Asia Pacific Veterinary Imaging Market Forecast 2019-2028
The Asia Pacific veterinary imaging market is estimated to record significant growth at a CAGR of 7.86% during the forecast period, 2019-2028. Rise in demand for protein-rich food, increase in pet ownership, a surge in consumption of meat & dairy products, and an increase in the number of veterinary hospitals with enhanced imaging systems are some of the major factors fueling market growth in the region.
The growth rate of the Asia Pacific veterinary imaging market is analyzed by dividing the region into the countries such as Australia & New Zealand, Thailand, China, South Korea, Japan, Indonesia, India, Vietnam, and the rest of Asia Pacific includes Sri Lanka, Bangladesh, and others. In Indonesia, pet ownership has become a trend recently with increasing urbanization and a rise in disposable income in the country. In 2019, governments in Australia and Indonesia formed a partnership, AIP-EID, an animal health program to prevent and control emerging infectious diseases. In countries like Thailand, there is a spur in pet-related businesses due to various social factors such as the aging population, loneliness, lower marriage rates, etc., which accounted for 29.3 billion baht in value in 2018. There is no major outbreak of an animal disease for the Thai broiler industry, owing to improved farming facilities and on-farm biosecurity measures.
In Australia, livestock production is mainly based on widespread grazing. The country has small intensive livestock industries, and a diverse bird population. The country is home to a number of endogenic species that are indigenous to Australia. The country’s animal health network plays a crucial role in providing services to support veterinary establishments all over the country. In the rest of the Asia Pacific region, market growth is attributed to the increasing livestock population, growing awareness about animal health and zoonotic diseases, and the prevalence of animal diseases.
Some of the leading companies functioning in the region are FUJIFILM Holdings, IMV Technologies Group, Idexx Laboratories, Inc, GE Healthcare, Mindray Medical International Limited, etc.
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