Artificial Intelligence
Veterinary Imaging Market is Expected to Reach $2.3 Billion | MarketsandMarkets.
Chicago, Aug. 09, 2023 (GLOBE NEWSWIRE) — In the near future, the veterinary imaging industry is poised to undergo transformative advancements, driven by cutting-edge technologies and innovative approaches. Rapid developments in artificial intelligence and machine learning are projected to revolutionize diagnostic capabilities, enabling faster and more accurate assessments of animals’ health conditions. The integration of portable and handheld imaging devices, coupled with telemedicine platforms, will enhance accessibility to veterinary care in remote areas and facilitate real-time consultations between veterinarians and pet owners. Furthermore, three-dimensional imaging techniques such as volumetric computed tomography (CT) and magnetic resonance imaging (MRI) are anticipated to become more commonplace, enabling comprehensive visualization of anatomical structures for precise diagnoses and treatment planning. As the veterinary imaging landscape evolves, the synergy between technological advancements and veterinary expertise promises to elevate the standard of care for animals, leading to improved well-being and outcomes across diverse species.
Veterinary Imaging market in terms of revenue was estimated to be worth $1.6 Billion in 2021 and is poised to reach $2.3 Billion by 2026, growing at a CAGR of 7.0% from 2021 to 2026 according to a latest report published by MarketsandMarkets™. The increasing development of portable and battery-powered imaging instruments for point-of-care services, growing consolidation among veterinary practitioners, and the growing size of veterinary businesses in the veterinary imaging market are the leading trends in this market.
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Veterinary Imaging Market Scope:
| Report Coverage | Details |
| Market Revenue in 2021 | $1.6 Billion |
| Estimated Value by 2026 | $2.3 Billion |
| Growth Rate | Poised to grow at a CAGR of 7.0% |
| Market Size Available for | 2019–2026 |
| Forecast Period | 2021–2026 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product type, therapeutic area, animal type, and end user |
| Geographies Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Untapped emerging markets |
| Key Market Drivers | Increasing rate of companion animal population |
Veterinary Imaging market major players covered in the report, such as:
- GE Healthcare (US)
- Agfa-Gevaert N.V. (Belgium)
- Carestream Health (US)
- Esaote S.p.A (Italy)
- IDEXX Laboratories Inc. (US)
- Mindray Medical International Limited (China)
- Canon Inc. (Japan)
- Heska Corporation (US)
- Siemens Healthineers (Germany)
- FUJIFILM Holdings Corporation (Japan)
- Konica Minolta Inc. (Japan)
- Samsung Electronics Co. Ltd. (South Korea)
- E.I. Medical Imaging (US)
- IMV imaging (UK)
- SEDECAL (Spain)
- Clarius Mobile Health (Canada)
- Shenzhen Ricso Technology Co. Ltd. (China)
- DRAMIŃSKI S.A. (Poland)
- Epica Animal Health (US)
- and ClearVet Digital Radiography Systems (US)
- MinXray Inc. (US)
- Hallmarq Veterinary Imaging (UK)
- Shantou Institute of Ultrasonic Instruments Co. Ltd (China)
- Sonoscape Medical Corp. (China)
- Reproscan (US)
- and Among Others
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The study categorizes the veterinary imaging market based on product type, therapeutic area, animal type, end user and regional & global level.
Global Veterinary Imaging Market, by Product Type
- Veterinary Imaging Instruments
- Radiography (X-RAY)
- Computed Radiography Systems
- Direct Radiography Systems
- Film-based Radiography Systems
- Ultrasound Imaging Systems
- 2D Ultrasound Imaging Systems
- 3D/4D Ultrasound Imaging Systems
- Doppler Ultrasound Imaging Systems
- Computed Tomography Imaging Systems
- Stationary Multi-slice Computed Tomography Systems
- Portable Computed Tomography Systems
- Video Endoscopy Imaging Systems
- Magnetic Resonance Imaging Systems
- Other Imaging Systems
- Veterinary Imaging Reagents
- X-RAY and CT Contrast Reagents
- MRI Contrast Reagents
- Ultrasound Contrast Reagents
- Veterinary Imaging Software
Global Veterinary Imaging Market, by Therapeutic Area
- Orthopedics & Traumatology
- Obstetrics & Gynecology
- Oncology
- Cardiology
- Neurology
- Dentistry
- Other Therapeutic Areas
Global Veterinary Imaging Market, by Animal Type
- Small Companion Animals
- Large Animals
- Other Animals
Global Veterinary Imaging Market, End User
- Veterinary Clinics and Diagnostic Centers
- Veterinary Hospitals and Academic Institutions
Global Veterinary Imaging Market, by region
- North America
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
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The key stakeholders in the Veterinary Imaging market include:
- Veterinary Professionals: Radiologists, veterinarians, and veterinary technicians who use imaging technologies for diagnosis, treatment planning, and monitoring the health of animals.
