Veterinary Imaging Market by Product (Ultrasound, Radiography, MRI, Video Endoscopy), Therapeutic Area (Oncology, Cardiology, Neurology, Orthopedic), Animal (Small Companion Animals, Large Animals), End User (Hospital, Clinic) - Global Forecast to 2022
The global veterinary imaging market is estimated to grow at a CAGR of 6.8% from 2017 to 2022, to reach USD 1.94 billion by 2022 from USD 1.40 billion in 2017. The growth of the veterinary imaging market during the forecast period is mainly driven by the increase in animal healthcare spending and growing pet insurance purchase, the growing companion animals market, increase in the number of veterinary practitioners and their income levels in developed regions, and launch of advanced products. Emerging markets such as China and India and growing companion animal ownership in the APAC region are expected to offer significant growth opportunities for players in the veterinary imaging market. On the other hand, lack of animal healthcare awareness and shortage of skilled veterinarians are the major challenges for this market.
On the basis of product, the global veterinary imaging market is segmented into instruments, reagents, and software. The instruments segment is further categorized into radiography systems, ultrasound imaging systems, magnetic resonance imaging (MRI) systems, computed tomography (CT) imaging systems, video endoscopy imaging systems, and other imaging systems. The radiography systems segment accounted for the largest share of the global veterinary imaging instruments market in 2016. The large share of this segment can be attributed to various factors such as the consistent high quality of images provided by X-ray imaging, cost-effective technology, and the increasing preference for this technology by veterinarians.
North America represented the largest veterinary imaging market in 2016, followed by Europe and Asia-Pacific. The Asia-Pacific market is expected to register the highest CAGR during the forecast period. This can mainly be attributed to factors such as rising pet ownership and increasing animal health expenditure, growing demand for pet insurance, increasing awareness on animal healthcare, growing number of veterinary hospitals and clinics, and rising per capita income in APAC countries.
Some of the major market players in the global veterinary imaging market include GE Healthcare (U.S.), Agfa- Gevaert N.V. (Belgium), Excelsior Union Limited (Russia), Onex Corporation (Canada), Esaote S.p.A (Italy), Canon Inc. (Japan), IDEXX Laboratories, Inc. (U.S.), VCA Inc. (U.S.), Hitachi, Ltd (Japan), BCF Technology, Ltd. (U.K.), Siemens AG (Germany), Diagnostic Imaging Systems, Inc. (U.S.), Hallmarq Veterinary Imaging Ltd. (U.K.), MinXray, Inc. (U.S.), and Fujifilm Holdings Corporation (Japan).
The report analyzes the various types of veterinary imaging instruments, reagents, and software and its adoption pattern. It aims at estimating the market size and future growth potential of the global veterinary imaging market for different segments such as type-of-products, type-of-animal, therapeutic area, end users, and regions. The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, product offerings, recent developments, and key market strategies.
Reasons to Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them, garner a greater share. Firms purchasing the report could use one or any combination of the below-mentioned five strategies for strengthening the market.
This report provides insights on the following pointers:
• Market Penetration: Comprehensive information on product portfolios offered by the top players in the global veterinary imaging market. The report analyzes the global veterinary imaging market by type-of-product, type-of-animal, therapeutic areas, and end user across countries.
• Product Development/Innovation: Detailed insights on upcoming trends, R&D activities, and product launches in the global veterinary imaging market
• Market Development: Comprehensive information on the lucrative emerging markets in the global veterinary imaging
• Market Diversification: Exhaustive information about new products, growing regions, recent developments, and investments in the global veterinary imaging market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, products, and manufacturing capabilities of leading players in the global veterinary imaging market