Veterinary Teleradiology Market Insights by Leading Companies and Emerging Growth Till 2031
Veterinary Teleradiology Market: Introduction
According to the report, the global veterinary teleradiology market was valued over US$ 200 Mn in 2020. The market is projected to expand at a high CAGR from 2021 to 2031. 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.
North America dominated the global veterinary teleradiology market in 2020, followed by Europe and Asia Pacific. North America’s dominance can be ascribed to a rise in awareness about pet ownerships, pet healthcare, and technological advancements leading to adoption of veterinary teleradiology in the region. Furthermore, increase in number of radiologists in the region is expected to fuel the market in North America during the forecast period.
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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.
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Veterinary Teleradiology Market: Prominent Regions
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 2031. 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.
Product Launch, Mergers & Acquisitions, and Innovations by Key Players to Drive Global Market
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.
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On November 8, 2016, Rayence acquired Osko Digital X-ray solutions to enhance its portfolio of total imaging solution business in the U.S. On September 6, 2016, Merry X-ray acquired Schiring Radiographic Imaging with the aim to become the largest sales and service provider in the medical and veterinary teleradiology market. In January 2020, Carestream Digital Tomosynthesis, a three-dimensional extension of general teleradiology, received 510(k) clearance from the U.S. Food and Drug Administration. In 2019, Carestream Health was awarded 37 new patents by the U.S. Patent and Trademark Office for advancements in digital teleradiology, mobile imaging X-ray systems, and other healthcare technology areas. The company also received 38 patents in countries across Europe and Asia last year, earning a total of 75 patents.
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