Market Insights on Growth of Veterinary MRI Systems Market During 2016 - 2023

Veterinary MRI Systems Market: Overview

Over the years veterinary care has witnessed tremendous paradigm shift especially with respect to diagnostic imaging. Magnetic resonance imaging is a sophisticated 3D imaging technique which has been a widely used clinical diagnostic tool in last 2 decades. MRI measures and record changes in the magnetic property of the protons present in the cellular water. Unlike x-rays, MRI does not require the use of ionizing radiation. For imaging, MRI device uses radio waves and magnetic field such as pulsed electromagnetic fields in order to excite the protons in the region of interest.

Until recently, MRI had limited applications in veterinary medicine primarily due to cost associated with the initial set up and high operational expenses. In developed regions such as the United States and Europe 7 Tesla and 11 Tesla MRI are among the widely used imaging technique. In veterinary MRI is now seen as a gold standard technique for brain and spinal examination such as spinal disk herniation, trauma of the brain and spine, brain tumors, strokes, and brain malformations.

Additionally, MRI is also seen as a powerful technique for examining tendons and ligament related ailments. In case of chronic wounds and draining tracts MRI imaging helps identifying foreign bodies within the wound which has effectively contributed in increasing the application areas.

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Veterinary MRI Systems Market: Trends

In research and development i.e. preclinical imaging the advent of 15.2 Tesla and 21.0 Tesla has drastically revolutionized the micro-MRI market in past few years. Micro-MRI devices are also capable of efficiently rendering information regarding tissue composition, perfusion, oxygenation, tissue elasticity and metabolic activities in a single acquisition. Pertaining to its safety and ease of use, micro-MRI procedure accounts for approximately 23% - 28% of all small animal procedures. Technological advancements pertaining to magnetic field and radiation free imaging are among the key drivers for the growth of veterinary MRI market across the globe. The advent of open MRI systems has also contributed to the growth and demand for MRI devices in veterinary. The only restraint to the growth of the market includes the high cost of the device. In emerging markets, increasing awareness about animal health and rising adoption of imaging modalities are latent growth opportunity for the market in forthcoming years.

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Veterinary MRI Systems Market: Region-wise Outlook

Geographically in terms of revenue, developed regions such as the North America and Europe are major contributors owing to increased adoption rate for veterinary MRI devices. Moreover, large number of ongoing pre-clinical researches has also boosted the market in past few years. Despite a high adoption rate the market share of developed regions is expected to decline primarily due to increasing demand for veterinary MRI devices in Asia Pacific and Latin America region.

The majority of the growth in the Asia-Pacific region is primarily driven by the increasing demand of diagnostic tests in the animal health industry in China and India. The growth in the Asia-Pacific and Latin American regions can be attributed to the increased disposable incomes leading to growth in the per capita animal health expenditure in these regions. However demand for pre-owned MRI devices a key restraint affecting the sales of devices in Middle East and Asia Pacific countries.

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Veterinary MRI Systems Market: Key Players

Some of the prominent players operating in the global veterinary MRI market include Hallmarq Veterinary Imaging Ltd., Esaote SpA, Imotek International Ltd., Universal Medical Systems, Inc., Bruker Corporation, Agilent Technologies, Mediso Ltd., MR solutions, Burgess Diagnostics Ltd, and others.

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