Veterinary Imaging Market Size By Product (Veterinary Imaging Instruments [Radiography (X-ray) Systems, Ultrasound Systems, Computed Tomography Systems, Magnetic Resonance Imaging Systems, Video Endoscopy Imaging Systems, Nuclear Imaging Scanners] Veterinary Software, Veterinary Imaging Reagents [Ultrasound Contrast Reagents, MRI Contrast Reagents, X-Ray/CT Contrast Reagents, Nuclear Imaging Reagents), By Animal Type (Small Companion Animals, Large Animals), By Application (Orthopedics and Traumatology, Oncology, Cardiology, Neurology), By End-use (Hospitals, Clinics), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025

Industry Trends

Veterinary Imaging Market size was valued at USD 1.6 billion in 2018 and is expected to witness 6.9% CAGR from 2019 to 2025.
 

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Growing demand for magnetic resonance imaging (MRI) for the diagnosis of various animal health conditions is one of the factor driving veterinary imaging market during the forecast period. Magnetic resonance imaging is used to investigate the physiological and anatomical function of the animal body tissues. It is extensively used in small animal practices for disease diagnosis and staging of the diseases and follow up of diseases without the risk of exposure to ionizing radiation. Above mentioned factors enhance the veterinary image business growth.
 

Technological advancements in vet imaging will serve to be positive impact rendering factor. Focus of business players on expansion and development of technologically advanced and innovative veterinary imaging systems will foster business growth. However, high cost of veterinary imaging instruments may impede veterinary image business growth over the forecast period.
 

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Veterinary Imaging Market, By Product

Veterinary imaging instruments segment is projected to witness more than 6.5% growth over the analysis timeframe. Advancements in radiography coupled with usage of x-rays to evaluate cardiovascular, muscular-skeletal structures, gastrointestinal and reproductive systems augments the segmental growth. It offers various benefits including immediate observation of radiographic images and improved image quality that will foster segmental growth opportunities.
 

Veterinary software segment held around 12% revenue share in 2018 and is anticipated to grow significantly by 2025. This software creates histogram and identifies gray scale for each pixel that should boost the segmental growth. Digital imaging software have the property of enhancing the image contrast depending on image type such advantages should upsurge the veterinary imaging market share.
 

Analysis By Animal Type

Small companion animals segment accounted for more than USD 750 million in 2018 and is estimated to show comparable growth trend during the forecast period. Growing demand for small animal radiography with the appearance of digital radiography in veterinary medicine will surge the segmental business growth.
 

Large animals segment held substantial revenue share in 2018 and is assessed to witness over 6.6% CAGR over the forthcoming years. Segment growth is attributable to rising investments in R&D activities resulting in introduction to innovative products and upgradation of existing veterinary imaging products.
 

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Market Analysis By Application

Cardiology segment held more than 15% revenue share in 2018 and will exhibit lucrative growth during the analysis period. The rising prevalence of cardiology diseases in animals should foster the segmental growth. Presence of various societies for maintaining animal health and spreading awareness regarding animal diseases will prove beneficial for the business growth.
 

Orthopedics and traumatology segment was valued over USD 550 million in 2018 due to increasing orthopedic injuries in racing horses. Additionally, growing prevalence of arthritis and lameness disease in animals are factors that should boost veterinary imaging business growth.
 

Veterinary Imaging Market, By End-use

Hospitals segment held around 45% revenue share in 2018 and will exhibit momentous growth during the forthcoming years. Rising incidence of various animal diseases coupled with increasing demand for animal diagnosis in hospital settings will drive the veterinary imaging industry growth.
 

Clinics segment is anticipated to witness around 7% CAGR over the forthcoming years. Clinics offer quality treatment at inexpensive prices that will fuel the segment growth. Moreover, availability of technologically advanced devices at clinics that are helpful to diagnose numerous diseases will enhance the business growth.
 

Veterinary Imaging Market, By Region

North America veterinary imaging market is estimated to witness more than 6.5% CAGR over the analysis timeline. The regional growth is attributed to rising adoption of advanced veterinary imaging systems. Additionally, increasing healthcare expenditure on companion animals coupled with strong foothold of notable players in North America will further boost veterinary imaging technique business growth.
 

Asia Pacific veterinary diagnostic imaging industry was valued around USD 340 million revenue in 2018. Increasing awareness regarding advanced and innovative veterinary imaging systems will spur the regional growth. Moreover, increasing pet adoption at a rapid rate in India and China should foster the business growth.
 

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Competitive Market Share

Some of the notable business players operating in veterinary imaging market share include Agfa-Gevaert, BCF, Canon Medical Systems, Carestream Health, Epica International, Esaote SpA, Fujifilm, GE Healthcare, Hitachi, Idexx Laboratories, Shenzhen Mindray Bio-Medical Electronics, and Siemens. The business players implement numerous strategies including acquisitions, partnerships and innovative product launches to capitalize on market opportunities.
 

• In February 2019, Esaote introduced MyLabX8, the versatile and high-performance ultrasound platform to support clinics as well as hospitals. This strategy has further expanded the renewed MyLab Ultrasound product line and has enhanced company’s existing product portfolio.
   
• In 2015 Epica International, Inc., launched Vimago, that is an advanced veterinary imaging device. It is an entirely new class of veterinary CT scanners that has been engineered specifically for the veterinary market.
   

Industry Background

In 1887, the National Veterinary Association decided the profession to be represented by a weekly scientific journal known as The Veterinary Record. The veterinary industry is growing at a significant rate on a global level. Several factors including for the growth of veterinary imaging is pet population, rise in trend of pet humanization coupled with high demand for veterinary diagnosis to detect various health conditions. Veterinary imaging provides quick and easy access to the animal health with several applications in radiography systems, ultrasound systems, computed tomography systems, magnetic resonance imaging systems and video endoscopy imaging systems. All the above-mentioned applications render a positive impact on business growth. From past few years, the sales of veterinary imaging has increased coupled with technological implementations and several other benefits enhance the business demand. Moreover, scientific advancements in veterinary medication has resulted in rise in demand for veterinary imaging. Thus, increasing demand for these devices will drive industry growth during the forthcoming years.