September 14, 2016: The Veterinary Imaging Market was valued at USD 2.0 billion in 2015 and is projected to grow at a CAGR of 6.7% from 2016 to 2021. The market is studied for its products such as Instruments, Veterinary PACS, Imaging Services, and Imaging Reagents. The Instruments market is further studied for Ultrasound Imaging Systems, Digital Radiography, MRI systems, CT systems, Nuclear Imaging Scanners, Optical Coherence Tomography, Thermal Imaging Systems and Video Endoscopy Systems.
The Veterinary PACS are further divided into RIS PACS and CVIS PACS. Similarly, the veterinary imaging services are divided into Interventional Radiology and Endoscopy and Advanced Imaging Services. The important reagents studied in the report include Nuclear Imaging Reagents, MRI Contrast Reagents, CT Contrast Reagents, and Ultrasound Contrast Reagents. The major Therapeutic areas considered in the study are Cardiology, Oncology, Orthopedics & Traumatology, Neurology and others. The market is studied for small companion animals (canine, feline, others), large animals (Bovine, Equine, others) and others which include elephant, deer and camel. The major regions considered for the study are Americas, Europe, Asia-Pacific, Middle-East, and Africa.
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Major Drivers and Restraints of the Global Veterinary Imaging Market
Veterinary Imaging is diagnosis of different body parts of animals through different imaging techniques such as radiography, MRI, CT, nuclear imaging and other such techniques for animal healthcare and disease diagnostics. Increasing pet ownership, rising experiments on animals such as dogs & pigs and increasing awareness about animal healthcare are the major factors driving the veterinary imaging market. Along with this, rising disposable income has triggered the spending on animal healthcare for long animal life. Rising health consciousness among the people has paved the way for producing good quality meat and meat products wherein animal health is being given prime importance. High cost, lack of awareness and less availability of trained veterinarians is restraining the market growth.
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Instruments account for the largest market share
Among the products of veterinary imaging such as instruments, veterinary PACS, veterinary imaging services and veterinary imaging reagents; instruments held the largest market share in 2015, followed by imaging services and imaging reagents. Among the widely used veterinary imaging instruments, the use of digital radiography and ultrasound imaging services is the highest due to its wide usage in diagnostic labs, veterinary clinics and hospitals.
Oncology therapeutic area projected to be the fastest growing market
The therapeutic areas considered in the veterinary imaging market study are cardiology, oncology, orthopedics & traumatology, neurology and others. The cardiology segment dominated the market in 2015 followed by oncology and orthopedics. The market for oncology segment is projected to be the fastest growing market due to increasing diseases related to cancer in animals.
Increasing disposable income, growing advancement in veterinary techniques and growing trend of animal care led to the growth of Veterinary imaging market in North American region.
North America dominated the market with the largest market share followed by Europe and Asia-Pacific. U.S. and Canada have the largest market share in the country-level markets in this region. Advanced healthcare, and rising trend of pet ownership along with rising awareness about the health of meat producing animals is spurring the demand for veterinary imaging systems in these countries. The leading players in the market are GE Healthcare (U.K.), AGFA-Gevaert N.V. (Belgium), Mindray Medical International Ltd. (China), Carestream Health, Inc. (U.S.), Esaote Spa (Italy), Idexx Laboratories, Inc. (U.S.), VCA Antech, Inc. (U.S.), Diagnostic Imaging Systems, Inc. (U.S.), Hallmarq Veterinary Imaging Ltd. (U.K.), Toshiba Corporation (Japan), and Minxray Inc. (U.S.). These companies have established their position in the market by offering competent products.
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