Veterinary Diagnostic Imaging Devices Market Assessment

The report presents a global analysis of veterinary diagnostic imaging devices market in terms of modalities, animal segment, end-users and geography. The veterinary diagnostic imaging devices market is young and budding to grow. The technology in itself has been present since decades and used for monitoring human health, however low emphasis on the veterinary field and low returns has kept it from developing into a fully-fledged application for animal care. Increasing pet populations (currently 75 million U.S. homes own pets), along with a burgeoning pet insurance industry, and the consistent growth of the overall animal-related care industry, the veterinary market is all set to grow steadily. The global veterinary diagnostic imaging devices market was valued at US$ 1,037.0 million in 2014 and expected to grow to US$ 1,409.5 million by 2019 at a CAGR of 6.3% from 2015 to 2019.

This report covers the market analysis for five different imaging modalities that comprise the complete veterinary diagnostic imaging market. These include veterinary ultrasound, magnetic resonance imaging, computed tomography, X-ray and endoscopy. It also presents the current market and forecast of veterinary diagnostic imaging equipment purchased by different end-users such as veterinary hospitals, veterinary clinics and emergency/point-of-care veterinary services. Finally, The geographical analysis of the veterinary diagnostic imaging devices is segregated into six regions of North America, Europe, Asia-Pacific, Latin America, Middle-East and Africa.

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Conventionally the concept of pets and companion animals among people in emerging countries were associated only with appropriate feeding and did not extend to intensive care of health, appetite and regular diagnostics. However, in recent times this has changed and people are now adopting pure breeds that showcase several medical problems. The growing per capita income and increasing awareness of pets is expected to pave the way for a considerable veterinary market in coming years. Meat and dairy consumption are projected to rise substantially over the next twenty years. By the middle of the 21st century global meat consumption is expected to be three-quarters higher than it was just 10 years ago, and dairy consumption is expected to rise by two-thirds over the same period. Meat and dairy animals that are a part of farm and livestock require considerable amount of diagnostics to prevent low quality meat and dairy production. This has in turn increased the usage of portable and on-field medical imaging modalities such as ultrasound and x-ray. The expected rise of demand for meat and dairy products is an important sign of anticipating demand for veterinary diagnostic imaging devices in the near future.

Miniaturized ultrasound and X-ray devices are observed to be in great demand by veterinary clinics, hospitals and visiting veterinary practitioners across the world. Introduction of specialized emergency services for companion animals is expected to drive the market for diagnostic imaging in veterinary sector in coming years. In North America and Europe, there has been an increase of over 5,000 new pet emergency services in the past decade. All services require vehicles equipped with diagnostic imaging modalities such as ultrasound and X-ray. There are approximately 30,000 veterinary clinics and hospitals in North America. This represents a significant target market for all imaging modalities.

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Greater awareness and care for animal health has ensured the leadership of North America in the global market. Emerging regions are expected to show a strong growth for more affordable modalities of imaging such as ultrasound and X-ray accompanied by growing per capita income and purchase power. North America led the market with a share of 34.3% in 2014, which is expected to get eroded as emerging economies such as Brazil, India, China, Middle-East and parts of South-East Asia increase their stakes in the market. The emerging economies have observed a healthy growth in the veterinary care sector and it is expected that Asia-Pacific region which currently accounts for a share of 19.0% will grow with the fastest CAGR of 6.8% till 2019.

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