Veterinary Imaging Market Size By Product (Veterinary Imaging Instruments [Radiography (X-ray) Systems, Ultrasound Systems, Computed Tomography Systems, Magnetic Resonance Imaging Systems, Video Endoscopy Imaging Systems, Nuclear Imaging Scanners] Veterinary Software, Veterinary Imaging Reagents [Ultrasound Contrast Reagents, MRI Contrast Reagents, X-Ray/CT Contrast Reagents, Nuclear Imaging Reagents), By Animal Type (Small Companion Animals, Large Animals), By Application (Orthopedics and Traumatology, Oncology, Cardiology, Neurology), By End-use (Hospitals, Clinics), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, Japan, China, India, Australia, South Korea, Brazil, Mexico, Argentina, Saudi Arabia, South Africa, UAE), Application Potential, Competitive Market Share & Forecast, 2019 - 2025 Veterinary Imaging Market will exceed USD 2 Billion by 2025; as per a new research report.
Increasing adoption of pets will surge the demand for veterinary imaging market. The adoption of pets is rising on an account of positive health benefits observed among pet care owners. These benefits include reduced stress, it helps in lowering blood pressure, and cholesterols levels that enhances pet adoption, thereby, drives veterinary diagnostic imaging industry growth.
Moreover, growing burden of zoonotic diseases upsurges the necessity of diagnosis that is expected to foster veterinary image market growth. Advanced veterinary image systems helps in detection of various critical diseases in small companion and large animals that will propel vet imaging business growth. Availability of wide range of veterinary imaging systems along with technological advancements are aspects that boost veterinary imaging technique business growth. However, high cost of veterinary imaging instruments may hinder industry growth to certain extent.
Veterinary imaging instruments segment accounted for over 54% revenue share in 2018 and will witness robust growth during the analysis time frame owing to increasing prevalence of zoonotic diseases that needs effective diagnostic tool, thus, augments the demand for vet imaging instruments.
Small companion animals segment was valued around 750 million in 2018. The growth is attributed to increasing adoption of small companion animals. As pet owners derive positive health benefits after adoption of pets and increasing their willingness to spend more on their care will boost the segmental growth.
Oncology segment will grow over 7% during the forecast timeframe. Availability of precise diagnostic tools and rising concern for cancer and tumor in small animals are aspects that that will propel demand for veterinary imaging market. Most of the clinical institutions formed partnership with the leading academic institutions to promote innovation in oncology that will provide efficient cancer treatment to conquer forthcoming challenges. Hence, growing research activities and increasing per capita animal healthcare expenditure will boost segmental growth.
Clinics segment held around 570 million in 2018 and is expected to witness robust growth over the analysis time frame owing to increasing number of veterinarians and growing awareness concerning small companion animals diagnosis that is performed in clinical settings. Additionally, increasing demand of pet insurance plans that benefits owners coupled with favorable reimbursement policies will boost the segmental growth.
North America veterinary imaging market will witness more than 6% growth in forecast period. Growing adoption of animals in the region and increasing prevalence of zoonotic disease will surge the demand for veterinary imaging systems. Moreover, veterinary imaging offers wide range of instruments and reagents that enables earlier detection of disease to prevent serious illness and deaths in animals such aspects are expected to foster regional growth.
Some of the notable industry players operational in veterinary imaging market include Agfa-Gevaert, BCF, Canon Medical Systems, Carestream Health, Epica International, Esaote SpA, Fujifilm, GE Healthcare, Hitachi, Idexx Laboratories, Shenzhen Mindray Bio-Medical Electronics, and Siemens. Eminent business players adopt strategies such as new product launches, collaborations and geographic expansions that enable them in sustaining market competition. For instance, in February 2019, Esaote introduced MyLabX8, ultrasound platform to support hospitals as well as clinics. This strategy has enhanced firm’s existing product portfolio.
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