The global veterinary teleradiology market reached value at US$ 200 Mn in 2020 and predicted to surpass around US$ 600 million by 2030.
Veterinary teleradiology is an emerging clinical practice in animal health, which enables radiologists to interpret and analyse medical images to offer better diagnosis and treatment. Expansion of the pet animals industry, technological advancements, and rise in the number of the veterinarian radiologists and other professionals are projected to fuel the veterinary teleradiology market over the next few years. Veterinary teleradiology was introduced in the year 1990, and the practice is expanding, owing to the availability of broadband connections, image compression, and availability of economical PACS and DICOM software.
Moreover, cloud-based teleradiology services are cost-effective and offer easy access to a patient’s records. These attributes are expected to boost the veterinary teleradiology market across the globe.
Rise in pet ownership across the globe and an increase in awareness about the treatment of various diseases are also anticipated to fuel the global veterinary teleradiology market
Artificial Intelligence in Veterinary Teleradiology to Create Significant Opportunities in Global Market
Technologies such as virtual and augmented reality (VR & AR) and artificial intelligence (AI) are changing the way doctors practice medicine, and there is no reason to believe that veterinary would be any less transformed. According to the American Veterinary Medical Association, AI is being used in image interpretation, disease diagnosis, patient monitoring, drug development, and even robotic surgery. Google and IBM have made significant investments in the AI healthcare sector, which is projected to hit US$ 150 Bn over the next decade. Veterinary medicine and pet owners are also using AI, primarily in areas of teleradiology, triage, and diagnosis.
The AI technology analyzes massive amounts of data according to a set of instructions known as algorithms in order to accomplish a specific task. AI tools are the driving force behind the evolution of the veterinary industry. Not only are these making animal healthcare better, but making veterinary practices easier as well.
Mobile Apps Create Growth Prospects for Service Providers of Veterinary Teleradiology
The veterinary teleradiology market is expected to surpass US$ 600 Mn by 2030. Telemedicine is becoming increasingly mainstream in the veterinary profession. Veterinary teleradiology services are a great way of dealing with animal health that do not warrant an emergency visit to a local vet.
Companies in the veterinary teleradiology market are anticipated to unlock growth opportunities by developing mobile apps after the popularity of the TeleVet App, which helps the user to navigate if a veterinarian is in-network and know the exact charges for the services or diagnosis. On the other hand, there is a growing demand to incorporate clinically validated AI in software and other radiology platforms.
Digital Medical Imaging Training Gains Importance to Improve Diagnostic Outcomes
The emergence of the digital technology in western countries has enabled the development and modernization of medical imaging technologies. However, there is a need for veterinary imaging training for professionals due to the onset of new digital medical imaging technologies.
Besides understanding the techniques, there is a need for anatomical knowledge to thoroughly understand diagnostic imaging. Veterinary curriculum is overloaded with educational content and needs the accommodation of imaging component for training programs. Thus, service providers in the veterinary teleradiology market are gaining awareness about this issue and extending their arms to offer digital medical imaging training to radiologists.
In terms of service type, the global veterinary teleradiology market has been segregated into emergency care, daytime coverage, second opinion, and sub-specialty reading. The daytime coverage segment accounted for a prominent share of the global market in 2020, owing to benefits such as providing variable costs, staffing flexibility, and proper interpretations within a shorter period of time.
The market on the basis of animal type has been classified into livestock animals and companion animals. The companion animals segment accounted for a prominent share of the market in 2020 attributable to an increase in pet ownership of companion animals across the globe. For instance, as per the American Society for the Prevention of Cruelty to Animals, 78 million dogs and 85.5 million cats are owned in the U.S., which is expected to boost pet care and pet diagnostics through teleradiology at a rapid pace.
In terms of modality, the global veterinary teleradiology market has been split into X-ray, Computed Tomography (CT) Scan, Magnetic Resonance Imaging (MRI), Ultrasound Scan, and nuclear scan. The X-ray segment accounted for a major share of the global market in 2020, owing to rise in popularity and adoption of digital X-ray veterinary practice, as it is environment-friendly and offers high-quality images for veterinarians to understand the animal’s condition.
In terms of region, the global veterinary teleradiology market has been divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global veterinary teleradiology market in 2020, followed by Europe and Asia Pacific. Rise in adoption of companion animals and increase in investments in pet care are projected to drive the market in the region over the next few years. According to a research, 67% of households in the U.S. own a pet. Hence, increase in diseases among companion and livestock animals is a major factor that is likely to propel the global veterinary teleradiology market during the forecast period.
The veterinary teleradiology market in Asia Pacific is anticipated to expand at a high CAGR from 2021 to 2030. The expansion of the veterinary teleradiology market in the region can be ascribed to increase in awareness about pet ownership and pet health, and rise in the number of livestock animals in emerging countries. The presence of a large number of veterinary clinics and professionals in developed countries, such as Japan, is projected to propel the market in Asia Pacific.
The global veterinary teleradiology market is consolidated in terms of number of players. The market is dominated by key players who focus on innovative product offerings, robust & strong geographic presence, strategies for expansion of product portfolio, and adoption of teleradiology services in the market. Key players include Veterinary Imaging Consultations, Inc., VetRad, VetCT, Lynks Group plc, BluePearl Veterinary Partners, Veterinary Medical Center, Animal Imaging, VEDIM, and VICSD Teleradiology Group.
The Veterinary teleradiology market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Veterinary teleradiology market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Veterinary teleradiology market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Veterinary teleradiology market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Veterinary teleradiology market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Veterinary teleradiology capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Veterinary teleradiology by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Veterinary teleradiology market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Veterinary teleradiology market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Veterinary teleradiology market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Veterinary teleradiology industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Veterinary teleradiology market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Veterinary teleradiology market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Veterinary teleradiology market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Veterinary teleradiology market. These factors have benefited the growth of the global market for Veterinary teleradiology. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Veterinary teleradiology. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
Major Key Points Covered in Report:
Executive Summary: It includes key trends of the veterinary teleradiology market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the veterinary teleradiology market based on production and revenue.
Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the Veterinary teleradiology market.
Market Segments: This part of the report discusses about product, application and other segments of the veterinary teleradiology market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses about the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.
In this study, the years considered to estimate the market size of Veterinary teleradiology are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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