The global veterinary CT scanner market is projected to reach USD 173.7 Million by 2022 from USD 122.3 Million in 2017, at a CAGR of 7.3%. The growth of this market is majorly driven by the increasing small companion animals' population, rising pet ownership, rising demand for pet insurance with growing animal health expenditure, growth in the number of veterinary practitioners and their income levels in developed economies, and innovations in the veterinary CT scanners. However, the high cost of veterinary CT scanners may hinder the growth of the market to a certain extent.
The growing demand for the innovative, advance, and animal-specific CT scanners is another key factor responsible for the growth of the veterinary CT scanner market. The market players such as Epica Medical Innovation (US), NeuroLogica Corporation (US), Animage, LLC (US), and 4DDI (US) have launched various animal specific CT scanners in the past four years.
The report analyzes the veterinary CT scanner market by type, animal type, application, end user, and region. On the basis of type, the stationary multi-slice CT scanners segment accounted for the largest share in 2016, owing to the largest adoption of multi-slice CT scanners amongst animal hospitals, clinics, and diagnostic imaging centers.
Based on animal type, small companion animals accounted for the largest share and expected to grow at the highest CAGR during the forecast period. The growth of this segment is mainly attributed to the growing companion animal population, growing pet adoption, and rising demand for pet insurance with growing animal healthcare expenditure.
On the basis of various applications in which veterinary CT scanners are used, the market is categorized into neurology, oncology, orthopedics & traumatology, and other applications. In 2016, neurology held the largest share of this market, due to the rising prevalence of common brain and spinal cord diseases in animals.
Based on end user, veterinary hospitals and clinics accounted for the largest share of this market in 2016. The large share of this end-user segment is mainly attributed to the increasing number of veterinarians, growing number of veterinary practices, and rising income levels of veterinarians in developed economies.
Geographically, the global veterinary CT scanner market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America holds the largest share of this market, and this is primarily attributed to its well-established healthcare industry, increasing companion animal population, rising animal healthcare expenditure, growing demand for pet insurances, and increasing number of veterinary practitioners. Asia Pacific and Latin America are expected to witness the highest CAGR during the forecast period, owing to the factors such as rising pet ownership, increasing animal health expenditure, growing demand for pet insurance, increasing awareness on animal healthcare, growing number of veterinary hospitals & clinics, and rising per capita income in these regions.