Veterinary Computed Tomography Scanner Market Trends

Growth Drivers

• Boost in Zoonotic Diseases - An infectious disease known as a zoonosis has spread from vertebrate animals to people. Zoonotic pathogens, that are bacterial, viral, or parasitic, are sometimes transmitted from animals-domestic, farm, or wild-to humans directly, or through food and water. They lead towards a wide range of disorders in people, from minor to severe, and even death. SARS, MERS, Ebola, rabies, and certain strains of influenza are some of the most well-known zoonotic diseases. As per the World Economic Forum, it is anticipated that zoonotic diseases end up causing 60% of recognized infectious diseases and up to 75% of newly discovered or emerging infectious diseases. Therefore, a quick diagnosis is very essential for stopping the spread of such diseases in humans, where veterinary computed tomography have been using by several veterinary clinics.

• Global Increase in Animal Derived Dairy Products - For instance, in 2019, global milk production (81% cow milk, 16% buffalo milk, and 5% goat, sheep, and camel milk coupled) increased by 1.2% to approximately 853 Mt.

• Surge in Meat Consumption - According to the World Economic Forum, every year, it is anticipated that 50 billion chickens are killed for food. In contrast, over 1.5 billion pigs are killed every year to satisfy the world's growing demand for sausages, bacon, ham, and pork, which has expanded by threefold over the past 50 years.

• Worldwide Spike in Pet Insurance - As per a report, at the end of 2021, the total number of pets insured in the United States was 3.8 million, that denotes a 29% rise from the 2020.

• Escalating Per Capita Income - As per the data provide by the World Bank, compared to 2019, the global annual per capita income increased by 4.8% in 2021, while it only increased by 1.5% in 2019.

Challenges

• Surge in the Expenses of Pet Care - There is a significant surge in pet care across the globe. Now, people are more inclined to spend high amount pet care consisting their grooming, food, toys, and other veterinary procedures. For instance, in the United States, pet care expenses increased from USD 104 billion in 2020 to USD 123 billion in 2021. Hence, this factor is estimated to restrain the growth of the market.
• High Cost of Veterinary CT Scanners
• Lack of Skilled Veterinary Practitioners