Veterinary MRI Market Outlook:
Veterinary MRI is the system of imaging that is a common tool for the visualization of the nervous system. It is currently considered to be an ideal method for the imaging the spinal cord and brain. The conventional MRI systems being large, and had higher maintenance, installation costs. Contrarily the recent advancements in the MRI systems led to the innovation as smaller and comparatively low-field strength magnets for veterinary purposes. MRI 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. The rise in the animal health conscious would help the industry to grow in the near future.
COVID-19 scenario analysis:
Though the pandemic situation has brought every other sector to a halt currently, the veterinary MRI imaging systems will remain unaffected as the regulations over the animal health care being strict across the globe. Furthermore, the owners tend to be obliged to supervise the animal’s health and hence would help the industry grow in the current scenario. The animal strict supervision of the various organizations over the health of the animals would also propel the industry to flourish in the coming years. Moreover, the higher prices of the MRI scanning of the animals may hinder the growth of the industry in the forecast period. The Covid-19 pandemic has an adverse impact on the healthcare system, which is costing the economy of about 50% to 70% drop in revenue from March. Many small hospitals, clinics and nursing homes, have been forced to shut their operations. These would result in the challenge for the veterinary MRI market in the current scenario.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
The surge in the demand of companion animals and rise in number of veterinary practitioners are anticipated to help the industry grow in the coming years. Furthermore, the growth in the demand for the pet insurances and the steep increase in the animal health care expenditure are anticipated to propel the industry in the forecast period. The R&D in animal imaging MRI techniques is bringing innovations in the technology used, which is expected to boost the market. Moreover, the veterinary imaging systems being costly and rise in the pet care costs may hinder the growth of the Veterinary MRI market in the commenced period.
The global Veterinary MRI market trends are as follows:
Increase in the innovations will boost the market
Rise in the advancements of the imaging technologies in order to obtain radiation-free imaging is anticipated to help the industry flourish in the coming years. The R&D in the systems such that they are able to give better image qualities and resolution that the conventional systems, would help the industry propel. The traditional method needed the use of anesthetics before the use of MRI systems for the animals whether smaller or bigger.
The key players brought up the research and development programs and brought up innovations that reduced the risk of death due to the anesthetics. For instance, the EQ2 system brought by the Hallmarq Veterinary helped gain the reduction in the pain induced while undergoing MRI scans by the animals and hence saving large number of animals such as horses used for racing who experienced trauma, and other problems which needed the assistance of the imaging systems to diagnose and visualize the nervous systems to find the problem associated. This system ideally is a standing type and hence doesn’t require the tying up of the animals and hence the reduced the need of the anesthesia to be injected. The growth in the technology would help the industry flourish in the commenced period.
Rise in awareness of the animal health will propel the Veterinary MRI Market
The steep surge in the awareness of the animal health in the coming years would help the industry to boost in the commenced period. There is also increase in the expenditure on the improvement in the quality of life for animals, is among the driving factor which is expected to boost the veterinary MRI industry. According to the estimates given by the American Pet Products Association, the expenditure on the veterinary care increased by 7.0% and is anticipated to grow further in the coming years. Henceforth, such upsurge in the health care expenditure for the veterinary section would propel the growth of the industry in the coming years.
Furthermore, the increase in the initiatives taken by various organizations would also help the industry to grow in the coming years. For instance, World Vet Association keeps a record of the animal diseases and organizes different programs for the awareness of the animal health in the duration commenced. Moreover, the government also enacts certain laws regarding the animal health care and hence allowing the protection of the animals from the unhealthy environment and also initiates to help the owners to maintain veterinary health care.
Key benefits of the report:
- This study presents the analytical depiction of the global Veterinary MRI industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global Veterinary MRI market share.
- The current market is quantitatively analyzed to highlight the global Veterinary MRI market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global Veterinary MRI market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the Veterinary MRI Market research report:
- What are the leading market players active in the Veterinary MRI market?
- What the current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Veterinary MRI Market Report Highlights
By Animal Type
Key Market Players
GE Healthcare, Esaote S.p.A, Mindray Medical International Limited, FUJIFILM Holdings Corporation, Heska Corporation, Siemens Healthineers, Konica Minolta Inc., Agfa-Gevaert N.V., IDEXX Laboratories, Inc., Carestream Health, Canon Inc.