The report “Veterinary Imaging Market by Product (Digital & Computed Radiography, Ultrasound, Computed & Optical Coherence Tomography, MRI, PET/CT & SPECT, Interventional Radiology, PACS) by Application (Oncology, Cardiology, Neurology) - Global Forecast to 2020”, The Global Veterinary Imaging Market Is Poised to Reach USD 2.8 billion by 2020.
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Over the years, the global veterinary imaging market has evolved from the use of diagnostic imaging instruments from human medicine for veterinary imaging applications to development of specialized imaging modalities for veterinary applications. The global veterinary imaging market is poised to reach USD 2.8 billion by 2020, growing at a CAGR of 6.6% during the forecast period. This growth is mainly attributed to the increasing animal healthcare spending across the globe and growing pet insurance industry in the developed countries.
A strong demand for diagnostic imaging instruments from the small companion animal health market, increase in the number of veterinary practitioners and their income levels in developed regions, and rising product innovations are also expected to play a key role in growth of the global veterinary imaging market during the forecast period. However, lack of animal healthcare awareness and the high cost of imaging instruments in emerging countries are some of the key challenges that are expected to restrain the overall market growth to a certain extent during the forecast period.
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In this report, the market is segmented by products, therapeutic areas, animal type, end users, and regions. The market, by product is segmented into veterinary imaging instrument, software, reagents, and services. In 2014, the instrument segment accounted for the largest share of 55%–58% of the global veterinary imaging market. The reagents market is expected to register the fastest growth during the forecast period. The reagents market comprises ultrasound contrast reagents, MRI contrast reagents, CT contrast reagents, and nuclear imaging reagents. The key veterinary imaging services covered in this report include tele radiology, interventional radiology, and advanced imaging services. Tele radiology accounted for nearly 45% of the global veterinary imaging services market in 2014.
On the basis of end user, the veterinary imaging market is segmented into hospitals and clinics, universities and research institutions, and emergency and point-of-care service centers. Hospitals and clinics are the major end users of the veterinary imaging market. This segment held more than 60% share of the veterinary imaging market in 2014. However, oncology is the fastest growing segment, expected to grow at a CAGR of 7.2% during the forecast period. The high growth of this market is mainly due to the increasing incidences of cancer in small companion animals.
North America represented the largest regional market in 2014, followed by Europe, Asia-Pacific, Latin America, and Middle–East Africa. Asian countries (particularly China and India) and Latin American countries (particularly Brazil) are expected to offer significant growth opportunities for market players in the forecast period. This is majorly attributed to increasing consumption of meat and dairy products, growing population of livestock and food-producing animals, and rising per capita income in these countries. Additionally, the increasing animal healthcare awareness and growing number of veterinary hospitals and clinics are some of the key factors driving the growth in these markets.
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Major players in the veterinary imaging market include Mindray Medical (China), GE Healthcare (U.K.), Carestream Health (U.S.), IDEXX Laboratories, Inc. (U.S.), Esaote S.p.A (Italy), Hallmarq Veterinary Imaging Ltd. (U.K.), Agfa Healthcare (Belgium), Toshiba Medical Systems Corporation (Japan), MinXray, Inc. (U.S.), VCA Antech, Inc. (U.S.), and Diagnostic Imaging Systems (U.S.).
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