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Veterinary Imaging Market size exceeded USD 1.6 billion in 2018 and is poised to grow at over 6.9% CAGR between 2019 and 2025.
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Growing demand for magnetic resonance imaging (MRI) for the diagnosis of various animal health conditions will drive the market revenue.
Report Coverage | Details |
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Base Year: | 2018 |
Market Size in 2018: | 1.6 Billion (USD) |
Forecast Period: | 2019 to 2025 |
Forecast Period 2019 to 2025 CAGR: | 6.9% |
2025 Value Projection: | 2 Billion (USD) |
Historical Data for: | 2014 to 2018 |
No. of Pages: | 170 |
Tables, Charts & Figures: | 254 |
Segments covered: | Product, Animal Type, Application, End-use and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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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 the market value. However, high cost of veterinary imaging instruments may impede the market growth.
Veterinary imaging instruments segment is projected to witness more than 6.5% growth through 2025. Advancements in radiography coupled with usage of x-rays to evaluate cardiovascular, muscular-skeletal structures, gastrointestinal and reproductive systems will augment the segment growth. It offers various benefits including immediate observation of radiographic images and improved image quality.
Veterinary software segment held around 12% market share in 2018. This software creates histogram and identifies gray scale for each pixel. Digital imaging software have the property of enhancing the image contrast depending on image type such advantages should upsurge the market revenue share.
Cardiology segment accounted for more than 15% veterinary imaging market share in 2018 due to rising prevalence of cardiology diseases in animals. Presence of various societies for maintaining animal health and spreading awareness regarding animal diseases will prove beneficial for the market growth.
Orthopedics and traumatology segment size was around USD 550 million in 2018 on account of increasing orthopedic injuries in racing horses. Additionally, growing prevalence of arthritis and lameness disease in animals are factors that should boost the market demand.
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Small companion animals segment valued at USD 750 million in 2018 owing to growing demand for small animal radiography with the appearance of digital radiography in veterinary medicine.
Large animals segment is predicted to expand at a CAGR of 6.6% during the forecast period. Segment growth is attributed to rising investments in R&D activities resulting in introduction to innovative products and upgradation of existing veterinary imaging products.
Hospitals segment dominated around 45% revenue share in 2018. Rising incidence of various animal diseases coupled with increasing demand for animal diagnosis in hospital settings will impel the industry growth.
Clinics segment is anticipated to register 7% growth rate till 2025. 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 market revenue.
North America veterinary imaging market size is estimated to observe more than 6.5% CAGR during 2019-2025. The regional growth is credited to rising adoption of advanced veterinary imaging systems. Moreover, increasing healthcare expenditure on companion animals coupled with strong foothold of notable players in North America will further boost the market expansion.
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Asia Pacific industry revenue was around USD 340 million in 2018. Increasing awareness regarding advanced and innovative veterinary imaging systems will spur the regional market demand. Moreover, increasing pet adoption at a rapid rate in India and China should foster the market value.
Some of the notable players operating in the market 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.
Market, By Product, 2014-2025 (USD Million)
Market, By Animal Type, 2014-2025 (USD Million)
Market, By Application, 2014-2025 (USD Million)
Market, By End-use, 2014-2025 (USD Million)
The above information is provided for the following regions and countries: