LONDON, Feb. 9, 2016 /PRNewswire/ -- The new report "Global Veterinary Diagnostic Imaging Devices Market Assessment & Forecast: 2015-2019" by Spearhead Acuity Business Research & Consulting group reveals that the veterinary diagnostic imaging devices market was valued at US$ 1,037.0 million in 2014 and expected to grow to US$ 1,409.5 million by 2019 at a CAGR of 6.3% from 2015 to 2019.
Greater disposable income, awareness of pet diseases and overall emphasis on animal care are factors responsible for North America's leadership in the market with a share of 34.3%. The report covers analysis for five other regions of Europe, Asia-Pacific, Latin America, Middle-East and Africa. The emerging economies have observed a healthy growth in the veterinary care sector and it is expected that Asia-Pacific region which currently accounts for a share of 19.0% will grow with the fastest CAGR of 6.8% till 2019.
The scope of research encompasses different diagnostic technologies used in veterinary field such as ultrasound devices, magnetic resonance imaging (MRI), computed tomography (CT), X-ray and endoscopy devices. Demand for veterinary ultrasound devices is anticipated to grow the fastest from 2015 to 2019. Emerging regions are expected to show a strong growth for more affordable modalities of imaging such as ultrasound and X-ray accompanied by growing per capita income and purchase power.
Along with imaging modality and geography, this report also covers analysis of veterinary diagnostics in terms of buyers such as veterinary hospitals, clinics and other independent end-users. The analysis presents the current market and forecast of veterinary diagnostic imaging equipment purchased by different end-users such as veterinary hospitals, veterinary clinics and emergency/point-of-care veterinary services. Veterinary hospitals and clinics have conventionally been the largest markets for all types of equipment. However, with increasing miniaturization and portability of devices, emergency animal services are now rising fast across the world.
Another section of this report provides a detailed analysis of distribution in terms of type of animals. This section deals with the demand of the veterinary diagnostic imaging devices segmented according to three groups of animals that form distinct markets with unique dynamics. The three groups included for the analysis are companion animals or pets, farm and livestock animals (which also include those animals used for transportation and competitions) and wildlife or animal conservation. A large variety of exotic animals that are kept as pets in Middle-East, and in addition to this a very high purchase power the region has created one of the greatest potential for growth of the market in future. Several Asian equipment manufacturers have already initiated capitalizing on this region's prospective opportunities. Companion animals segment primarily includes dogs and cats as these are the largest house-trained and domesticated animals across the world. The dog and cat pets segment accounts for approximately 50% of the total pet care market. Asian countries such as India have the fastest growing pet dog population with an increase of 30% between 2010 and 2014. In 2014, U.S. expenditure on pets was approximately US$ 55.0 billion of which pet owners spent approximately US$ 16.0 billion on vetcare including diagnostics and a larger portion was estimated to be expenditure on food and regular supplies.
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