Market Research Report
Veterinary CT Scanners Market - Growth, Trends, and Forecast (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||925234|
|Published||Content info||120 Pages
Delivery time: 2-3 business days
|Veterinary CT Scanners Market - Growth, Trends, and Forecast (2020 - 2025)|
|Published: February 1, 2020||Content info: 120 Pages||
The market for veterinary CT scanners is expected to grow over the forecast period owing to the significant rise in the adoption of animals, including dogs and cats as the favorite companions of human beings, as well as cattle and swine for various commercial purposes. The developed countries have the leading position in companion animal-ownership, owing to several factors, like favorable economic condition, among others. As reported in 2017, by the ASPCA (American Society for the Prevention of Cruelty to Animals), every year, around 6.5 million companion animals enter animal shelters nationwide. In the United States, out of those animals, approximately 3.3 million are dogs and 3.2 million are cats. ASPCA also estimated that 3.2 million shelter animals are adopted as pets each year; among which, around 1.6 million are dogs and the rest 1.6 million are cats.
The emerging markets, such as China and India, are also experiencing fast growth in animal adoption, along with general awareness about animal health. The large livestock population in India is one of the key factors which is contributing to this market's growth. The rise in both companion and livestock animal adoption, along with the increased animal health expenditure, indirectly generates a rise in demand for proper diagnostic imaging for various diseases that can affect these animals, which is further expected to propel the market's growth over the forecast period.
Companion Animals are Expected to cover a Large Share of the Market
The adoption of animals has increased. According to People's Dispensary for Sick Animals Charity Organization 2018 report, 49% of UK adults own a pet. 25% of this population has a cat with an estimated population of 11.1 million pet cats and 24% have a dog with an estimated population of 8.9 million pet dogs. Both these numbers have increased as compared to cat and dog population in 2013, which was nearly 9.5 million and 7.8 million respectively. Correspondingly, the expenditure on pet care and products also increased from GBP 3.7 billion in 2013 to GBP 4.9 billion in 2018, as per report by the Office for National Statistics.
As a result of increased expenditure and care, companion animal health awareness among the pet owners has increased over the past few years. Several initiatives have been taken, globally, in order to create awareness regarding the various companion animal health conditions. In addition, various diseases, such as cancer, circulatory system diseases, bone diseases, which involve CT scan as a part of the diagnostic procedure, have become prevalent over the past few years. Compared to other companion animals, such as cats or horses, dogs get affected by more forms of cancer. According to the Veterinary Cancer Society, cancer is the leading cause of death in 47% of dogs, especially those which are over the age of ten, and 32% of cats.
With increasing pet ownership and care, the demand for diagnostic imaging technologies like CT scanners is expected to increase in the future.
United States is Expected to Dominate the Market
The United States is expected to retain its significant market share, owing to factors, such as rising pet adoption and the increasing per capita animal healthcare expenditure. In addition, the rise in the prevalence of various animal diseases and injuries has been identified as the major factor, fueling market growth. According to the 2017-2018 National Pet Owners Survey conducted by the American Pet Products Association (APPA), 68% of US households, or about 85 million families, own a pet. This is up from 56% of US households in 1988, the first year the survey was conducted. Not only has the pet ownership been increasing in recent years, but the number of livestock population has also increased at a steady rate since 2014. According to the US Department of Agriculture's National Agricultural Statistics Service, the United States witnessed an increase from 93.7 million cattle and calves in 2017 to 94.4 million cattle and calves in 2018. With increased ownership of pets and livestock, the US citizens have also become more considerate toward the health of these animals. According to the American Pet Products Association, the expenditure on pets in the United States in 2018 was USD 72.56 billion. Hence, the increased pet and livestock ownership and increased awareness about their health are major factors, driving the growth of this market in the region.
Majority of the veterinary CT scanners are being manufactured by the global key players. Market leaders with more funds for research and better distribution system have established their position in the market. Moreover, Asia-pacific is witnessing an emergence of some small players due to the rise of awareness. This has also helped the market grow.