Chicago, Aug. 09, 2023 (GLOBE NEWSWIRE) -- In the near future, the veterinary imaging industry is poised to undergo transformative advancements, driven by cutting-edge technologies and innovative approaches. Rapid developments in artificial intelligence and machine learning are projected to revolutionize diagnostic capabilities, enabling faster and more accurate assessments of animals' health conditions. The integration of portable and handheld imaging devices, coupled with telemedicine platforms, will enhance accessibility to veterinary care in remote areas and facilitate real-time consultations between veterinarians and pet owners. Furthermore, three-dimensional imaging techniques such as volumetric computed tomography (CT) and magnetic resonance imaging (MRI) are anticipated to become more commonplace, enabling comprehensive visualization of anatomical structures for precise diagnoses and treatment planning. As the veterinary imaging landscape evolves, the synergy between technological advancements and veterinary expertise promises to elevate the standard of care for animals, leading to improved well-being and outcomes across diverse species.
Veterinary Imaging market in terms of revenue was estimated to be worth $1.6 Billion in 2021 and is poised to reach $2.3 Billion by 2026, growing at a CAGR of 7.0% from 2021 to 2026 according to a latest report published by MarketsandMarkets™. The increasing development of portable and battery-powered imaging instruments for point-of-care services, growing consolidation among veterinary practitioners, and the growing size of veterinary businesses in the veterinary imaging market are the leading trends in this market.
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Veterinary Imaging Market Scope:
| Report Coverage | Details |
| Market Revenue in 2021 | $1.6 Billion |
| Estimated Value by 2026 | $2.3 Billion |
| Growth Rate | Poised to grow at a CAGR of 7.0% |
| Market Size Available for | 2019–2026 |
| Forecast Period | 2021–2026 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product type, therapeutic area, animal type, and end user |
| Geographies Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Untapped emerging markets |
| Key Market Drivers | Increasing rate of companion animal population |
Veterinary Imaging market major players covered in the report, such as:
- GE Healthcare (US)
- Agfa-Gevaert N.V. (Belgium)
- Carestream Health (US)
- Esaote S.p.A (Italy)
- IDEXX Laboratories Inc. (US)
- Mindray Medical International Limited (China)
- Canon Inc. (Japan)
- Heska Corporation (US)
- Siemens Healthineers (Germany)
- FUJIFILM Holdings Corporation (Japan)
- Konica Minolta Inc. (Japan)
- Samsung Electronics Co. Ltd. (South Korea)
- E.I. Medical Imaging (US)
- IMV imaging (UK)
- SEDECAL (Spain)
- Clarius Mobile Health (Canada)
- Shenzhen Ricso Technology Co. Ltd. (China)
- DRAMIŃSKI S.A. (Poland)
- Epica Animal Health (US)
- and ClearVet Digital Radiography Systems (US)
- MinXray Inc. (US)
- Hallmarq Veterinary Imaging (UK)
- Shantou Institute of Ultrasonic Instruments Co. Ltd (China)
- Sonoscape Medical Corp. (China)
- Reproscan (US)
- and Among Others
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The study categorizes the veterinary imaging market based on product type, therapeutic area, animal type, end user and regional & global level.
Global Veterinary Imaging Market, by Product Type
- Veterinary Imaging Instruments
- Radiography (X-RAY)
- Computed Radiography Systems
- Direct Radiography Systems
- Film-based Radiography Systems
- Ultrasound Imaging Systems
- 2D Ultrasound Imaging Systems
- 3D/4D Ultrasound Imaging Systems
- Doppler Ultrasound Imaging Systems
- Computed Tomography Imaging Systems
- Stationary Multi-slice Computed Tomography Systems
- Portable Computed Tomography Systems
- Video Endoscopy Imaging Systems
- Magnetic Resonance Imaging Systems
- Other Imaging Systems
- Veterinary Imaging Reagents
- X-RAY and CT Contrast Reagents
- MRI Contrast Reagents
- Ultrasound Contrast Reagents
- Veterinary Imaging Software
Global Veterinary Imaging Market, by Therapeutic Area
- Orthopedics & Traumatology
- Obstetrics & Gynecology
- Oncology
- Cardiology
- Neurology
- Dentistry
- Other Therapeutic Areas
Global Veterinary Imaging Market, by Animal Type
- Small Companion Animals
- Large Animals
- Other Animals
Global Veterinary Imaging Market, End User
- Veterinary Clinics and Diagnostic Centers
- Veterinary Hospitals and Academic Institutions
Global Veterinary Imaging Market, by region
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
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The key stakeholders in the Veterinary Imaging market include:
- Veterinary Professionals: Radiologists, veterinarians, and veterinary technicians who use imaging technologies for diagnosis, treatment planning, and monitoring the health of animals.
- Medical Device Manufacturers: Companies that design, develop, and produce veterinary imaging equipment, including X-ray machines, ultrasound devices, MRI systems, CT scanners, and digital radiography systems.
- Research and Academic Institutions: Organizations that conduct research to improve imaging techniques and their applications in veterinary medicine, contributing to advancements in the field.
- Regulatory Bodies and Industry Associations: Entities responsible for establishing and enforcing standards, guidelines, and regulations to ensure the safety, quality, and ethical use of veterinary imaging technologies.
