Veterinary Imaging Market Overview:
The global veterinary imaging market, as per the reports of Market Research Future (MRFR), can eye for an impressive CAGR of 6.90% over the review period (2018-2023). The time-span can also witness a surpassing of the predicted market valuation of USD 1800 million by the global veterinary imaging market. Veterinary imaging is the technology that provides a detailed report about diseases that pets or animals have. The global veterinary imaging market is all geared to profit much from advanced technologies that the market titans are launching.
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Factors that can trigger the market growth are cost-effective procedures, rising instances of pets getting covered by insurance policies, increasing disposable income, and surge in the ownership of pets across the world. Intensive animal farming can also impact the veterinary imaging market in the coming years.
Veterinary Imaging Market Segmentation:
MRFR’s report provides a detailed segmental analysis of the veterinary imaging market based on product type, animal type, therapeutic area, and end-users. This segmentation would allow a more thorough look into the market to ensure that all the aspects are covered.
Based on the product type, the veterinary imaging market comprises veterinary imaging reagents, veterinary imaging instruments, and veterinary imaging software. The veterinary imaging instruments segment has an edge over the rest in the current market.
Based on the animal type, the veterinary imaging market can be segmented into large animals, small companion animals, and others. As per the record of 2017, the small companion animals segment fetched in the maximum market share. An increasing number of pet owners across the world is bound to impact the market.
Based on the therapeutics areas, the veterinary imaging market consists neurology, cardiology, oncology, orthopedics & traumatology, and others. The orthopedics & traumatology segment is expected to fetch more than the rest during the forecast period. This could happen as animals are more prone to bone injuries. The segmental growth can also be spurred by rising demand for accurate diagnostic solutions and availability of cutting-edge animal care facilities.
Based on the end-user, the veterinary imaging market includes hospitals & clinics, academic institutes, and others. The hospitals & clinics segment was the largest one as of 2017 and is expected to retain its top position by the end of 2023. Academic institutes are also witnessing a surge for research purposes and can enjoy higher CAGR during the assessment period.
Veterinary Imaging Market Regional Analysis:
Region-specific analysis of the veterinary imaging market would include North America, South America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA). MRFR’s report has a detailed discussion of these regions both volume-wise and value-wise.
As per the reports of 2017, North America and South America, together, fetched the maximum amount of revenue for the global veterinary imaging market. The region maintained such a good record owing to the high rate of pet adoption. In addition, the pet insurance sector has witnessed significant growth in the U.S. and Canada owing to which the market experienced substantial expansion.
Europe’s position as the second largest market is mostly due to the presence of several market leaders in the region. Ownership of pet and availability of pets are some of the strong points to trigger the growth further. Meanwhile, APAC secured its position as the third largest market, and it can be attributed to features such as the presence of large animal population around households, increasing disposal income, rising cases of nuclear families preferring to have pets, and surging investments by the market giants in Asian countries such as China and India.
MRFR includes several companies that would influence the veterinary imaging market in the coming years. They are Hallmarq Veterinary Imaging Ltd, Esaote SpA, Diagnostic Imaging System, Inc, Heska Corporation, General Electric Canon Inc., Merry X-Ray, Medical Imaging / IMCO, Inc, Fujifilm Holding Corporation, Carestream Health, BCF Technology Ltd, and Idexx Laboratories Inc.
In 2019, Sound, a global leader in providing veterinary imaging solutions, teamed up with Canon for their digital radiography detectors and medical SDK. The result is a software, that would provide a seamless, robust, veterinary-specific digital radiography system.
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