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
Published Date: Jul 2019 | Report ID: GMI4067 | Authors: Sumant Ugalmugle
Industry Trends
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 | ||
|---|---|---|---|
| Base Year: | 2018 | Historical Data for: | 2014 to 2018 |
| Market Size in 2018: | 1.6 Billion (USD) | Forecast Period: | 2019 to 2025 |
| Forecast Period 2019 to 2025 CAGR: | 6.9% | No. of Pages: | 170 |
| 2025 Value Projection: | 2 Billion (USD) | Tables, Charts & Figures: | 254 |
| Geographies covered (19): | U.S., Canada, Germany, UK, France, Spain, Italy, Russia, Japan, China, India, Australia, South Korea, Brazil, Mexico, Argentina, Saudi Arabia, South Africa, UAE | ||
| 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.
Market, By Product
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.
Market, By Application
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.
Market, By Animal Type
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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.
Market, By End-use
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.
Market, By Region
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.
Competitive Market Share
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.
The veterinary imaging market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2014 to 2025, for the following segments:
Market, By Product, 2014-2025 (USD Million)
- Veterinary Imaging Instruments
- Radiography (X-ray) Systems
- Ultrasound Systems
- Computed Tomography Systems
- Magnetic Resonance Imaging Systems
- Video Endoscopy Imaging Systems
- Nuclear Imaging Scanners
- Other Imaging Systems
- Veterinary Software
- Veterinary Imaging Reagents
- Ultrasound Contrast Reagents
- MRI Contrast Reagents
- X-Ray/CT Contrast Reagents
- Nuclear Imaging Reagents
Market, By Animal Type, 2014-2025 (USD Million)
- Small Companion Animals
- Large Animals
- Other Animals
Market, By Application, 2014-2025 (USD Million)
- Orthopedics and Traumatology
- Oncology
- Cardiology
- Neurology
- Others
Market, By End-use, 2014-2025 (USD Million)
- Hospitals
- Clinics
- Others
The above information is provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Russia
- Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East Asia & Africa
- Saudi Arabia
- South Africa
- UAE
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