The market for veterinary MRI is expected to grow over the forecast period, which is majorly attributed to the increasing awareness about veterinary healthcare and the growing pet ownership along with rising expenditure on veterinary health.
The developed countries have the leading position in companion animal-ownership, owing to several factors, like favorable economic conditions, 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 contributing to this market’s growth.
Key Market Trends
Cardiology is Expected to Witness Healthy Growth in the Application Segment
Cardiac diseases in animals can be congenital (they may present from birth) or acquired (occur at later stages in life). Many cardiac diseases in animals are heritable (passed on through the generations). Heritable cardiac diseases can be congenital or acquired. Often, heritable heart diseases occur with a higher prevalence in certain breeds of animals.
Some of the most common diseases are congenital heart defects (patent ductus arteriosus, ventricular septal defect, pulmonic stenosis, sub-valvular aortic stenosis, and tricuspid valve dysplasia), mitral valve dysplasia, valve disease, mitral valve disease, cardiomyopathies, etc.
According to the MSD manuals, it was estimated that more than 10% of the animals that are examined by a veterinarian have some form of cardiovascular disease. Unlike diseases of other organ systems, cardiovascular diseases generally do not go away, but almost always become more serious and may lead to death. Hence, due to the increasing need for care, the segment is expected to grow over the forecast period.
United States 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. Dogs and cats are the most common pets with population of nearly 60 million and 47 million, respectively. §Hence, the increased pet and livestock ownership and increased awareness about their health are major factors, driving the growth of this market.
The veterinary MRI market is moderately competitive with a presence of global, as well as local companies. Most of the companies involved in the market are the international players and it is observed that the market penetration is diffcult as the cost of manufacturing is higher for this market. However, the companies in the veterinary MRI market are focusing on implementation of the technology to its products to gain the attention of more consumers.
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