The key factors driving the growth of veterinary CT scanner market include the increasing small companion animal population, growing pet adoption, rising demand for pet insurance with growing animal health expenditure, growing number of veterinary practitioners and their income levels in developed economies, and innovation in veterinary CT scanners.
However, the high cost of CT scanners may hinder the growth of this market to a certain extent. The steady growth in companion animal ownership in the emerging markets such as China, India, Brazil, and other Asia Pacific and Latin American countries serves as a significant growth opportunity for market players in the veterinary CT scanner market.
The veterinary CT scanner market is expected to reach USD 173.7 Million by 2022 from an estimated USD 122.3 Million in 2017, at a CAGR of 7.3%.
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By type, the stationary multi-slice CT scanners segment accounted for the largest share of the market in 2016
On the basis of type, the veterinary mri market is broadly segmented into stationary multi- slice CT scanners and portable CT scanners. In 2016, the stationary multi-slice CT scanners segment accounted for the largest share of this market. This large share can be attributed to the higher adoption of multi-slice CT scanners, such as mid-end CT scanners and high-end CT scanners.
By animal type, small companion animals accounted for the largest share of veterinary mri market in 2016
On the basis of animal type, the veterinary mri market is further segmented into small companion animals, equine and livestock, and other animals. In 2016, the small companion animals segment held the largest share of this market and is expected to grow at the highest CAGR during the forecast period.
North America dominated the market in 2016
North America accounted for the largest share of the veterinary CT scanner market in 2016, followed by Europe and Asia Pacific. The largest share of this region is mainly attributed to the increasing adoption of pet animals, the growing pet insurance industry, and rising veterinary healthcare expenditure in the region.
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The key players in the global veterinary CT scanner market are GE Healthcare (US), Canon, Inc. (Toshiba Medical Systems Corporation) (Japan), Siemens AG (Siemens Healthineers) (Germany), Samsung Electronics Co. Ltd. (NeuroLogica Corporation) (South Korea), Epica Medical Innovation (US), Hitachi, Ltd. (Japan), Koninklijke Philips N.V. (Netherlands), Animage, LLC (US), GIN ApS (Denmark), QR s.r.l. (Italy), and 4DDI (US).