CT Scanners
- Low-End CT Scanners
By Animal Group:
- Large Animals (Horses, Cattles)
- Small Animals (Cats, Dogs, Etc.)
- Others
By Application:
- Neurology
- Oncology
- Orthopedics and Traumatology
- Other Applications
By End User:
- Veterinary Hospitals and Clinics
- Academic Institutes and Teaching Hospitals
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