Global Veterinary Imaging Market Set For Rapid Growth, To Reach Value Around USD 2.40 Billion By 2024

24-Aug-2018 | Zion Market Research

Zion Market Research has published a new report titled “Veterinary Imaging Market by Product (Instruments [Radiography (X-Ray) Systems, Ultrasound Imaging Systems, Computed Tomography Imaging Systems, Video Endoscopy Imaging Systems, Magnetic Resonance Imaging Systems, Other Imaging Systems], Reagents, and Veterinary Softwares), by Application (Orthopedics and Traumatology, Oncology, Cardiology, Neurology, and Other Therapeutic Areas), by Animal Type (Small Companion Animals, Large Animals, and Other Animals), and by End User (Vet Clinics/Hospitals, Reference Labs, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024”. According to the report, global veterinary imaging market was valued at approximately USD 1.52 billion in 2017 and is expected to generate revenue of around USD 2.40 billion by end of 2024, growing at a CAGR of around 6.70% between 2018 and 2024.

Increasing population of livestock animals, rising demand for meat and dairy products, awareness for better treatment options among the pet owners, and the rise in pet adoption are the few factors which are likely to propel the market growth for veterinary imaging market in the forecast period. Also, the rise in demand for effective solutions in order to improve the productivity of livestock animals in the developing countries is expected to drive the market growth.

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Browse the full "Veterinary Imaging Market by Product (Instruments [Radiography (X-Ray) Systems, Ultrasound Imaging Systems, Computed Tomography Imaging Systems, Video Endoscopy Imaging Systems, Magnetic Resonance Imaging Systems, Other Imaging Systems], Reagents, and Veterinary Softwares), by Application (Orthopedics and Traumatology, Oncology, Cardiology, Neurology, and Other Therapeutic Areas), by Animal Type (Small Companion Animals, Large Animals, and Other Animals), and by End User (Vet Clinics/Hospitals, Reference Labs, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024" report at https://www.zionmarketresearch.com/report/veterinary-imaging-market

The veterinary imaging market is segmented on the basis of product 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 reagents market is further segmented into MRI contrast reagents, X-ray/CT contrast reagents, and ultrasound contrast reagents. The instruments segment held a larger market share of the veterinary imaging software market owing to the growing demand for these instruments from the end users. These instruments help in detecting fractures and hemorrhages in animals. Digital equipment has many advantages in comparison to the traditional radiography X-ray systems since they help in reducing time, labor cost, and increases the profit margin of the players leading in the market. 

The veterinary imaging market is segmented on the basis of an application which is further divided into cardiology, orthopedics and traumatology, oncology, and other therapeutic areas. The traumatology and orthopedic applications segment held the larger share of the market owing to the rising injuries among the animals, availability of a large number of animal healthcare facilities, and the rising demand for precise diagnostic solutions which are contributing to the segmental growth in the market for veterinary imaging by the application.

Based on the animal type, the market is segmented into large animals, small companion animals, and other animals. Under this section, the small companion animals section held a large share of the market in 2017 due to the rise in adoption of pets, growing companion ownership, and the increased demand for effective and accurate diagnostic solutions. In 2016, according to the stats provided by the American Pet Products Association, around 45% of the houses in the U.S. had dogs and 36% houses had cats. Moreover, increasing willingness to pay for the pet’s health and the availability of cost-effective diagnostic solutions is contributing towards the governance of this segment in the market.

Based on the end user, the market is segmented into vet clinics/hospitals, reference labs, and others. Of these, the vet clinics/hospitals contributed to a larger share of the market in 2017 and are anticipated to witness a higher growth rate during the forecast period. The rise in technological advancement is anticipated to drive the market growth of this segment in the forecast period. These advancements include efficient pet owner cloud-based information management systems and mobile technologies. 

Regionally, the market for veterinary imaging is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. Europe and North America are the leading contributors of the veterinary imaging market since North American region captured almost 55% share of the global market and is anticipated to maintain its dominance over the forecast period. Growing demand for veterinary equipment coupled with increasing R&D expenditures is likely to drive the market growth in these regions globally.

Some of the leading players in 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.

This report segments the global veterinary imaging market as follows:

Global Veterinary Imaging Market: Product Segment Analysis

  • Instruments
    • Radiography (X-Ray) Systems
    • Ultrasound Imaging Systems
    • Computed Tomography Imaging Systems
    • Video Endoscopy Imaging Systems
    • Magnetic Resonance Imaging Systems
    • Other Imaging Systems
  • Reagents 
    • Ultrasound Contrast Regents
    • MRI Contrast Regents
    • X-Ray/CT Contrast Reagents
  • Veterinary Softwares

Global Veterinary Imaging Market: Application Segment Analysis

  • Orthopedics and Traumatology
  • Oncology
  • Cardiology
  • Neurology
  • Other Therapeutic Areas

Global Veterinary Imaging Market: Animal Type Segment Analysis

  • Small Companion Animals
  • Large Animals
  • Other Animals 

Global Veterinary Imaging Market: End-User Segment Analysis

  • Vet Clinics/Hospitals
  • Reference Labs
  • Others

Global Veterinary Imaging Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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