Press Release

VETERINARY IMAGING MARKET PROJECTED TO GROW AT A CAGR OF 7.06% FROM 2019 TO 2024 – AXIOM MRC

 

Nov, 2018: Axiom Market Research & Consulting™ added a report on global veterinary imaging market. The global veterinary imaging market was valued at USD 2.5 million in 2018, growing at a CAGR of 7.0% for the forecast period 2020 to 2024. The global market is estimated and forecasted in terms of revenue (USD million) generated by the veterinary imaging market. The market was studied for products such as instruments, veterinary PACS (picture archiving and communication system), veterinary imaging services and veterinary imaging reagents. The instrument segment is sub segmented by types, such as ultrasound imaging systems, digital radiography (X-Ray) systems, MRI systems, CT systems and nuclear imaging scanners. The veterinary PACS (picture archiving and communication system) is further studied into its sub types such as veterinary RIS PACS and veterinary CVIS PACS. The report also includes veterinary imaging services such as teleradiology, interventional radiology and endoscopy and advanced imaging services. By type of animal, the global veterinary imaging market was categorized into small companion animals (including canine, feline and others), large animals (including bovine, equine and others) and other animals.  Furthermore, based on therapeutic area, the market was segmented into cardiology, cancer/oncology, orthopedics and traumatology, neurology and other therapeutic applications. The major regions considered for the study were North America, Europe, Asia-Pacific and Rest of the World.

Rising demand for pet insurance and growing animal health expenditure are driving the market

Veterinary imaging market is driven by factors such as growing healthcare spending, increase in population of companion animal, availability of professional veterinary instruments and laboratories etc. Other factors such as the launch of portable imaging modalities and pet insurance services are also contributing to the growth of this market. On the other hand, major restraints of the market are lack of awareness of treatment of animal diseases, lack of veterinary clinics and hospitals in the developing and under developed countries etc.

Instruments segment dominated the market in 2018

The instruments segment dominated the market in 2018 followed by veterinary imaging services. Moreover, the digital radiography (X-Ray) systems was the largest product segment accounting for the major share in 2018.

Small companion animals segment dominated the veterinary imaging market

Amongst various animal types, the small companion animals (including canine, feline and others) dominated the veterinary imaging market and its dominance is expected to continue over the forecast period. Key factors driving the growth of this segment are rising companion ownership and increasing adoption of pets in developed countries.

Cardiology segment dominated the veterinary imaging market, followed by oncology

In 2018, the cardiology segment dominated the veterinary imaging market followed by oncology. The oncology segment is expected to grow at the highest CAGR during the forecast period. This segment is witnessing growth owing to increase in cancer cases among animals and growing demand for accurate diagnostic solutions.

North America alone accounted for more than 40% of market share of the global veterinary imaging market

North America is expected to account for the largest market for veterinary imaging products, dominated by the U.S. The growth in this region is supported by high income population, Increase in R&D and growing demand for veterinary equipment’s.

The market is extensively studied for important countries of key regions such as North America, Europe, Asia Pacific and Rest of the World.

The leading players of the global veterinary imaging market are GE Healthcare (A Division of General Electric Company), AGFA-Gevaert N.V., Mindray Medical International Ltd., Carestream Health, Inc., Esaote Spa, Idexx Laboratories, Inc., VCA Antech, Inc., Diagnostic Imaging Systems, Inc., Hallmarq Veterinary Imaging Ltd., Toshiba Corporation and Minxray Inc. among others. These companies have established their position in the market by offering competent veterinary imaging products.

Veterinary imaging market report

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