The global veterinary imaging market was valued at $1,620 million in 2018, and is projected to reach $2,651 million by 2026, registering a CAGR of 6.3%.
Veterinary imaging is a branch of veterinary medicine that is used to obtain medical images of animal for diagnosis of the disease. Imaging systems such as radiography, X-ray, ultrasound imaging, MRI, CT imaging, endoscopy imaging, and others, are used to diagnose diseases in companion animals, large animals, live-stock animals, and others. The veterinary imaging market is estimated to experience significant growth during the forecast period owing to rise in pet adoption, technological advancements in veterinary imaging systems, increase in number of veterinary hospitals with surge in veterinary professionals, and surge in expenditure on animal health are majorly driving the growth of veterinary imaging market. In addition, significant potential in the developing regions is expected to offer lucrative opportunities for market expansion during the forecast period.
Veterinary Imaging Market Segmentation
The global veterinary imaging market is segmented based on product type, animal type, application, end user, and region. Based on product type, the market is classified as instrument and reagents. According to animal type, the market is categorized as companion animals, large animals, and others. Application such as orthopedics & traumatology, oncology, cardiology, neurology, and others, are covered in the report. On the basis of end user, the market is categorized into clinics & hospitals, reference labs, and others. By region, the market is studied across North America (U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa and rest of LAMEA).
Segment review
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 grow significantly during the forecast period as these instruments play a vital role in veterinary imaging.
Instruments such as ultrasound imaging systems, digital radiography (X-Ray) systems, MRI systems, CT systems, nuclear imaging scanners, thermal imaging systems and others, are widely used in the market. 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, launch of portable battery charge imaging instruments are majorly driving the market growth.
By Product Type
Instrument is projected as one of the most lucrative segment.
Based on application, the global veterinary imaging market is segmented into orthopedics & traumatology, oncology, cardiology, neurology and other. Orthopedics & traumatology segment hold the largest veterinary imaging market share in 2018. Key factors such as rise in prevalence of orthopedic diseases, and availability of advanced imaging systems for diagnosis of orthopedic disease in animals, which are the key drivers of the orthopedics & traumatology segment.
By Application
Orthopedics and Traumatology holds a dominant position in 2018 and would continue to maintain the lead over the forecast period.
Snapshot of Asia-Pacific veterinary imaging market
Asia-Pacific presents lucrative opportunities for the key players operating in the veterinary imaging market, growth in awareness about veterinary imaging, and growing adoption of companion animals with rise in animal health awareness supports the market growth. Moreover, increase in disposable income, improvement in animal health spending, rise in importance of livestock animals, boost in the demand for protein-rich animal food, surge in consumption of meat & dairy products and rise in number of veterinary hospitals with advanced imaging systems, further contribute toward the market growth. Some other factors such as increase in number of pet ownership, and rise in demand for advanced imaging systems are expected to drive the growth of the veterinary imaging market in Asia-Pacific.
By Geography
Asia-Pacific region would exhibit the highest CAGR of 8.1% during 2019-2026.
The key players profiled in this report include Agfa- Gevaert N.V., Esaote SpA, Fujifilm holdings corp. (Sonosite, Inc.), General Electric (GE Healthcare), IMV Technologies group, (IMV imaging), IDEXX Laboratories, Inc., Mindray Medical International Ltd., MinXray, Inc., Siemens AG, and Toshiba Corporation (Canon Medical Systems Corporation).
Key Benefits for Stakeholders
- The study provides an in-depth analysis of the veterinary imaging market size along with the current veterinary imaging market trends and future estimations to elucidate the imminent investment pockets.
- It offers veterinary imaging market analysis from 2018 to 2026, which is expected to enable the stakeholders to capitalize on the prevailing opportunities in the market.
- A comprehensive analysis of all the geographical regions is provided to determine the prevailing opportunities.
- The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook and global veterinary imaging market growth.
Key Market Segments
By Modality Type
- Instrument
- Reagents
- Others
Animal Type
- Companion Animals
- Large Animals
- Other Animals
Application
- Orthopedics & Traumatology
- Oncology
- Cardiology
- Neurology
- Other Application
End User
- Clinics and Hospitals
- Reference Labs
- Other End User
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- Australia
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Veterinary Imaging Market Report Highlights
| Aspects | Details |
 By PRODUCT TYPE |
|
 By ANIMAL TYPE |
|
 By APPLICATION |
|
 By END USER |
|
 By Region |
|
 Key Market Players | MinXray, Inc., IMV Technologies group, (IMV imaging), IDEXX Laboratories, Inc., Esaote SpA, Agfa- Gevaert N.V., Toshiba Corporation (Canon Medical Systems Corporation), Siemens AG, Fujifilm holdings corp. (Sonosite, Inc.), Mindray Medical International Ltd, General Electric (GE Healthcare) |
Analyst Review
Veterinary imaging is a branch of veterinary medicine that is used to obtain medical images of animal for diagnosis of the disease. The adoption of veterinary imaging is expected to increase due to rise in animal health awareness with growth in animal health spending, and increase in prevalence of animal disease with surge in pet adoption.
In addition, rise in demand for pet imaging systems with technological advancements in imaging devices, rise in number of veterinary hospitals & trained veterinary professionals, and launch of portable battery charge imaging instruments are majorly driving the market growth.
North America is expected to remain dominant during the forecast period due to surge in use of veterinary imaging owing to presence of advanced veterinary facilities, wide availability of advanced surgical systems, and higher pet adoption along with increase in demand for pet insurance. In addition, Asia-Pacific and LAMEA are expected to offer lucrative opportunities to the key players during the forecast period due to growing pet adoption with rise in expenditure on animal health.
The total market value of veterinary imaging market is $1,620.3 million in 2018.
The forcast period for veterinary imaging market is 2019 to 2026
The market value of veterinary imaging market in 2019 is $1,724.6 million
The base year is 2018 in veterinary imaging market
The top companies such as, IDEXX Laboratories, Inc., Fujifilm holdings corp. (Sonosite, Inc.), IMV Technologies group, (IMV imaging), Mindray Medical International Ltd, and MinXray, Inc., held a high market position in 2018. This is due to the strong geographical presence of these key players across the globe.
Companion animals segment is the most influencing segment growing in the veterinary imaging market. This is due to surge in the ownership of companion animals across the globe. In addition rise in awareness related to early diagnosis of diseases in companion animals for better treatment also fuels the growth of the market.
The key trend in the veterinary imaging market is the surge in ownership of companion animals. This leads to surge in awareness related to different medical conditions in animals which in turn leads to rise in demand for veterinary imaging.
Asia-Pacific has the highest growth rate in the market which is growing due to the contribution of the following emerging countries such as China with a CAGR of 9.1%. This is due to surge in animal health expenditure and rise in awareness related to use of veterinary imaging in the treatment of medical conditions in animals.
Loading Table Of Content...
