Increasing instances of pet adoption and the subsequent expansion of pet insurance sector is expected to propel global veterinary imaging market growth over the forthcoming years. Improving economic conditions, increasing spending power, and growing social awareness regarding adoption of domestic animals have created ideal growth conditions for the veterinary imaging industry.
With growing pet adoption, the global pet insurance industry has witnessed a substantial boost in recent years. First introduced in Sweden, where 50% of the pet population is insured today, the pet insurance sector is slated to augment growth of the veterinary industry. Making expensive pet healthcare procedures, including veterinary imaging services, accessible to more pet owners would propel veterinary imaging market share further.
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Veterinary imaging is a non-invasive diagnostic procedure that makes medical images of animals’ bodies to diagnose diseases. In today’s age where companion animals are increasingly susceptible to a plethora of ailments, the procedure has become integral – specifically, for small animal internal medicine and oncology, to plan out sophisticated treatments.
The American Veterinary Medical Association estimates that one in four dogs develop neoplasia at some point in their lives. In fact, approximately 50% of the dogs that are aged above 10 years are highly likely to develop cancer. Meanwhile, when it comes to the world’s second most common pet; cats, there is far led information regarding their susceptibility to serious diseases. However, data suggests that some types of cancer, like lymphoma, are highly common in cats.
Attributing to the commonplace nature of such serious ailments and the integrality of veterinary imaging procedure in creating a competent treatment plan, demand for veterinary imaging is bound to go up over the forthcoming years.
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The pet owning trend has grown at such a massive scale globally that it is successfully bringing in revenue growth from developing economies. According to estimates, India’s companion pet population reached 10 million in 2014. The country is considered to be the fastest growing global pet industry in the world.
This rapid growth in pet ownership is calling for the launch of an organized pet healthcare service providers across India. This demand when coupled with upcoming insurance policies would be able to facilitate seamless comprehensive solutions to the pet owners. Expanding capabilities of the pet healthcare and pet insurance industry in India are expected to pave the way for the veterinary imaging market outlook during the forecast timeframe.
From a regional perspective, North America has covered substantial contribution of veterinary imaging market share in the past years. The region is expected to register a significant growth over the forecast period primarily due to surging healthcare spending on the improvement of animal management.
The companion animal adoption trend throughout these regions has remained strong over the years, showcasing a steady growth rate. In fact, according to American Pet Products Association, the number of U.S. households with a pet reached the 84.6 million with an estimated number of pet cats and dogs registered at 183.9 million between 2017-18.
North America also boasts of a highly sophisticated pet healthcare infrastructure along with a well-established pet insurance industry, whose combined gross written premiums reached $1.2 billion in 2017, according to The North American Pet Health Insurance Association (NAPHIA). Such pre-established amenities, while making access to veterinary services significantly easier, also augment growth of the region’s veterinary imaging market trends.
All in all, owing to growing instances of companion animal adoption in emerging economies and North America’s strong pet adoption culture, demand for veterinary imaging procedures is slated to rise substantially during the forecast time period. Growing awareness among the people about the benefits of healthcare insurance facilities will also improve the product demand over the years ahead. In fact, a research report by Global Market Insights, Inc., estimates that veterinary imaging market size would cross a valuation of $2 billion by 2025.
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