Veterinary Imaging Market : Industry Analysis, Future Growth, Business Prospects and Global Forecast to 2025
Veterinary imaging is an established subject discipline in the field of veterinary diagnostics and treatment. The market for veterinary imaging has continued to grow at a momentous pace and has gained a larger scope of applicability owing to the significant development in the fields of imaging modalities and technologies in the recent past.
The market continued to witness the introduction of several innovations, leading to the easy availability of devices that are less invasive, fast, and provide a more accurate diagnosis of diseases affecting animals, thus improving the treatment outcomes for animal patients. In the next few years, as imaging technologies become more accessible and affordable to veterinarians, the rate of integration of these tools in practice will become more routine.
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Global Veterinary Imaging Market - Drivers and Restraints
The global market for veterinary imaging is expected to exhibit a promising pace of growth in the next few years. Chief factors expected to stir demand for new and technologically advanced veterinary imaging technologies across the globe include rising disposable incomes at the hands of population in developing and developed economies, the rising trend of animal care, and the rapid pace of technological development in the field of radiology. The rising numbers of veterinary specialists across the globe are also providing momentum to the overall usage of veterinary imaging technologies for the effective diagnosis and treatment of animal patients.
However, the high costs of most advanced imaging technologies deter pet owners in developing and less developed economies to a significant extent, compelling them to stick to conventional diagnostics and treatment mechanisms. The cost factor could emerge as a major restraint for the global veterinary imaging market, barring it from the immense opportunity in regions such as Asia Pacific and Latin America where the number of pets are significantly rising.
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Global Veterinary Imaging Market - Market Potential
Less invasive and remote imaging devices are gaining large scale adoption in the veterinary segment. A number of companies are introducing veterinary imaging devices that can be used in mobile settings. An instance is the Vimago by Epica Medical Innovations, a California-based manufacturer of innovative imaging and regerative therapy devices for human as well as animal patients. Vimago is a computed tomography (CT) imaging technology that uses nearly 60-90% less radiation as compared to conventional CT scanners, making the device easily suitable for mobile settings.
The device recently came into wider attention when its use for performing a scan on a marmoset was telecast on a Nat Geo Wild show, Dr. K’s Exotic Animal ER. The provider, Miami based mobile veterinary imaging company Mobile Pet Imaging, transported the high-definition, mobile CT scanner, Vimago, to a clean, safe, and tranquil place in a custom-built truck designed specifically to safely transport high-tech instruments.
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Global Veterinary Imaging Market - Geographical Dynamics
The report covers the market for veterinary imaging across regions such as North America, Europe, Latin America, Asia Pacific, and Middle East and Africa. Of these, the markets across North America and Europe are presently the leading contributors of revenue to the global market. These regions are also the leading contributors to the technological development of the market, thanks to the presence of a number of leading medical imaging companies.
The large number of pets, high disposable incomes, high expenditure on pet care, easy availability of technologically advanced imaging devices, and a large pool of veterinary practitioners are the key factors driving the North America and Europe market for veterinary imaging. These factors will continue to drive the demand for a variety of veterinary imaging technologies in these regions in the next few years as well, allowing them to retain their top spots in the global market over the forecast period.
Global Veterinary Imaging Market - Competitive Landscape
The vendor landscape of the global veterinary imaging market features a large number of vendors having well-established operations in the area of medical imaging. Some of the leading companies in the market are Agfa- Gevaert N.V., IDEXX Laboratories, Inc., Siemens AG, Canon Inc., Excelsior Union Limited, Onex Corporation, Hitachi, Ltd, Hallmarq Veterinary Imaging Ltd., GE Healthcare, Fujifilm Holdings Corporation, and BCF Technology, Ltd.
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