According to FMI’s analysis, the veterinary computed tomography scanner market is anticipated to grow at a 6.8% CAGR over the projected period. It is projected that the industry will be worth US$ 184.2 million on the market by 2023.
The veterinary computed tomography scanner industry is expected to grow significantly during the forecast period. Different parts of the world are seeing an increase in pet adoption, which is propelling the growth of animal healthcare. As a result, the field of veterinary diagnostics has grown.
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Multiple factors like technological enhancements, increasing awareness, and new product launches positively affect the sales of veterinary CT scanners. The release of a spiral CT scanner called MyVet CT i3D by Woorien in May 2020 is a good case in point. The new release offers richer soft tissue image contrast than the 3D reconstruction of soft tissue structures.
New product launches and technological upgrades are expected to fuel the market growth in the future. Pet owners or caretakers acknowledge the significance of pet healthcare. In line with this, other forces compelling the demand for veterinary CT scanners include escalating animal health care costs and climbing demand for pet insurance.
Europe and North America have been the early adopters of veterinary computed tomography scanners. Naturally, these regions hold high maturity levels in the veterinary CT scanner industry. However, in the upcoming years, key players are expected to expand their base in emerging countries of the Asia Pacific.
FMI has assessed China and India to register vigorous growth in the forecast period. Growing interest in pet adoption and increasing awareness about veterinary diseases are strong factors for regional development. Moreover, untapped emerging markets are expected to lure in top companies with promising growth opportunities.
Key Players Under Telescope :
Key vendors in the market are dispersed across the globe. They are few in number, making the market consolidated. Competitors can be seen continuously innovating and upgrading their technologies to introduce time-efficient and cost-efficient technologies in the market for existing and potential clients. These advancements are projected to induce market growth and initiate intense competition among the partaking companies.
Key players are projected to invest their funds in research and development to thrive in the present competitive landscape. Another salient strategy key players adopt is ramping up their production capacities and increasing their production facilities and sites regionally and globally.
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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
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
- Europe
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Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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