Veterinary Imaging Market Presumed to garner USD 1800 Million | Industry Forecast upto 2023

Thu Jan 10, 2019 - 11:00am UTC

A new market study, titled “Veterinary Imaging Market Research Report – Global Forecast till 2023” has been featured on Market Research Future.

Pune, India – January 10, 2019

Market Scenario

Pet healthcare is trending globally with the focus shifting towards improving veterinary capabilities on all fronts. Veterinary imaging remains one of the key focus areas as animal care providers, veterinaries and animal research institutes increase their efforts towards developing superior veterinary imaging technologies. The global veterinary imaging market was valued at USD 1247.61 Mn in 2017 and is expected to surpass a valuation of USD 1800 Mn by the end of 2023. The arrival of high-quality, dedicated imaging solutions that are meeting various animal care needs characterizes the growing interest of healthcare technology companies in the particular space. A number of reputable animal healthcare bands have stepped up their efforts in developing veterinary imaging systems that are not only efficient but also cost-effective.

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Over the years, demand for medical diagnostics and imaging for animals has increased significantly. This can be attributed to the increased level of awareness about importance of good health of animal companions among owners. Greater emphases on keeping both farm animals and companion animals in better health condition is reflecting favourably on the global veterinary.

According to the Maine Center for Disease Control & Prevention, close to three-fourths of emerging infectious diseases that affect humans originate in animals. With rising incidences of zoonotic diseases over the past decade or so, has raised the requirement for the development of appropriate diagnostic measures. Moreover, with pet adoption rising, animals are increasingly becoming a member of the family, and as such, pet owners and animal enthusiasts who work in animal rescue have compelled demand for advancements in diagnostic technology such as veterinary imaging for the detection of chronic diseases. Pet insurance often offers up to 80% reimbursement, and due to the growing demand for advanced diagnostics, pet owners are spending on insurance for their animal companions. The North American Pet Health Insurance Association (NAPHIA) has recorded a 17.2% increase in pet health insurance from 2014 to 2015.

Without pet insurance, however, procedures that involve veterinary imaging modalities are expensive and as such are expected to hamper market growth. The University of Illinois published in a report which found that procedural cost ranged between USD 878 to USD 1,461 depending on the site and inclusion of contrast. However, due to the factors mentioned above and the unrealized potential in the market, regulatory authorities such as the FDA have proposed various guidelines of imaging accuracy which have compelled competitors in the market, both new and existing, to develop innovative products and services which meet these guidelines, thus creating new avenues for growth during the assessment period. 

Competitive Tracking

Key players in the global veterinary imaging market that have been analyzed in the report include Fujifilm Holding Corporation, Heska Corporation, Idexx Laboratory Inc, and Canon. Other players include Hallmarq Veterinary Imaging Ltd., Carestream Health, General Electric and others. Market strategies most employed by these competitors include product innovation and investments in R&D pipeline.

Segmentation

MRFR’s report offers a detailed segmental analysis of the market based on product type, by animal type, by therapeutic area, by end users, and by region. By product type, the market is segmented into veterinary imaging instruments, veterinary imaging reagents, and veterinary imaging software. The veterinary imaging instruments segment currently holds the maximum share of the global veterinary imaging market. Conventional imaging systems such as X-ray, CT, ultrasound (US), and MRI are mainly used to evaluate the anatomy but are unable to diagnose any change at the molecular level.

However, with the increased focus towards innovations in the field of veterinary medicine, several new biological imaging reagents have surfaced of late. On the basis of animal type, the market is segmented into small companion animals, large animals, and others. In 2017, the small companion animals segment accounted for the highest market share. Rising trend of pet ownership, greater awareness about pet care and increased expenditure on pet health are some of the factors linked with the segment’s growth.

By therapeutics areas, the market is segmented into orthopedics & traumatology, cardiology, neurology, oncology and others. The orthopedics & traumatology segment is expected to remain highly attractive during the assessment period.  Bone injuries are more common among animals, which characterises the prominence of the orthopedics & traumatology segment. In addition, growing demand for accurate diagnostic solutions and availability of cutting-edge animal care facilities is also driving the segment’s growth.

On the basis of the end-user, the market is segmented into hospitals & clinics, academic institutes, and others. The hospitals & clinics segment held the largest segment of the market in 2017 and is likely to retain its top position over 2023. At the same time, use of veterinary imaging in academic institutes is also growing at a rapid pace. The academic institutes segment is slated to witness a relatively higher CAGR during the assessment period.

Regional Analysis

Led by North America, The Americas have the largest share of the global market. The region is witnessing a rising demand for pet insurance as pet owners are becoming more invested in their pets’ health. The rapid adoption of innovative technology offerings in the region is responsible for its leading position in the veterinary imaging market. Europe, with its inclusion of developed countries such as Germany, France, and the U.K. accounts for the second largest market share due to the presence of prominent market players and supportive government initiatives toward pet insurance and pet healthcare.

The Asia-Pacific is set to grow at the most rapid pace with countries such as Japan, China, and India taking the lead. The growing prevalence of nuclear families with a tendency toward pet adoption and increasing investments in pet care have prompted international players to establish their presence in these countries in an effort to tap the potential this region carries.

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Detailed Table of Contents:

1 Report Prologue

2 Executive Summary

3 Market Introduction

3.1 Definition 19

3.2 Scope Of The Study 19

3.3 List Of Assumptions 20

3.4 Market Structure 20

4 Research Methodology

4.1 Research Process 22

4.2 Primary Research 23

4.3 Secondary Research 24

4.4 Market Size Estimation 25

4.5 Forecast Model 25

…Continued!

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