2018-2023 Trend Analysis of Veterinary Imaging Market Size, Demand-Sales and Technology

Market Research Future (MRFR)’s latest study finds that the global veterinary imaging market is set to expand on a high-growth trajectory over the next five years. The market is expected to exhibit an impressive CAGR of 6.90% during the assessment period (2018-2023). Increasing incidence of zoonotic diseases, rising expenditure on pet insurance and technological advancements in veterinary imaging are some of the major factors driving the market growth. However, high procedure cost continues to limit opportunities in markets with higher number of price-sensitive customers.

Over the years, demand for medical diagnostics and imaging for animals has increased significantly. This can be attributed to the increased level of awareness about importance of good health of animal companions among owners. Greater emphases on keeping both farm animals and companion animals in better health condition is reflecting favourably on the global veterinary.

Global Market for Veterinary Imaging – Competitive Dashboard

Esaote SpA, Diagnostic Imaging System, Inc, Hallmarq Veterinary Imaging Ltd, General Electric Canon Inc., Heska Corporation, BCF Technology Ltd, Medical Imaging / IMCO, Inc, Merry X-Ray, Carestream Health, Fujifilm Holding Corporation, and Idexx Laboratories Inc are some of top companies operating in the global veterinary imaging market.

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Global Market for Veterinary Imaging – Segmental Analysis

MRFR’s report offers a detailed segmental analysis of the market based on product type, by animal type, by therapeutic area, by end users, and by region. By product type, the market is segmented into veterinary imaging instruments, veterinary imaging reagents, and veterinary imaging software. The veterinary imaging instruments segment currently holds the maximum share of the global veterinary imaging market. Conventional imaging systems such as X-ray, CT, ultrasound (US), and MRI are mainly used to evaluate the anatomy but are unable to diagnose any change at the molecular level. However, with the increased focus towards innovations in the field of veterinary medicine, several new biological imaging reagents have surfaced of late.

 On the basis of animal type, the market is segmented into small companion animals, large animals, and others. In 2017, the small companion animals segment accounted for the highest market share. Rising trend of pet ownership, greater awareness about pet care and increased expenditure on pet health are some of the factors linked with the segment’s growth. By therapeutics areas, the market is segmented into orthopedics & traumatology, cardiology, neurology, oncology and others. The orthopedics & traumatology segment is expected to remain highly attractive during the assessment period.  Bone injuries are more common among animals, which characterises the prominence of the orthopedics & traumatology segment. In addition, growing demand for accurate diagnostic solutions and availability of cutting-edge animal care facilities is also driving the segment’s growth.

On the basis of the end-user, the market is segmented into hospitals & clinics, academic institutes, and others. The hospitals & clinics segment held the largest segment of the market in 2017 and is likely to retain its top position over 2023. At the same time, use of veterinary imaging in academic institutes is also growing at a rapid pace. The academic institutes segment is slated to witness a relatively higher CAGR during the assessment period.

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Global Veterinary Imaging - Regional Outlook

Based on region, the market has been segmented into North America, South America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA). In 2017, North America and South America collectively accounted for the largest share in the global veterinary imaging market. In light of the high pet adoption in these two region, market players continue to find significant growth opportunities in Americas.
Moreover, the pet insurance sector has witness a considerable uptick in recent years, particularly in countries such as America and Canada. Europe holds the second spot in the global market for veterinary imaging on account of factors such as the strong presence of leading market players, availability of advanced technology and increasing ownership of companion animal. Meanwhile, APAC accounts for the third largest market owing to the presence of large animal population, increasing disposal income, increasing nuclear families preferring to have pets, and increased investments by the American and European market giants in Asian countries such as China and India.

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