- Medical Device Manufacturers: Companies that design, develop, and produce veterinary imaging equipment, including X-ray machines, ultrasound devices, MRI systems, CT scanners, and digital radiography systems.
- Research and Academic Institutions: Organizations that conduct research to improve imaging techniques and their applications in veterinary medicine, contributing to advancements in the field.
- Regulatory Bodies and Industry Associations: Entities responsible for establishing and enforcing standards, guidelines, and regulations to ensure the safety, quality, and ethical use of veterinary imaging technologies.
- Pet Owners and Animal Caregivers: Individuals who seek veterinary imaging services for their pets and animals, making decisions based on the diagnostic outcomes to provide appropriate care.
- Investors and Financial Institutions: Those who provide funding, investment, and financial support for research, development, and commercialization of new imaging technologies in the veterinary field.
- Veterinary Clinics and Hospitals: Facilities that offer veterinary imaging services, utilizing various imaging modalities to diagnose and treat animals.
- Software Developers: Companies that create and maintain software solutions for image processing, data management, and analysis, aiding in the interpretation of veterinary imaging results.
- Telemedicine and Teleconsultation Platforms: Platforms that facilitate remote consultations between veterinarians, specialists, and pet owners, enabling access to expertise regardless of geographical location.
- Animal Health Organizations: Non-profit and advocacy groups that promote animal health and welfare, influencing the adoption of advanced imaging technologies and practices.
- Educational Institutions: Universities and veterinary schools that train future professionals in the use of imaging technologies and their applications in veterinary medicine.
- Pharmaceutical and Biotechnology Companies: Entities that collaborate with veterinary imaging experts to develop new drugs, therapies, and treatments, often relying on imaging for research and clinical trials.
- Insurance Companies: Providers of pet insurance that may utilize imaging results for claims and coverage assessments.
- Government Agencies: Entities responsible for regulating and overseeing the use of imaging technologies in veterinary medicine, ensuring public health and animal welfare.
- Technical Support and Service Providers: Companies offering maintenance, repair, and technical support for veterinary imaging equipment, ensuring their reliable and accurate operation.
These stakeholders collectively contribute to the growth, development, and ethical application of veterinary imaging technologies to improve animal health and well-being.
Recent Developments:
- In 2020, Miltenyi Biotec launched automated and closed adherent cell culture solutions on CliniMACS Prodigy.
- In 2020, Merck the company expanded its Life Sciences production facilities in Danvers, Massachusetts, and Jaffrey, New Hampshire (US).
- In 2020, STEMCELL Technologies partnered with CollPlant to secure CollPlant rhCollagen for STEMCELL’s use in cell culture applications.
- In 2021, Danaher (Cytiva) partnered with Diamyd Medical, wherein Diamyd selected Cytiva’s FlexFactory platform for making precision medicine type-1 diabetes vaccines.
- In 2021, Danaher (Cytiva) collaborated with the Government of Telangana (India) to strengthen the biopharma industry in India with new labs.
Frequently Asked Questions (FAQs) of Veterinary Imaging Market:
Which are the top industry players in the veterinary imaging market?
The prominent players in the veterinary imaging market are GE Healthcare (US), Agfa-Gevaert N.V. (Belgium), Carestream Health (US), Esaote S.p.A (Italy), IDEXX Laboratories, Inc. (US), Mindray Medical International Limited (China), Canon Inc. (Japan), Heska Corporation (US), Siemens Healthineers (Germany), FUJIFILM Holdings Corporation (Japan), Konica Minolta Inc. (Japan), Samsung Electronics Co., Ltd. (South Korea), E.I. Medical Imaging (US), IMV imaging (UK), SEDECAL (Spain).
Which geographical region is growing at the highest rate in the veterinary imaging market?
APAC is expected to be the fastest-growing regional market, with India and China projected to witness strong growth in the coming years. This can primarily be attributed to the large and domesticated animal population in the region. In addition to this, the increasing awareness about pet health, increasing number of veterinary practitioners, and increasing animal health expenditure drive the growth of the overall veterinary market, including veterinary imaging systems.
