Market Trends of Global Veterinary MRI Industry
This section covers the major market trends shaping the Veterinary MRI Market according to our research experts:
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. The increasing trend for pet adoption in the country is also propelling the growth of the market studied. For Instance, as per the report published by the FEDIAF in 2021, Germany has a pet population of 26,400,000 of which 10,700,000 comprises dogs, and 15,700,000 comprises cats. The above source also reported that Germany is the leading country in Europe having the largest pet population of cats and dogs. Various research studies provide insight into the usage of MRI for cardiac diseases. According to a research study published in November 2021 and titled "The Feline Cardiomyopathies: 2. Hypertrophic Cardiomyopathy," hypertrophic cardiomyopathy (HCM) is the most prevalent type of feline cardiomyopathy that has been clinically observed. It may affect up to 15% of domestic cats, mostly as a subclinical condition. Fortunately, only a tiny percentage of these cats develop severe HCM that results in cardiac failure or arterial thromboembolism (ATE). Thus, such research studies are expected to increase market growth as the disease is not easily observed. Hence, such disease require medical imaging devices such as MRI which is expected to increase market growth.
North America is Expected to Dominate the Market Over the Forecast Period
North America region 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 the market growth. The National Pet Owners 2021-2022 Survey was published by the American Pet Products Association (APPA). The spending on caring for pets grew over the previous year, according to 35% of pet owners, who said they spent more on food, wellness products, and other pet care items in the last 12 months than in the year before. As per the 2020 National Pet Owners Survey, conducted by the American Pet Products Association (APPA), around 67% of United States households, or about 84.9 million families, own a pet. Not only has ownership been increasing in recent years, but the livestock population has also increased steadily. Similarly, according to the United States Department of Agriculture's National Agricultural Statistics Service, there are 30.1 million beef cows in the United States as of Jan. 1, 2022, down 2% from 2020. As of February 2021, the Canadian Animal Health Institute (CAHI) shared the results of its 2020 Pet Population Survey. As per the survey, from 2018 to 2020, the Canadian dog population continued to grow, increasing from 7.6 million to 7.7 million, while the population of cats stabilized. As per the same source, cats continue to outnumber dogs, with 8.1 million cats considered to be household pets in 2020. The same source also states that within the population of dogs and cats, the percentage of pets receiving veterinary medical care during the past 12 months increased more significantly for cats than for dogs. According to the Animal Cancer Foundation, 65 million dogs and 32 million cats in the United States are diagnosed with cancer. Moreover, approximately 6 million new cancer diagnosed in pets every year. With increasing ownership of pets and livestock, United States citizens become more considerate of the health of these animals. According to the American Pet Products Association, the expenditure on pets in the United States is also rising, which may propel market growth. With increased ownership of pets and livestock, United States 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 2020 was USD 126 billion, which will fuel the market studied.
Thus, the aforementioned factors are expected to increase the market growth.
