Vet imaging market to grow by 6+% CAGR
by Katie Pfaff
The worldwide market for veterinary imaging equipment was forecast to grow at a CAGR of 6.7% between 2021 and 2022, with market values of $1.65 billion to $1.76 billion, respectively. The sector was expected to see further growth through 2026 and reaching a value of $2.27 billion. The market increase to the end of 2026 would amount to a CAGR of 6.6%.
A couple significant trends are thought to be spurring growth in the marketplace. These include an increase in the number and size of livestock groups as well as the diagnostic tools to identify or treat disease.
At the same time, portable and wireless options for medical imaging devices have led to greater growth. This is expected to increase the access and usability of such devices for various clinics or offsite diagnosis and treatment. The high cost of veterinary imaging technologies may hinder growth overall, however.
By region, the greatest share of the equipment for veterinary imaging market was North America in 2021. The second in line was Asia Pacific.
The imaging market, which encompasses diagnostic and treatment devices including CT, endoscopy, X-ray, and MRI imaging tools, are used for companion animals and large animals.
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