Which segment of product type is dominating the veterinary imaging market?
The global veterinary imaging market is segmented into veterinary imaging instruments, reagents, and software. In 2020, the instruments segment accounted for the largest share of the global veterinary imaging market. The large share of this segment is attributed to the high cost of imaging instruments and the increasing adoption of imaging modalities for disease diagnosis in the treatment of companion animals and livestock.
Which is the leading therapeutic area with the highest share in veterinary imaging market?
In 2020, the orthopedics and traumatology segment accounted for the largest share of the global veterinary imaging market. The largest share of this segment can be attributed to the growing incidence of bone injuries and the increasing prevalence of arthritis, lameness diseases, and joint disorders in animals.
Which is the largest animal type segment in veterinary imaging market?
The small companion animals segment accounted for the largest market share in 2020. This can be attributed to the increasing adoption of companion pets, increasing focus on the safety of companion animals, growing expenditure on animal health and preventative care, increasing demand for pet insurance, aging pet population, and growing technological advancements in imaging modalities.
Which is the largest end user segment in veterinary imaging market?
Veterinary clinics and diagnostic centers are the major end users in the veterinary imaging market and accounted for a share in 2020. The large share of this segment is primarily attributed to the increasing number of veterinary practices and the growing number of veterinarians.
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Report Objectives:
- To validate the segmentation defined through the assessment of the product portfolios of the leading players in the market
- To understand key industry trends and issues defining the growth objectives of market players
- To gather both demand- and supply-side validation of the key factors affecting market growth, including market drivers, restraints, opportunities, and challenges
- To validate assumptions for the market sizing and forecasting model used for this market study
- To understand the market positions of the leading players in the veterinary imaging market and their shares/rankings
- To understand the ongoing pricing trends in the market and future expectations
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Artificial Intelligence
Yidu Tech’s FY2024 results: existing business achieves first full-year profit on adjusted EBITDA
HONG KONG, July 1, 2024 /PRNewswire/ — On June 27, 2024, Yidu Tech Inc. (the ”Company” or ”Yidu Tech”) (2158.HK), a leader in China’s AI medical industry, announced its results for the 2024 fiscal year. During the reporting period, the Company recorded revenue of RMB 807.1 million. Gross profit margin in FY2024 increased to 42.1% from 34.1% in FY2023, representing an increase of 8 percentage points, hitting a record high. Adjusted net loss narrowed from RMB 448.7 million in FY2023 to RMB158.1 million, down 64.8% year-on-year. The management of Yidu Tech said at the annual results conference the next day that excluding strategic investments in proprietary large language model, non-cash items, and non-operating items, the adjusted EBITDA for our current business has achieved profit, moving from a RMB 327 million loss to a profit of RMB 31.1 million for the first time this fiscal year.
Management added that as of market close on June 27, the Company’s P/B ratio has decreased to 1.06. Not including the valuation of its domestic and international businesses, its market value is still lower than its fund reserves on hand. As such, management believes that the Company’s share price is still severely undervalued. Notably, renowned sovereign fund BIA has continually increased its shareholding of Yidu Tech by 21.50% over the past two months. The management is confident in the Company’s long-term growth potential and hopes to continually create innovative technologies and increase returns to its shareholders.
In FY2024, Yidu Tech focused on its core business, improving internal operating efficiency and earning quality. Among its earnings, revenue from its big data platform and solutions segment reached RMB 313.6 million, an increase of 41.4% year-on-year. Revenue from its life science solutions segment reached RMB 324.0 million, up 28.1% year-on-year and the gross margin increased by 14.6 percentage points to a historical high of 32.1%. Revenue from its health management platform and solutions segment reached RMB 169.5 million, and the gross profit margin of this segment was 58.1%, representing a year-on-year increase of 17.4 percentage points.
During the reporting period, the Company has continued the development and training of large language model in the medical vertical field based on 500 billion fine-trained Tokens, with model training for 6B, 13B, and 70B parameters completed.
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Artificial Intelligence
Lucinity’s AI Innovation Recognized at Microsoft’s Prestigious Global Partner Awards 2024
REYKJAVIK, Iceland, June 28, 2024 /PRNewswire/ — Lucinity has been recognized as a finalist in the AI Innovation category at the prestigious Microsoft Global Partner Awards 2024, recognizing its breakthrough AI solution and contribution to financial security through its collaboration with Microsoft.
