Veterinary Imaging Market worth over $2bn by 2025
Published Date: July 19, 2019 Authors: Sumant Ugalmugle
Veterinary Imaging Market size is set to surpass USD 2 billion by 2025, according to a new research report by Global Market Insights.
Increase in pet adoption and surging demand for pet insurance will boost the veterinary imaging market growth. Pet insurance policies are specially designed for companion animals that covers either entirely or certain part for expensive veterinary procedures. Several insurance companies and organizations invest in introducing improved veterinary insurance plans. Massive demand for these insurance policies coupled with growing demand for veterinary image systems will accelerate the industry growth.
Globally rising pet adoption and increase in spending on veterinary care will render positive impact on the veterinary diagnostic imaging market revenue. Additionally, rising prevalence of zoonotic diseases and increasing disposable income are aspects that further accelerates the market demand. Moreover, several pet owners consider their companion animals as a family member, hence various efforts are undertaken for proper care of their animals. However, high cost associated with veterinary imaging instruments might restrict the industry expansion.
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Veterinary imaging instruments segment value was around 840 million in 2018. Advancements in ultrasound systems and ultrasonography coupled with clear imaging favors the segment revenue. It provides real time monitoring of numerous organs without interpreting daily activities of animals that further enhances the segment growth.
Browse key industry insights spread across 170 pages with 245 market data tables & 9 figures & charts from the report, “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” in detail along with the table of contents:
Small companion animals segment dominated over 48% market share in 2018 due to rising incidence of animal diseases and surging cases of accidental injuries and traumatology. Moreover, increasing adoption of small companion animals including dogs and cats along with rising spending on animal healthcare will propel the segment demand.
Neurology segment accounted for more than USD 170 million in 2018 as advanced imaging techniques such as ultrasonography, computed tomography and magnetic resonance imaging are extensively used for detecting neurological diseases.
North America veterinary imaging market size crossed USD 660 million in 2018. Rising prevalence of animal disorders as well as increasing healthcare spending for effective animal management should foster the regional market revenue. Additionally, rising cases of internal injuries will propel the demand for the market.
Clinics segment held over 36% revenue share in 2018 and will witness lucrative CAGR through 2025. Benefits offered such as early detection of disease, affordable and quality treatment, preventive healthcare, and corrective health treatments will impel the segment growth.
Notable players operational in the veterinary imaging market include Canon Medical Systems, BCF, Agfa-Gevaert, Epica International, Carestream Health, Fujifilm, Esaote SpA, GE Healthcare, Idexx Laboratories, Hitachi, Siemens, and Shenzhen Mindray Bio-Medical Electronics. Various initiatives undertaken by business players such as collaborations and partnerships to sustain in the industry will prove beneficial for the market growth.