the Veterinary Imaging Market by Product Type (Instruments, Reagents, and Others), Animal Type (Companion Animals, Large Animals, and Other Animals), Application (Orthopedics & Traumatology, Oncology, Cardiology, Neurology, and Other Applications), and End User (Clinics & Hospitals, Reference Labs, and Other End Users): Global Opportunity Analysis and Industry Forecast, 2019โ2026. According to the report, the global veterinary imaging industry garnered $1.62 billion in 2018and is projected to reach $2.65 billion by 2026registration a CAGR of 6.3% from 2019 to 2026.
The Veterinary Imaging Market involves the use of diagnostic imaging modalities such as X-rays, ultrasound, MRI, CT scans, and others to diagnose and treat diseases in animals. The market is driven by increasing pet ownership and healthcare spending, rising demand for pet insurance, and growing awareness about animal health among pet owners. The market is segmented by product type, animal type, end user, and geography.
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Prime determinants of growth
Technological advancements in imaging systems, surge in pet ownership across the world, and increase in spending on animal health drive the growth of the global veterinary imaging market. However, the lack of veterinary infrastructure facilities in underdeveloped countries hinders market growth. On the other hand, untapped potential in emerging economies creates new opportunities in the market.
The instrument segment to maintain its dominant position during the forecast period
Based on product, the instrument segment held nearly two-thirds of the total market share of the global veterinary imaging market in 2018, and is estimated to maintain its dominant position during the forecast period. Moreover, this segment is estimated to witness the fastest CAGR of 7.0% from 2019 to 2026. This is attributed to technological advanced instruments, rise in animal healthcare spending in developing nations, surge in adoption of imaging systems, and ease in accessibility. On the other hand, the research also analyzes the segments including reagents and others.
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The companion animal segment to dominate throughout the forecast period
Based on animal type, the companion animals segment contributed to the largest market share in the global veterinary imaging market, accounting for nearly two-thirds of the total share in 2018, and is expected to continue to dominate throughout the forecast period. This is attributed to an increase in the adoption of companion animals, an increase in the number of pet insurance purchases, and a considerable increase in the number of veterinary clinics and physicians. However, the large animals segment is expected to maintain the fastest CAGR of 7.1% from 2019 to 2026. This is due to an increase in the number of large animal veterinarians, a surge in adoption of cattle, and an increase in large animal health awareness and expenditure on their welfare.
North America to maintain its lion’s share during the forecast period
Based on region, North America held the largest market share, accounting for nearly half of the global veterinary imaging market in 2019, and will maintain its lion’s share during the forecast period. This is attributed to the presence of advanced veterinary imaging facilities and skilled veterinary professionals, the availability of veterinary hospitals, and the rise in demand for advanced imaging systems. However, Asia-Pacific is expected to witness the largest CAGR of 8.1% from 2019 to 2026, owing to development in veterinary facilities, improvement in animal health awareness, and increase in the number of veterinary clinics & hospitals equipped with advanced medical facilities
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Veterinary Imaging Market Key Players:
- Agfa-Gevaert NV
- Esaote SpA
- Fujifilm holdings corp. (Sonosite, Inc.)
- General Electric (GE Healthcare)
- IMV Technologies group (IMV imaging)
- IDEXX Laboratories, Inc.
- Mindray Medical International Ltd.
- MinXray, Inc.
- Siemens AG
- Toshiba Corporation (Canon Medical Systems Corporation)
Key Benefits of the Report:
- The study provides an in-depth analysis of the veterinary imaging market size along with the current veterinary imaging market trends and future estimations to elucidate the imminent investment pockets.
- It offers veterinary imaging market analysis from 2018 to 2026, which is expected to enable stakeholders to capitalize on the prevailing opportunities in the market.
- A comprehensive analysis of all the geographical regions is provided to determine the prevailing opportunities.
- The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook and global veterinary imaging market growth.
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