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Veterinary imaging, a branch of veterinary medicine, is used to obtain different medical images of animals for diagnosis of various chronic diseases. This veterinary imaging equipment is high in demand due to increase in adoption of pets and focus of pet owners on health of their pets. Imaging systems such as radiography, X-ray, MRI, CT imaging, endoscopy imaging, and ultrasound imaging are used to diagnose diseases in livestock animals, companion animals, and large animals. The scanning is generally used for the conditions in animals such as brain malformations, spinal herniation, brain tumors, trauma of brain and spine, ligament, and tendon-related problems.
COVID-19 scenario analysis
The coronavirus pandemic is negatively impacting businesses and has already caused an unprecedented collapse of economic activities. The COVID-19 impact is straining the healthcare systems globally. Rapidly surging demand for healthcare facilities and healthcare workers may leave only a few healthcare systems to meet the increasing demand during the pandemic situation.
The COVID-19 pandemic cases are because of direct or indirect contact between humans. There has been no evidence or confirmation that animals can spread COVID-19 to humans. The myth animals can spread the virus to humans has increased the number of abandoned pets. Furthermore, COVID-19 has weakened the supply chain and has created shortage of animal health products such as nutritional feed as well as vaccines globally. The animal health industry has been impacted notably as many manufacturers in animal health industry are left with a reduced workforce. In addition, stringent government policies such as restrictions of import of raw materials from China are expected to hinder the animal health market growth.
The major factor affecting the industry includes surge in the number of companion animal population in the coming years. In addition, increase in demand for pet insurance and upsurge in animal expenditure are anticipated to propel the industry growth. Furthermore, rise in the number of veterinary practitioners and boost in the income levels in developed economies fuel the market growth in the next few years. Moreover, alarming increase in the prevalence of animal diseases such that there is a growth in the need for the veterinary imaging services is anticipated to contribute toward the market growth in the next coming years.
Expansion of the product portfolio would help the industry gain traction and hence would boost the industry during the forecast period. For instance, in August 2020, IDEXX Laboratories, Inc., a global leader in veterinary diagnostics and software, announced the expansion of its industry-leading imaging portfolio to include the ImageVue DR30 Digital Imaging System.
This is the third ImageVue digital imaging system from IDEXX in four years. Launched in 2016, the ImageVue DR50 Digital Imaging System is the lowest dose radiography system in veterinary medicine and includes the most advanced digital imaging technology in the market. Presently, the new ImageVue DR30 system makes high-quality images and improved radiation safety accessible to a broader range of veterinarians who may have previously thought advanced low-dose digital radiography was financially out of reach.
Increase in the number of mergers and acquisitions is anticipated to boost the industry growth in the coming years. For instance, in September 2017, Merry X-Ray Corporation acquired Consensys Imaging Service Inc. in an agreement that expands its presence in CT, MR, and other imaging modality markets. The purchase provides the California-based company with enhanced selling and service capabilities for CT and MR, as well as mammography and ultrasound, building on additional assets recently obtained through the acquisition of Universal Medical Systems (UMS) in late September.
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Questions answered in the global veterinary imaging services market research report:
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