A recent report published by Infinium Global Research on the veterinary teleradiology market provides in-depth analysis of segments and sub-segments in the global as well as regional veterinary teleradiology market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional veterinary teleradiology market over the short term as well as the long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global veterinary teleradiology market. According to the report, the global veterinary teleradiology market is projected to grow at a CAGR of about 7% over the forecast period of 2022-2028.
The revenue generated by the global veterinary teleradiology market was about USD 300 million in 2022 and is expected to reach nearly USD 500 million in 2028 and is expected to grow with a CAGR of about 7% over the forecast period 2022-2028. Veterinary teleradiology is a technology used for the identification and analysis of clinical images by radiotherapists which does not exist at the site where the images were created. It is a medical practice in which radiological reports are created through four types computerized tomography scans, X-radiations, magnetic resonance imaging, nuclear scan, or ultrasound scans are transferred from one site to another site to get the interpretation and consultation from various expert radiotherapists. Veterinary teleradiology technology is primarily used in hospitals, pet clinics, and veterinary radiology centers. Further, this technique is used for the interpretation of data to diagnose the disease. Veterinary technology is known as an innovative solution for the treatment of accidental causes, and rapid opinion for treatment from different experts from different locations.
An increase in the companion and livestock population and a rise in the prevalence of animal diseases are the major factors that fuel market growth. In addition, an increase in the number of veterinary practitioners and a surge in animal welfare expenditure is anticipated to fuel the veterinary teleradiology market. Further, technical innovations in teleradiology such as supportive reimbursement rules, and live data analysis are projected to propel the growth of the market during the forecast period. Additionally, the use of real-time data and artificial intelligence in observing effects on health and disease identification will boost the market growth. Rising awareness of the population and image interpretation will support the expansion of the market during the forecast period. However, a lack of skilled technicians and radiologists, and a lack of awareness about veterinary teleradiology might restrain the market growth. High cost of services, image transmission issues, and low awareness in emerging economies are going to be major challenges for the veterinary teleradiology services market.
The global impacts of COVID-19 have surged the market significantly in 2020, and it's expected to affect the veterinary teleradiology market momentum in the forecast period. The spread of the COVID-19 pandemic has had a mixed impact on the global veterinary teleradiology market. The growth of the market was increased because of use of the teleradiology technology to treat patients during the covid-19 pandemic. The expected strong financial performance of the market players is due to an increase in the cases of coronavirus in the forecast period. Whereas, visits by the pet owners were either canceled or postponed due to the spread of coronavirus and thus, affected the market growth negatively for a short period.
On the basis of regional presence, the global veterinary teleradiology market is diversified into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa Regions. North America is expected to dominate the global market because of the large number of animal adoption, rising diseases, and accidents in animals. Increasing expenses on pet animal healthcare will propel the growth in the region during the forecast period. Whereas, the European region is projected to hold a second top market position in the market. The global veterinary teleradiology market in the Asia-Pacific region is projected to witness substantial growth during the forecast period due to the growing focus on advanced teleradiology services and the rising trend of the adoption of pet animals.
The report on the global veterinary teleradiology market covers segments such as animal type, service type, modality type, and end user. On the basis of animal type, the sub-markets include companion animals, and livestock animals. On the basis of service type, the sub-markets include emergency care, day time coverage, second opinion, and sub-specialty reading. On the basis of modality type, the sub-markets include X-ray, computerized tomography (CT) scan, magnetic resonance imaging (MRI), ultrasound scans, and nuclear scan. On the basis of end user, the sub-markets include veterinary hospitals, pet clinics, and veterinary radiology centers.
The report provides profiles of the companies in the market such as Veterinary Imaging Consultations, Inc., VetRad, VetCT, Lynks Group plc, BluePearl Veterinary Partners, Veterinary Medical Center, Animal Imaging, VEDIM, VICSD Teleradiology Group, and Vivid Teleradiology.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the veterinary teleradiology market. Moreover, the study highlights current market trends and provides forecast from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players.
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