Veterinary Imaging Market : Opportunities, Company Analysis And Forecast To 2023
The veterinary imaging market is being driven due to the increasing demand for diagnostic instruments for the proper care of small pets such as cats and dogs. These imaging instruments help in the detection of nasal/sinus diseases by differentiating the neoplasia from rhinitis and hence guiding the biopsy test results. Furthermore, the instruments also have increased sensitivity for detecting skull fractures and brain hemorrhage. In addition, the medical imaging instruments allow the visualization for most types of brain tumors. The use of veterinary imaging instruments also eliminates the use of film, darkroom, film jackets and photo processing supplies which reduces the cost of diagnosis. Moreover, the growing concept of pet animal insurance services in the developed regions such as Europe and North America is driving the market for veterinary imaging instruments.
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However, the imaging instruments not as sensitive compared to MRI in the case of detecting tumors, inflammation and vascular condition. Furthermore, the uses of veterinary imaging instruments involve high initial cost which is restraining the market from growth. In addition, these instruments can only be operated by skilled computer users and also require a computer support personnel for software and hardware related problems.
The ongoing technological innovation in the veterinary imaging is expected to spur growth in the market in future. The MRI technology is expected to be applied with veterinary imaging in order to provide more accurate diagnosis for the small pets. Furthermore, technologies such as laparoscopy and micro-fracture detection techniques are being tested in order to be applied to veterinary imaging market in future.
The market has been segmented by products types and application. By products, the veterinary imaging market has been categorized in to digital radiography systems, ultrasound imaging systems, nuclear imaging scanners, CT scans, video endoscopy systems and MRI systems among others. The veterinary imaging can be applied in several application areas. By application, the market can be segregated into neurology, oncology, cardiology and orthopedics among others.
By geography, the veterinary imaging market can be divided into four regions: North America, Europe, Asia Pacific and Rest of the world. North America and Europe are developed regions and expected to witness robust growth during the forecast period. The growth is attributed to the rising disposable income in these regions which is creating awareness for better pet care. Furthermore, the rising concerns for cancer and tumors in small pets is also aiding to growth of the veterinary imaging market in this region. However, Asia Pacific is untapped market and is expected to become a major market during the future due to the presence of developing countries such as India and China where the concept of having small pets are becoming increasingly popular.
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Some of the major players in this market are Mindray Medical International Ltd., GE Healthcare, Idexx Laboratories, Inc. Diagnostic Imaging Systems, Inc., Esaote Spa, AGFA- Gavaert N.V., Toshiba Corporation, Hallmarq Veterinary Imaging Ltd., VCA Antech, Inc. and Minxray Inc among others.
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