The Global Veterinary Imaging Market size was valued at USD 2.15 billion in 2018 and is anticipated to grow at a CAGR of 6.5% during the forecast period. Veterinary imaging is a noninvasive technique for the diagnosis of diseases using electromagnetic radiation or sound waves in small, large, exotic, avian, zoo, and other animals.
Veterinary Imaging Market Statistics
Growing expenditure on animal health and pet insurance are expected to contribute to increasing demand. Additionally, growing companion animal segments due to the high adoption of pets and an increase in range of vet practitioners around the world are expected to propel the demand for these systems over the subsequent years. An increase in the incidence of zoonotic diseases demands accurate and effective diagnostic tools, which is expected to fuel business growth. The upsurge in the population of livestock, high demand for dairy farm & meat product, rise in adoption of pets, and increase in awareness among pet owners for higher treatment choices for their pets are a number of the factors anticipated to contribute to the growth of the veterinary imaging market over the forecast period.
Key Factors Impacting the Growth of Veterinary Imaging Market:
- There is an increasing demand for pet insurance and animal health expenditure due to the high cost of pets.
- There is an increase in demand for innovations in veterinary imaging instruments due to the rise in the number of animals in the market.
- Growth in the number of veterinary practitioners & the rise in their income levels in developed economies is also expected to act as a driver to the market growth.
The veterinary imaging market segmentation is based on the product, animal, application end users, and region.
Product Outlook:
On the basis of product, the instruments segment accounted for the largest market share owing to the increase in its growing demand across the end-use applications. Imaging instruments are basic devices needed owing to which adoption of these instruments is expected to increase over the forecast amount. These instruments aid in the detection of diseases, fractures, and hemorrhages in animals. The demand for these instruments is anticipated to increase because of their increased sensitivity and low price of operations.
Veterinary Imaging Market Segmentation
Animal Outlook:
On the basis of animal, the small companion animals segment dominated in 2018 due to increased adoption of pets as there has been increasing evidence of humans deriving positive health advantages from their pets. Growing companion ownership has increased the demand for highly accurate and effective diagnostic solutions, which is expected to propel the demand for imaging systems in the coming years.
End User Outlook:
On the basis of end user, the veterinary hospital's segment accounted for the largest revenue share as of 2018. The adoption of imaging devices is driven by the need for cost-effective, fast, and accurate diagnostic tools for animal healthcare. Advancements in technologies used for imaging is expected to drive the growth of the segment. These advancements include efficient pet owner mobile technologies and cloud-based information management systems.
Regional Outlook:
Based on the region, the global veterinary imaging market has been segmented by North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, & Rest of the World. In terms of revenue, North America holds a dominant position in the global veterinary imaging market. The region's dominance is attributable to an increase in R&D including growing demand for veterinary imaging equipment is anticipated to drive the growth. This dominant share will be attributed to the growth in pet adoption including increasing health care expenditure in the animal health segment. Asia Pacific regional marketplace for veterinary imaging is anticipated to witness lucrative growth because of rising health care expenditure and an increase in the interest of key players to invest in this market. Additionally, increasing R&D, rising health care expenditure within the veterinary field, and the availability of affordable animal health products are expected to drive expansion.
Veterinary Imaging Market Regional Analysis
Competitive Landscape
Companion animals are associated with positive health advantages, like reduced cardiac arrhythmias, normalization of blood pressure, decreased anxiety, greater psychological stability, and improved well-being. The key leading players in the market include GE Healthcare, Agfa- Gevaert N.V., Excelsior Union Limited, Onex Corporation, Esaote S.p.A, Canon Inc., IDEXX Laboratories, Inc., VCA Inc., Hitachi, Ltd, BCF Technology, Ltd., Siemens AG, Diagnostic Imaging Systems, Inc., Hallmarq Veterinary Imaging Ltd., MinXray, Inc., and Fujifilm Holdings Corporation.
This report also includes the profiles of key veterinary imaging market companies along with their SWOT analysis and market strategies. In addition, these competitive landscapes provide a detailed description of each company including future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launch, new product developments, and other latest industrial developments.
Key Developments in Veterinary imaging Market:
- In December 2018, August Equity acquired Hallmarq Veterinary Imaging Ltd. Hallmarq Veterinary Imaging is a global specialist in advanced diagnostics for equine and companion animals. By this acquisition, august equity is making a step in the animal health sector.
- In October 2018, Mobius Imaging, LLC, announced that it has successfully completed a scan through Computed Tomography (CT) of a standing horse. It provides a 32-slice helical scan of the head and neck of a standing horse. It can be used for standing surgery.
Veterinary Imaging Market Timeline (2017-2028)
What Does This Report Provide?
This report provides a detailed understanding of the global veterinary imaging market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market.
Market Segmentation:
- By Product
- Reagents
- Instrument
- Services
- PACS
- By Animal
- Small- Companion Animal
- Large Animal
- By End User
- Hospitals/ Clinics
- Reference Laboratories
By Region:
- North America
- By Country (US, Canada, Mexico)
- By Product
- By Animal
- By End User
- Western Europe
- By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
- By Product
- By Animal
- By End User
- Eastern Europe
- By Country (Russia, Turkey, Rest of Eastern Europe)
- By Product
- By Animal
- By End User
- Asia Pacific
- By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
- By Product
- By Animal
- By End User
- Middle East
- By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
- By Product
- By Animal
- By End User
- Rest of the World
- By Region (South America, Africa)
- By Product
- By Animal
- By End User
Reasons to Buy This Report:
- Market size estimation of the veterinary imaging market on a regional and global basis
- Unique research Usage for market size estimation and forecast
- Profiling of major companies operating in the market with key developments
- Broad scope to cover all the possible segments helping every stakeholder in the market
Customization:
We provide customization of the study to meet specific requirements:
- By Segment
- By Sub-segment
- By Region/Country
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