Pune, India, Aug. 08, 2018 (GLOBE NEWSWIRE) -- The Global Veterinary Imaging Market size is projected to touch USD 1800 Mn by 2023, exhibiting a 6.90% CAGR from 2018 to 2023 (forecast period), according to a new report published by Market Research Future (MRFR). The focus on pet health has brought veterinary imaging to the forefront. Veterinary imaging has evolved with the latest diagnostic techniques capable of detecting cysts or major issues in the nick of time. Emergence of veterinary imaging clinics, veterinary clinics, and animal care providers is expected to boost market growth over the forecast period.
Rise in numbers of pet owners and emergence of animal healthcare brands offering imaging equipment at cost-effective prices are factors likely to fuel market demand. Growing incidence of zoonotic diseases can act as a tailwind for the market, expanding the market potential even further. According to a report by the Maine Center for Disease Control & Prevention, three-fourths of zoonotic diseases can affect humans as well. Preventive care taken at initial stages by pet lovers coupled with government campaigns to create awareness of testing can bode well for the market in the coming years. Reimbursement schemes designed for animals can work favorably for the market as well. But the expensive nature of imaging tests can be a headwind for the market.
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Top Players Overview:
Notable players in the veterinary imaging market include Esaote SpA, Medical Imaging/IMCO, Inc., Hallmarq Veterinary Imaging Ltd., Heska Corporation, Canon Inc., General Electric, BCF Technology, Ltd., Merry X-Ray, Idexx Laboratory Inc., Carestream Health, Fujifilm Holding Corporation, Diagnostic Imaging System, Inc., and others.
Partnerships are abounding in the market with industry leader Heska, a U.S. company, joining hands with Pathway Vet Alliance in 2018 to enhance offerings of veterinary care nationwide. The technology of Heska can streamline the workflow within the network of veterinary clinics owned by Pathway. Animal health charities are providing funding to expedite research and development on canine health. The results can be instrumental in providing rapid diagnosis and treatment and allaying fears of pet owners.
Veterinary Imaging Market Segmentation:
The Global Veterinary Imaging Market is segmented by product type, animal type, therapeutic area, end-user, and region. Types of products in the market include instruments, veterinary imaging reagents, and veterinary software. The instruments segment is expected to generate maximum demand owing to its accuracy and cost-effectiveness. Magnetic resonance imaging systems, computed tomography imaging systems, ultrasound imaging systems, radiography (X-ray) systems, and others are grouped in the instruments segment. Within this, the radiography segment accounted for the largest market share. But the veterinary software segment is anticipated to grow robustly over the forecast period owing to its compatibility with animal imaging devices.
Animal types which can be diagnosed include small companion animals, large animals, and others. The small companion animal segment can exhibit a strong growth rate owing to increasing adoption of pets. Demand for high-quality healthcare by pet owners is projected to bolster segment growth over the forecast period.
Therapeutic areas utilizing the benefits of veterinary imaging include neurology, cardiology, oncology, orthopedics & traumatology, and others. The orthopedics & traumatology segment is the biggest followed by cardiology. This segment can thrive owing to grievous bone injuries by farm animals as well as companion animals. Rising cases of heart problems is anticipated to spur the cardiology therapeutic segment over the forecast period. The neurology segment can also experience a significant growth spurt owing to nervous system and brain disorders.
Major end-use sectors comprise hospitals & clinics, academic institutes, and others. The hospitals & clinics segment is expected to account for a lion’s share of the market owing to being a frequent hub for imaging tests. The academic institutes segment can grow at the fastest rate thanks to increased budget provided to expedite development of diagnostic imaging techniques.
Veterinary Imaging Market Regional Overview:
Regions discussed include North America, South America, the Middle East & Africa (MEA), Asia Pacific (APAC), and Europe. The North and South America markets collectively accounted for a large share of the market in 2017. Rise in pet ownership numbers, adoption of purebreds, and disposable incomes of consumers are factors expected to constantly drive the market growth. Pet insurance in Canada and the U.S. can be a plus for these markets. The Europe market holds the second spot, followed by APAC. Investments by market giants, adoption of advanced technology, and strong pet ownership rates are playing a crucial role in fueling market growth.
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