Veterinary imaging systems are being used for obtaining medical images of animals for diagnosis of chronic diseases. A non-invasive procedure, veterinary imaging has evolved with the aid of instruments related to diagnostic imaging. The animals that are considered for imaging include zoo animals, large animals, and small companion animals.
Animal healthcare spending has gained an uptick over the recent past, with increased number of veterinary practitioners, and significant rise in pet insurance purchases. Demand for veterinary imaging instruments is rising for taking proper care of pets such as dogs and cats, as these instruments help in detecting sinus/nasal diseases by differentiating neoplasia from rhinitis. This further helps in guiding biopsy test results. These instruments also offer increased sensitivity for detection of brain hemorrhage and skull fractures. Veterinary imaging systems have undergone various technical enhancements over the past few years. These systems allow visualization of several types of brain tumors, eliminating use of film jackets, film, dark room, and photo processing supplies, thereby reducing cost of diagnosis. In addition, the concept of insurance services for pet animals has been gaining prevalence, especially in developed regions such as North America and Europe. The aforementioned factors are expected to foster growth of global veterinary imaging systems market.
However, the sensitivity of veterinary imaging systems is comparatively lower than that of MRI systems when it comes to detecting vascular condition, inflammation, and tumors. Utilization of veterinary imaging systems involves high initial cost. Furthermore, these systems can be operated only by skilled professionals possessing knowledge about hardware and software related problems. These factor might hamper the market growth in the near future.
Fact.MR’s report projects the global market for veterinary imaging to exhibit an above-average CAGR throughout the forecast period 2017 to 2022. Revenues from global sales of veterinary imaging systems are expected to exceed US$ 2,000 Mn by 2022-end.
Sales of MRI Systems to Register the Highest CAGR through 2022
X-ray systems will remain the top-selling product in the global veterinary imaging systems market. Revenues from X-ray systems will account for over one-third share of the market during 2017 to 2022. Dominance of x-ray systems is mainly attributed to their provision of consistent high-quality images, and rise in shifts of preference toward this technology by veterinarians. However, sales of MRI systems will register the highest CAGR in the market through 2022, based on product type.
Veterinary clinics will continue to be the largest end-users of veterinary imaging systems in the global market, accounting for more than two-third market share during 2017 to 2022 in terms of revenues. The surge in number of veterinarians, and veterinary practices will contribute to growth of veterinary clinics as end-users of veterinary imaging systems. Sales of veterinary imaging systems in hospitals will register a slightly higher CAGR than sales in veterinary clinics through 2022.
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Small Companion Animals to Remain a Lucrative Segment in the Market
By animal type, sales of veterinary imaging systems for diagnosis of small companion animals are expected to surpass revenues worth US$ 1,000 Mn by 2022-end. The adoption of companion animals is witnessing a significant rise, coupled with rising incidences of disease outbreaks in these animals. These factors are driving adoption of veterinary imaging systems for small companion animals.
North America is projected to remain the most lucrative market for veterinary imaging systems, with sales poised to reach nearly US$ 600 Mn in revenues by 2022-end. In addition, sales of veterinary imaging systems in North America, and Asia-Pacific excluding Japan (APEJ) are expected to register a parallel expansion at 7% CAGR through 2022. Growth of the market in North America is driven by the rise in purchasing power of people, coupled with increased awareness about tumors and cancers in companion animals.
The market in APEJ, although untapped until the recent past, is expected to witness a considerable expansion, especially in India and China, where the concept of companion animals is gaining higher popularity.
Key players identified in the global market for veterinary imaging systems are Hitachi Aloka Medical Ltd., Esaote SpA, Canon U.S.A. Inc., FUJIFILM Holdings Corporation, Mindray Medical International Limited, Minxray Inc., Hallmarq Veterinary Imaging Ltd, IDEXX Laboratories, Inc., Agfa-Gevaert N.V., and General Electric Company.
Note: The insights mentioned here are of the respective analysts, and do not reflect the position of Fact.MR
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(Additional information, including cross-sectional data and country-wise analysis & forecast is available in the report)
Rising health awareness about pet animals, coupled with increase in adoption of diagnostic instruments for taking proper care of pets is driving the expansion of the global veterinary imaging systems market. Veterinary imaging systems enable visualization of brain tumors, and do not require dark room, photo processing supplies, films, and film jackets, which in turn lowers cost of diagnosis. This Fact.MR report analyzes the expansion of global veterinary imaging systems market till date, and provides key insights on the growth of the market during the forecast period, 2017-2022.
The scope of Fact.MR’s report is to analyze the global veterinary imaging systems market for the forecast period 2017-2022 and provide readers an unbiased and accurate analysis. Medical device manufacturers, research institutes, and raw material suppliers in the global veterinary imaging systems market can benefit from the analysis offered in this report. This report offers a comprehensive analysis, which can be of interest to leading trade magazines and medical journals pertaining to veterinary imaging systems.
The report commences with a brief information of the global veterinary imaging systems market. This executive summary sets the tone for the rest of the report, providing users the scope of the report. The executive summary includes important facts and statistics on the global veterinary imaging systems market.
The next section offers an overview of the global veterinary imaging systems market. This comprises an introduction to the market, along with a standard definition of the product – veterinary imaging systems. In this section, market value and year-over-year growth is offered to the readers. Year-over-year growth provides readers with a broader view of growth patterns over the forecast period.
The report’s succeeding section focuses on drivers, restraints and key trends from macroeconomic, demand, and supply perspectives. Impact analysis of weighted average model-based growth drivers is contained in the report for better provision of decision-making insights to clients.
In order to offer readers with up-to-date information about the latest advancements in the global veterinary imaging systems market, the report provides updates about market opportunities, which can benefit leading manufacturers of veterinary imaging systems. With continuous evolution of the healthcare sector, keeping a record of latest developments and trends is fundamental for veterinary imaging systems manufacturers to formulate key business strategies. Detailed insights about raw material sourcing, supply chain, regulatory approvals, pricing analysis, list of distributors, and cost structure are provided in this section.
The report by Fact.MR provides segment-wise forecast and analysis to cover the wide scope of the global market for veterinary imaging system. The market has been segmented based on product type, animal, end-user, and region. A detailed country-wise forecast is included in this segmentation analysis, provided on all key market parameters.
The report’s last section comprises of the global veterinary imaging systems market competitive landscape, to provide readers with the dashboard view of company analysis and market players. This competitive intelligence is based on the providers’ categories across value chain, and their presence in the global veterinary imaging systems market.
Fact.MR is committed to offer unbiased and independent market research solutions to its clients. Each market report of Fact.MR is compiled after months of exhaustive research. We bank on a mix of tried-and-tested and innovative research methodologies to offer the most comprehensive and accurate information. Our main sources of research include,
- Primary research
- Secondary research
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