The Business Research Company’s Global Veterinary Imaging Equipment Market Report 2020-30: Covid 19 Growth And Change
LONDON, UK, September 18, 2020 /EINPresswire.com/ — Key companies operating in the veterinary imaging equipment market are focusing on the launch of portable or wireless devices to provide better solutions for effective veterinary technologies, which is projected to be a leading trend in the veterinary imaging equipment market. For instance, in October 2018, Diagnostic Imaging Systems, Inc. (DIS), a US-based manufacturer and supplier of imaging products, launched new Double Head Wireless Ultrasound Probe, an advanced product in digital imaging technologies for veterinary practice.
The device transmits the images wirelessly to any tablet or computer running Apple iOS, Windows, or Android operating systems. In another instance, in November 2019, Butterfly Network, Inc., a US-based digital healthcare company, announced the launch of Butterfly iQ Vet, a new handheld ultrasound device with ultrasound-on-a-chip technology for the veterinary application. Butterfly iQ Vet provides better access to medical imaging and enables vets to make improved care decisions.
The global veterinary imaging equipment market is expected to decline from $1.61 billion in 2019 to $1.57 billion in 2020 at a compound annual growth rate (CAGR) of -2.50%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The global veterinary imaging equipment market is then expected to recover and reach $1.99 billion in 2023 at a CAGR of 8.29%.
The rising livestock population is anticipated to boost the demand for veterinary imaging equipment. The surge in livestock population and associated diseases is expected to propel the demand for veterinary medical equipment including veterinary imaging equipment to diagnose and treat various diseases in animals. For instance, the global cattle or cow population increased from 984.53 million in 2017 to 989.03 million in 2019.
Moreover, according to the Food and Agriculture Organization of the United Nations, the global cattle population is projected to increase to 2.6 billion by 2050 and the global population for goat and sheep is predicted to reach 2.7 billion by the end of 2050. Consequently, growth in the livestock population is expected to trigger the demand for veterinary imaging equipment in the forecast period.
The veterinary imaging equipment market consists of sales of veterinary imaging equipment by entities (organizations, sole traders and partnerships) that produce veterinary diagnostic equipment used to obtain medical images of animals for diagnosis of various diseases. This industry includes establishments that produce diagnosis equipment such as radiography, X-ray, ultrasound imaging, MRI, CT imaging, endoscopy imaging, and other imaging equipment. These imaging systems are used for cardiology, orthopedics & traumatology, oncology, neurology, and others.
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Source: EIN Presswire