Lucinity beat more than 4,700 companies to be named a finalist at the annual Microsoft Global Partner Awards, which highlights Lucinity’s achievements as a Microsoft partner in optimizing business processes, improving customer experiences, and opening new pathways for digital transformation.
This achievement comes in addition to winning two prestigious awards at Microsoft Partner Awards 2024 last month, including Partner of the Year – Iceland, and the Sustainability and Social Impact award.
The accolade recognizes Lucinity’s significant advancements in AI for financial crime operations, particularly through their AI-powered copilot, Luci. This innovative solution utilizes Microsoft Azure OpenAI technology to integrate advanced generative AI into financial crime investigations and regulatory compliance, optimizing processes and saving significant time and resources for financial institutions.
The Lucinity platform streamlines compliance, provides instant insights, and reduces typical investigation times from three hours to just 30 minutes. The technology can also save financial institutions an estimated $100 million in productivity savings, as well as savings in training and recruitment.
Microsoft comments on Lucinity’s award recognition, saying “Financial crime profoundly impacts our global community, with far-reaching economic, security, and social implications. It can harm a country’s reputation and increase exposure to criminal activities, emphasizing the critical need for robust anti-money laundering initiatives and persistent vigilance. Lucinity, with their innovative AI solutions, has really tried to combat this huge global challenge. They use ‘Human AI’ to enhance financial crime prevention, combining AI with human expertise for efficient, user-friendly solutions. Additionally, Lucinity has developed a tool called Luci, an AI-powered copilot that helps transform financial crime prevention from a process that took hours to one that takes minutes.”
“Being recognized as a finalist at the Microsoft Global Partner Awards is validation of our impactful collaboration with Microsoft in financial crime operations. Our partnership has been pivotal for our innovations, enabling us to use Azure OpenAI to bring tools like Luci to life and deliver impactful results for our clients,” says Guðmundur Kristjánsson, Founder & CEO of Lucinity.
Contact:Name: Celina PabloEmail: [email protected]: +354 792 4321
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Artificial Intelligence
Asia Pacific View: Foreigners Looking for the Most Practical Smart Technology at the 2024 World Intelligence Expo
BEIJING, June 28, 2024 /PRNewswire/ — Bionic robots that speak both Chinese and English can have the same skin and nails as humans? A flying car powered solely by wind can have a maximum payload of 160 kg? A smart wheelchair can control its operation with just the “mind”? Kevin and Daria, two foreign bloggers, have experienced during the World Intelligence Expo held in Tianjin how the artificial intelligence can empower people’s future lives in industries such as technology, trade, logistics and cultural tourism.
With the theme of “Intelligent Travel Empowering Future”, the Expo integrates exhibitions, experiences and events, attracting more than 550 exhibitors and institutions from all over the world, including more than 70 well-known enterprises such as Huawei, Alibaba, Baidu and Danfoss, and 57 universities and research institutions such as Peking University, Tsinghua University, Nankai University and Tianjin University. The Expo set up 10 major themes such as artificial intelligence, intelligent networked vehicles, intelligent manufacturing and robots, covering the frontier hot spots of the intelligent industry. A number of cutting-edge new technologies, new products, and new experiences from all over the world were showcased centrally, reminding people that technology will completely change the lifestyles in the future.
At the exhibition site, various intelligent robot products such as humanoid robots, bionic robots, and intelligent robot dogs interact with the audience on the spot. They are no longer fantasies in science fiction or movies, but play an important role in monitoring, rescue, cultural tourism and other fields. In the low-altitude economic exhibition area, a number of drones, flying vehicles, and aerospace technology companies collectively display advanced technology products. A low-altitude aircraft shaped like a helicopter brought by the German company Tensor can independently complete cargo transportation, takeoff and landing according to pre-set routes according to the instructions. Robotic arms incorporating technologies such as 5G, IoT, edge computing, rocker robotics, and artificial intelligence can shoot high-frame-rate video and support autofocus, achieving effects that cannot be achieved in traditional shooting modes. Viewers can also have more novel experiences with the help of smart technology.
The Expo also hosted three major events such as the Asia-Pacific Robotics World Cup Tianjin International Invitational, the World Intelligent Driving Challenge, and the International Intelligent Sports Conference. A number of technological achievements and innovative applications were demonstrated in the competitions. For exhibiting companies, this Expo is also an opportunity to further promote the transformation of enterprises to information technology and digitalization, and will also bring huge business opportunities.
Contact: Guo RanPhone: 008610-68332663Email: [email protected]
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