Veterinary Imaging Equipment Market Driven by Growing Environmental Awareness among Consumers

Increment sought after for veterinary diagnostics is required to fuel the interest as these gadgets are essentially utilized for ailments determination. The market for Veterinary Imaging Equipment Market is estimated to expand by exhibiting a CAGR of 7.14% during the forecast period and is estimated to reach value of USD 2,167.78 million by 2025.

Developing use on animals wellbeing and pet protection are required to add to expanding request. Moreover, developing partner animals fragment because of high selection of pets and increment in number of vet professionals around the globe are required to push the interest for these frameworks over the next years. Increment in rate of zoonotic sicknesses requests exact and compelling indicative devices, which is estimated to fuel the business growth in coming years. Interest for powerful solution for improve domesticated animals profitability in creating economies is relied upon to drive the selection in coming years 

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Upsurge in populace of domesticated animals, appeal for dairy and meat items, ascend in reception of pets, and increment in mindfulness among pet proprietors for better treatment alternatives for their pets are a portion of the elements foreseen to add to development of the veterinary imaging market over the conjecture time frame. Veterinary indicative imaging comprises of a non-intrusive technique for getting pictures of the animal’s body with the end goal of restorative diagnostics. The animals considered for imaging are little friend animals, enormous animals, and zoo animals, and others. 

The market is driven by expanding consumption on animal wellbeing alongside rising interest for pet protection alongside developing pet market. Besides, specialized improvements identified with veterinary imaging instruments are required to offer inexhaustible development openings in the market. Absence of skilled veterinarians is a key market challenge looked by key market players.

Segmentation Analysis

The global veterinary imaging market is segmented by product type, animal type, therapeutic area, and end-user.

By product type, it is segmented into instruments, veterinary software, and veterinary imaging reagents. The veterinary imaging instruments segment is touted to accrue close to USD 1,206.46 million by 2025. This can be attributed to the efficacy and accuracy for the diagnosis of diseases. On the other hand, veterinary software can exhibit the fastest growth rate during the forecast period due to its use in efficient animal health management.

By animal type, it is segmented into small companion animals and large animals. Small companion animals can lead the market till 2025 due to rising adoption of pets and awareness of pet health.

By therapeutic area, it is segmented into oncology, neurology, cardiology, and orthopedics and traumatology. Orthopedics and traumatology can account for the lion’s share in the market due to high prevalence of bone injuries, arthritis, and other diseases. On the other hand, cardiology can also account for a significant market share in the coming years.

By end-user, it is segmented into academic institutes and hospitals & clinics. Hospitals & clinics can be the biggest end-user for the veterinary imaging market due to large use of imaging techniques as well as preference of pet owners for the first line of diagnosis

Regional Analysis:

By region, the global veterinary imaging market has been segmented into Americas, Europe, Asia Pacific, and, Middle East & Africa. The Americas market accounts for the most substantial share of the market revenue and is expected to continue exercising its dominance over the assessment period. The Americas market is further sub-segmented into North America and South America with North America leading the growth in the region. According to the American Pet Products Association 2015-2016 (APPA), 85.8 million cats and 78 million dogs were owned in the U.S. alone. The growth in Americas can be attributed to the evolution in the pet healthcare sector. The key driver of the market in this region is the pet insurance and reimbursement policy which has fueled the growth of the veterinary imaging market.

Europe market has been witnessing a gradual increase in the rate of pet adoption which has fueled the demand for veterinary imaging market in the region and is expected to grow persistently over the next couple of years. The Europe market is likely to thrive throughout the projection period with major contributions coming from developed economies such as Germany, France, and, the U.K. Asia Pacific is projected to be one of the largest markets by 2023 with the highest CAGR across the projection period. With the rising pet ownership in the region, the expenditure on pet healthcare is also on a rise which has affirmed the growth of the market over the assessment period. The countries such as India, China, and, Japan will be the primary hub of revenue generation in Asia Pacific market.

Competitive Landscape:

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

List Of Tables

TABLE 1 MARKET SYNOPSIS 17

TABLE 2 LIST OF ASSUMPTIONS 19

TABLE 3 GLOBAL VETERINARY IMAGING MARKET BY PRODUCT TYPE, 2020-2027 (USD MILLION) 35

TABLE 4 GLOBAL VETERINARY IMAGING INSTRUMENTS MARKET BY REGION, 2020-2027 (USD MILLION) 36

TABLE 5 GLOBAL VETERINARY IMAGING INSTRUMENTS MARKET BY TYPE, 2020-2027 (USD MILLION) 36

TABLE 6 GLOBAL VETERINARY IMAGING INSTRUMENTS MARKET FOR MAGNETIC RESONANCE IMAGING SYSTEMS, BY TYPE, 2020-2027

(USD MILLION) 36

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