Global Veterinary Imaging Market Expected to Reach $2,651 Million by 2026

According to a new report published by Allied Market Research, titled, "Veterinary Imaging Market by Product, Animal Type, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2019–2026," the global veterinary imaging market was valued at $1,620  million in 2018, and is expected to reach $2,651 million by 2026, growing at a CAGR of 6.3% from 2019 to 2026.    

Veterinary imaging is a branch of advanced veterinary medicine that help obtain medical images of animal for diagnosis of the disease in companion animals, large animals, live-stock animal, and others. These imaging systems are used for different indications such as orthopedics & traumatology, oncology, cardiology, neurology, and other.

The veterinary imaging market is expected to experience significant growth during the forecast period owing to increase in animal health spending, surge in adoption of companion animal with rise in pet insurance purchase, and availability of portable imaging systems are majorly driving the market growth. In addition, growing prevalence of different form of animal disease such as cancer, nervous system disease, cardiac disease, further drives the market growth.

Based on product, the market is categorized as instrument and reagents. At present, the instrument segment is the major revenue contributor and is estimated to experience significant growth during the forecast period as these instruments play a vital role in veterinary imaging. Some key factors such as rise in demand for pet imaging systems with technological advancements in imaging devices, wide availability of instruments within a veterinary hospitals, and launch of portable battery charge imaging instruments are majorly driving the market growth.

 According to animal type, the veterinary imaging market size is categorized as companion animals, large animals, and others. Presently, the small companion animal segment is the major revenue contributor and is expected to dominate during the forecast period. In addition, rise in adoption of companion animals, increase in number of pet insurance purchase, rise in pet health awareness, and surge in number of veterinary clinics are majorly driving the market growth of this segment.

Based on application, the global veterinary imaging market is segmented into orthopedics & traumatology, oncology, cardiology, neurology and other. Orthopedics & traumatology is the major shareholder in the global veterinary imaging market owing to rise in prevalence of orthopedic diseases, and availability of advanced imaging systems for diagnosis of orthopedic diseases in animals are the key drivers of the orthopedics & traumatology segment.   

Key Findings of the Study:

• Based on product type, the instrument segment held more than three-fifths share in the global market in 2018.
• Based on animal type, the large animals segment exhibits rapid growth and is expected to grow at a CAGR of 7.1% from 2019 to 2026.
• On the basis of application, the orthopedics and traumatology segment accounted for the largest market share in 2018 and is expected to remain dominant throughout the forecast period.
• According to end user, the clinics and hospitals segment exhibits fastest growth and is expected to grow at a CAGR of 6.8% from 2019 to 2026.
• Based on region, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 8.1% during the forecast period.  

North America accounted for approximately one-half of the global veterinary imaging market share in 2018 and is expected to remain dominant throughout the forecast period. This was attributed to higher adoption of pets and other domestic animals, stringent regulations enacted by state and federal governments to enhance animal welfare and pet owner's willingness to pay for veterinary services. While, Asia-Pacific is expected to experience the highest growth rate during the forecast period majorly due to rise in disposable income, and surge in pet adoption among the higher-income and middle-income segment are projected to drive the market growth.