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Magnetic resonance imaging (MRI) is a sophisticated 3D imaging technique, which has been a widely used clinical diagnostic tool over the last two decades. MRI measures and records changes in the magnetic property of protons present in the cellular water. Unlike X-rays, MRI does not require the use of ionizing radiation. For imaging, an MRI device uses radio waves and the magnetic field such as pulsed electromagnetic field in order to excite protons present in the area of interest. In developed regions/countries such as the U.S. and Europe, 7 Tesla and 11 Tesla MRI are among the widely used imaging techniques. Veterinary MRI is now seen as a gold standard technique for brain and spinal examination of animals with spinal disk herniation, trauma of the brain and spine, brain tumors, strokes, and brain malformations. Additionally, MRI is seen as a powerful technique for examining tendon- and ligament-related ailments. In case of chronic wounds and draining tracts, MRI imaging helps identify foreign bodies within the wound. This has effectively contributed in increasing the market for veterinary MRI systems in various applications segments.

Advancements in imaging technologies pertaining to radiation-free imaging are among the key drivers for the global veterinary MRI systems market. For instance, the advent of 15.2 Tesla and 21.0 Tesla has drastically revolutionized the micro-MRI sector in the last few years. Due to its safety and ease of use, micro-MRI procedures account for approximately 23%–28% of all small animal procedures. The advent of open MRI systems has also contributed to the rise in demand for veterinary MRI devices. The only restraint for the market is high cost of MRI devices. Until recently, MRI had limited applications in veterinary medicine, primarily due to high initial cost and high operational expenses. Increasing awareness about animal health and rising adoption of imaging modalities are likely to offer growth opportunities to the veterinary MRI systems market in developing countries in the next few years.

The global veterinary MRI systems market can be segmented based on product, animal type, application, and end-user. In terms of product, the market can be segmented into veterinary MRI systems, veterinary MRI coils, and image viewer software. Based on animal type, the market can be divided into veterinary MRI systems for small animals and veterinary MRI systems for large animals. Based on application, the global veterinary MRI systems market can be categorized into oncology, cardiology, neurology, and orthopedics. In terms of end-user, the market can be divided into veterinary hospitals, veterinary clinics, and veterinary diagnostic centers.

Geographically, the global veterinary MRI systems market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global veterinary MRI systems market, owing to increasing trend to adopt pet animals, growing awareness about various diseases affecting companion as well as farm animals, and increasing number of veterinary practitioners in the region. Moreover, increasing number of pre-clinical trials in animals requiring imaging technologies are driving the global veterinary MRI systems market in the region. Europe is the second-largest market for veterinary MRI systems, due to increasing adoption of technologically advanced products for the diagnosis and treatment of veterinary diseases and high per capita spending capacity of people in the region. In Europe, companion animals offer lucrative options for the key players operating in the veterinary sector to develop innovative products attracting huge customer base. Increasing expenditure on health and well-being of companion animals often leads to rise in demand for advanced imaging systems such as MRIs. Asia Pacific is a highly lucrative market for veterinary MRI systems. The market in the Asia Pacific region is primarily driven by the increasing demand of diagnostic tests in the animal health industry in China and India. Furthermore, the rise in per capita animal health expenditure in Asia Pacific and Latin America has resulted in increased disposable incomes, leading to the rise in demand for veterinary MRI systems in these regions.

Key players operating in the global veterinary MRI systems market are Esaote SpA, Hallmarq Veterinary Imaging Inc., Imotek International Ltd., Universal Medical Systems, Inc., Bruker, Mediso Ltd., MR solutions, Burgess Diagnostics Ltd., and Shenzhen Mindray Bio-Medical Electronics Co.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Veterinary Mri Systems Market