New York, NY, Aug. 27, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Veterinary Imaging Market by Product (Instruments [Radiography (X-Ray) Systems, Ultrasound Imaging Systems, Computed Tomography Imaging Systems, Video Endoscopy Imaging Systems, Magnetic Resonance Imaging Systems, Other Imaging Systems], Reagents, and Veterinary Softwares), by Application (Orthopedics and Traumatology, Oncology, Cardiology, Neurology, and Other Therapeutic Areas), by Animal Type (Small Companion Animals, Large Animals, and Other Animals), and by End User (Vet Clinics/Hospitals, Reference Labs, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024”. According to the report, global veterinary imaging market was valued at approximately USD 1.52 billion in 2017 and is expected to generate revenue of around USD 2.40 billion by end of 2024, growing at a CAGR of around 6.70% between 2018 and 2024.
Increasing population of livestock animals, rising demand for meat and dairy products, awareness for better treatment options among the pet owners, and the rise in pet adoption are the few factors which are likely to propel the market growth for veterinary imaging market in the forecast period. Also, the rise in demand for effective solutions in order to improve the productivity of livestock animals in the developing countries is expected to drive the market growth.
Browse through 87 Tables & 34 Figures spread over 110 Pages and in-depth TOC on “Global Veterinary Imaging Market: By Product, Application, Size, Share, Trends and Forecast, 2017 - 2024”.
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The veterinary imaging market is segmented on the basis of product into instruments, reagents, and veterinary software. The instruments segment is further divided into ultrasound imaging systems, radiography (X-ray) systems, computed tomography imaging systems, magnetic resonance imaging systems, video endoscopy imaging systems, and other imaging systems; whereas the reagents market is further segmented into MRI contrast reagents, X-ray/CT contrast reagents, and ultrasound contrast reagents. The instruments segment held a larger market share of the veterinary imaging software market owing to the growing demand for these instruments from the end users. These instruments help in detecting fractures and hemorrhages in animals. Digital equipment has many advantages in comparison to the traditional radiography X-ray systems since they help in reducing time, labor cost, and increases the profit margin of the players leading in the market.
The veterinary imaging market is segmented on the basis of an application which is further divided into cardiology, orthopedics and traumatology, oncology, and other therapeutic areas. The traumatology and orthopedic applications segment held the larger share of the market owing to the rising injuries among the animals, availability of a large number of animal healthcare facilities, and the rising demand for precise diagnostic solutions which are contributing to the segmental growth in the market for veterinary imaging by the application.
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Based on the animal type, the market is segmented into large animals, small companion animals, and other animals. Under this section, the small companion animals section held a large share of the market in 2017 due to the rise in adoption of pets, growing companion ownership, and the increased demand for effective and accurate diagnostic solutions. In 2016, according to the stats provided by the American Pet Products Association, around 45% of the houses in the U.S. had dogs and 36% houses had cats. Moreover, increasing willingness to pay for the pet’s health and the availability of cost-effective diagnostic solutions is contributing towards the governance of this segment in the market.
Based on the end user, the market is segmented into vet clinics/hospitals, reference labs, and others. Of these, the vet clinics/hospitals contributed to a larger share of the market in 2017 and are anticipated to witness a higher growth rate during the forecast period. The rise in technological advancement is anticipated to drive the market growth of this segment in the forecast period. These advancements include efficient pet owner cloud-based information management systems and mobile technologies.
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North America and Europe are anticipated to be the leading regional markets for veterinary imaging market. The U.S and Canada are the major countries wherein maximum population owns around 80 million dogs and 85 million cats. This segment of small animals is anticipated to witness high growth since the demand for diagnostic imaging is increasing. In addition, the increase in the number of veterinary practitioners and demand for non-invasive diagnostic imaging systems has led to the growth of these two regions globally. As per the stats provided by the Bureau of Labor and Statistics, the cost of veterinary practices has risen 70% from 2006 to 2016. This expansion is mainly due to the technological advancement in veterinary imaging systems over the years. Another trend that is followed in North America is pet insurance. Currently, not less than one percent of pets are covered by insurance. However, the enrollment is growing at 10% per year in the United States.
Asia Pacific is anticipated to show high growth potentials in the veterinary imaging market and is also likely to grow at a high annual compound rate in comparison to other regions. This growth is attributed to the ongoing trends like the promotion of small animal care and key players focusing on distribution partnerships in India. Asia Pacific is an untapped market and is likely to become a major market in the future owing to the presence of developing countries like India and China wherein the concept of having small pets are becoming increasingly popular.
Browse the full "Veterinary Imaging Market by Product (Instruments [Radiography (X-Ray) Systems, Ultrasound Imaging Systems, Computed Tomography Imaging Systems, Video Endoscopy Imaging Systems, Magnetic Resonance Imaging Systems, Other Imaging Systems], Reagents, and Veterinary Softwares), by Application (Orthopedics and Traumatology, Oncology, Cardiology, Neurology, and Other Therapeutic Areas), by Animal Type (Small Companion Animals, Large Animals, and Other Animals), and by End User (Vet Clinics/Hospitals, Reference Labs, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024" report at https://www.zionmarketresearch.com/report/veterinary-imaging-market
Latin America is an important regional market which is expected to register moderate growth rate over the forecast period. Under the Middle East & Africa, countries in Africa are projected to register noticeable growth owing to the high burden of foodborne diseases and increased government funding. Thus, all the aforementioned parameters are expected to propel the market growth in this region.
Some of the leading players in veterinary imaging market include Excelsior Union Limited, Hallmarq Veterinary Imaging Ltd., Siemens AG, Onex Corporation, Canon, Inc., GE Healthcare, Agfa- Gevaert N.V., BCF Technology, Ltd., Diagnostic Imaging Systems, Inc., and IDEXX Laboratories, Inc.
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This report segments the global veterinary imaging market as follows:
Global Veterinary Imaging Market: Product Segment Analysis
- Instruments
- Radiography (X-Ray) Systems
- Ultrasound Imaging Systems
- Computed Tomography Imaging Systems
- Video Endoscopy Imaging Systems
- Magnetic Resonance Imaging Systems
- Other Imaging Systems
- Reagents
- Ultrasound Contrast Regents
- MRI Contrast Regents
- X-Ray/CT Contrast Reagents
- Veterinary Softwares
Global Veterinary Imaging Market: Application Segment Analysis
- Orthopedics and Traumatology
- Oncology
- Cardiology
- Neurology
- Other Therapeutic Areas
Global Veterinary Imaging Market: Animal Type Segment Analysis
- Small Companion Animals
- Large Animals
- Other Animals
Global Veterinary Imaging Market: End-User Segment Analysis
- Vet Clinics/Hospitals
- Reference Labs
- Others
Global Veterinary Imaging Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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