Veterinary CT Scanner Market: Rising Demand for Pet Insurance With Growing Animal Health Expenditure

Veterinary CT scanners offer effective and early diagnosis of various conditions in the animal body such as, neurology, oncology, orthopedics, traumatology, and many other applications in animal healthcare. The veterinary CT scanners are used by veterinary hospitals and clinics as well as by university teaching hospitals & academic institutes on small companion animals, equine and livestock, and other animals (zoo and exotic animals).

How much is the Veterinary CT Scanner Market worth?

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%.The key factors driving the growth of this 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. North America is expected to register the highest growth rate during the forecast period mainly due to growth in pet adoption.

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 CT scanner 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. Due to their lower prices (as compared to the high-end CT scanners), enhanced image quality and spatial imaging, increased scan speed, higher resolution, greater accuracy on on-the-spot diagnosis, and easy handling mid-end CT scanners are increasingly preferred over other CT scanners. The portable CT scanners segment is expected to grow at the highest CAGR during the forecast period.

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By animal type, small companion animals accounted for the largest share of this market in 2016

On the basis of animal type, the veterinary CT scanner 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. The growing population of small companion animals, rising pet ownership, increasing pet healthcare expenditure, and growing demand for pet insurance are the major factors driving the growth of this segment.

By application, the neurology segment held the largest market share in 2016

Based on application, the market is segmented into neurology, oncology, orthopedics & traumatology, and other applications. The neurology segment accounted for the largest share and is expected to grow at the highest CAGR during the forecast period. The large share of this segment can mainly be attributed to the increasing prevalence of common brain disorders affecting the nervous system of animals, such as epilepsy, brain cancer/tumors, ischemic infarcts (stroke), encephalitis, hydrocephalus, and traumatic brain injuries.

North America dominated the market in 2016

This report covers the market across four major geographies, namely, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Of the four geographic regions studied in the report, North America is expected to register the highest growth rate during the forecast period mainly due to growth in pet adoption.

Geographically, the Veterinary CT Scanner industry is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. 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.

Leading Companies

The major players in the Veterinary CT Scanner industry include 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).

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