- Pet Owners and Animal Caregivers: Individuals who seek veterinary imaging services for their pets and animals, making decisions based on the diagnostic outcomes to provide appropriate care.
- Investors and Financial Institutions: Those who provide funding, investment, and financial support for research, development, and commercialization of new imaging technologies in the veterinary field.
- Veterinary Clinics and Hospitals: Facilities that offer veterinary imaging services, utilizing various imaging modalities to diagnose and treat animals.
- Software Developers: Companies that create and maintain software solutions for image processing, data management, and analysis, aiding in the interpretation of veterinary imaging results.
- Telemedicine and Teleconsultation Platforms: Platforms that facilitate remote consultations between veterinarians, specialists, and pet owners, enabling access to expertise regardless of geographical location.
- Animal Health Organizations: Non-profit and advocacy groups that promote animal health and welfare, influencing the adoption of advanced imaging technologies and practices.
- Educational Institutions: Universities and veterinary schools that train future professionals in the use of imaging technologies and their applications in veterinary medicine.
- Pharmaceutical and Biotechnology Companies: Entities that collaborate with veterinary imaging experts to develop new drugs, therapies, and treatments, often relying on imaging for research and clinical trials.
- Insurance Companies: Providers of pet insurance that may utilize imaging results for claims and coverage assessments.
- Government Agencies: Entities responsible for regulating and overseeing the use of imaging technologies in veterinary medicine, ensuring public health and animal welfare.
- Technical Support and Service Providers: Companies offering maintenance, repair, and technical support for veterinary imaging equipment, ensuring their reliable and accurate operation.
These stakeholders collectively contribute to the growth, development, and ethical application of veterinary imaging technologies to improve animal health and well-being.
Recent Developments:
- In 2020, Miltenyi Biotec launched automated and closed adherent cell culture solutions on CliniMACS Prodigy.
- In 2020, Merck the company expanded its Life Sciences production facilities in Danvers, Massachusetts, and Jaffrey, New Hampshire (US).
- In 2020, STEMCELL Technologies partnered with CollPlant to secure CollPlant rhCollagen for STEMCELL’s use in cell culture applications.
- In 2021, Danaher (Cytiva) partnered with Diamyd Medical, wherein Diamyd selected Cytiva’s FlexFactory platform for making precision medicine type-1 diabetes vaccines.
- In 2021, Danaher (Cytiva) collaborated with the Government of Telangana (India) to strengthen the biopharma industry in India with new labs.
Frequently Asked Questions (FAQs) of Veterinary Imaging Market:
Which are the top industry players in the veterinary imaging market?
The prominent players in the veterinary imaging market are GE Healthcare (US), Agfa-Gevaert N.V. (Belgium), Carestream Health (US), Esaote S.p.A (Italy), IDEXX Laboratories, Inc. (US), Mindray Medical International Limited (China), Canon Inc. (Japan), Heska Corporation (US), Siemens Healthineers (Germany), FUJIFILM Holdings Corporation (Japan), Konica Minolta Inc. (Japan), Samsung Electronics Co., Ltd. (South Korea), E.I. Medical Imaging (US), IMV imaging (UK), SEDECAL (Spain).
Which geographical region is growing at the highest rate in the veterinary imaging market?
APAC is expected to be the fastest-growing regional market, with India and China projected to witness strong growth in the coming years. This can primarily be attributed to the large and domesticated animal population in the region. In addition to this, the increasing awareness about pet health, increasing number of veterinary practitioners, and increasing animal health expenditure drive the growth of the overall veterinary market, including veterinary imaging systems.
Which segment of product type is dominating the veterinary imaging market?
The global veterinary imaging market is segmented into veterinary imaging instruments, reagents, and software. In 2020, the instruments segment accounted for the largest share of the global veterinary imaging market. The large share of this segment is attributed to the high cost of imaging instruments and the increasing adoption of imaging modalities for disease diagnosis in the treatment of companion animals and livestock.
Which is the leading therapeutic area with the highest share in veterinary imaging market?
In 2020, the orthopedics and traumatology segment accounted for the largest share of the global veterinary imaging market. The largest share of this segment can be attributed to the growing incidence of bone injuries and the increasing prevalence of arthritis, lameness diseases, and joint disorders in animals.
Which is the largest animal type segment in veterinary imaging market?
The small companion animals segment accounted for the largest market share in 2020. This can be attributed to the increasing adoption of companion pets, increasing focus on the safety of companion animals, growing expenditure on animal health and preventative care, increasing demand for pet insurance, aging pet population, and growing technological advancements in imaging modalities.
Which is the largest end user segment in veterinary imaging market?
Veterinary clinics and diagnostic centers are the major end users in the veterinary imaging market and accounted for a share in 2020. The large share of this segment is primarily attributed to the increasing number of veterinary practices and the growing number of veterinarians.
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Report Objectives:
- To validate the segmentation defined through the assessment of the product portfolios of the leading players in the market
- To understand key industry trends and issues defining the growth objectives of market players
- To gather both demand- and supply-side validation of the key factors affecting market growth, including market drivers, restraints, opportunities, and challenges
- To validate assumptions for the market sizing and forecasting model used for this market study
- To understand the market positions of the leading players in the veterinary imaging market and their shares/rankings
- To understand the ongoing pricing trends in the market and future expectations
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