Veterinary Imaging Market - Global Industry Analysis

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Veterinary imaging is the non-invasive method to obtain images of the animal body parts for the purpose of medical diagnostics. Due to the arrival of high-quality dedicated imaging solutions which meet the needs of animal care is characterizing the rising interest of healthcare technology companies. Rising incidences of foodborne disorders and zoonotic diseases and the need of mitigating these diseases are likely to render an exponential growth in the veterinary imaging market. The reputable animal healthcare companies are also taking efforts in developing veterinary imaging systems which are cost-effective and efficient. A combination of factors such as increased pet care expenditure by owners, especially in advanced countries and intensive animal farming are also making a positive impact on the global veterinary imaging market.

Rising demand for diagnostic instruments for the proper care of small animals like dogs and cats is likely to drive market growth for veterinary imaging market. Increasing animal healthcare expenditure and rising demand for pet insurance along with emerging companion animals market is also likely to further boost market growth. Technical advancements allied to veterinary imaging instruments are offering growth opportunities for companies to invest in the market. However, the high cost associated with these advanced instruments and lack of skilled veterinarians is a major challenge which is likely to restrain the market growth.

The market for veterinary imaging is segmented based on the product type, application type, by animal type, and by the end user. Based on product type, the market is segmented into instruments, reagents, and veterinary software. The instruments segment is further divided into ultrasound imaging systems, radiography (X-ray) systems, computed tomography imaging systems, magnetic resonance imaging systems, video endoscopy imaging systems, and other imaging systems. Whereas, the reagent market is further segmented into MRI contrast reagents, X-ray/CT contrast reagents, and ultrasound contrast reagents. Based on applications, the market is segmented into cardiology, orthopedics and traumatology, oncology, and other therapeutic areas. Based on the animal type, the market is categorized into large animals, small companion animals, and other animals. The end user segment is divided into vet clinics/hospitals, reference labs, and others.

North America and Europe held the largest share of the market for the veterinary imaging market in the forecast period. The growth in these two regions is mainly attributed to the rising disposable income which is creating awareness for better pet care. Moreover, the rising concerns related to tumors and cancer in small animals is further aiding the growth of veterinary imaging market in these regions. Additionally, around 80 million dogs and 85 million cats are owned alone in the U.S. and this number is likely to increase in the forecast period. In addition, the availability of cost-effective diagnostic solutions and readiness to pay for pet health is further contributing to the dominance of the market in this region. However, Asia Pacific is an untapped market and is anticipated to become a major market in the future owing to the presence of developing countries like China and India wherein the concept of having small pets is becoming increasingly popular.

Some of the leading players in the veterinary imaging market include Excelsior Union Limited, Hallmarq Veterinary Imaging Ltd., Siemens AG, Onex Corporation, Canon, Inc., GE Healthcare, Agfa- Gevaert N.V., BCF Technology, Ltd., Diagnostic Imaging Systems, Inc., and IDEXX Laboratories, Inc.