Veterinary Imaging Market

The Clinics End-User Segment and Oncology Therapeutic Area Segment are Expected to Show Significant Growth Opportunities During the Forecast Period in the Veterinary Imaging Market

The global veterinary imaging market is projected to reach USD 1.94 Billion by 2022 from USD 1.40 Billion in 2017, at a CAGR of 6.8%. The major factors driving the growth of the market are increasing animal healthcare expenditure, growing pet insurance purchase, growing adoption of companion animals, increase in the number of veterinary practitioners and their income levels in developed regions, and launch of portable imaging instruments. However, the high cost of veterinary imaging instruments and increasing pet care expenditure may restrain the growth of the global market during the forecast period.

In this report, the market is segmented on the basis of product, animal type, therapeutic area, end user, and region. On the basis of product, the global market is segmented into instruments, reagents, and software. The reagents segment is expected to register the highest CAGR during the forecast period. Increasing adoption of imaging technologies for disease diagnosis in animals and increasing number of pet animals are expected to increase the use of veterinary reagents. The instruments segment is further categorized into radiography systems, ultrasound imaging systems, magnetic resonance imaging (MRI) systems, computed tomography (CT) imaging systems, video endoscopy imaging systems, and other imaging systems (including thermal imaging systems and optical coherent tomography). The MRI systems market is expected to grow at the highest CAGR during the forecast period due to its broad applications in veterinary hospitals and academic research institutes.

Based on therapeutic area, the market is segmented into cardiology, neurology, oncology, orthopedics & traumatology, and other therapeutic areas (including veterinary dentistry, ophthalmology, nephrology, and gynecology). The oncology segment is expected to register the highest CAGR during the forecast period. The growing research on the development of cancer drugs and increasing incidence of cancer in small and large animals are driving the growth of this segment.

By animal type, the global market is segmented into small companion animals, large animals, and other animals. In 2016, the small companion animals segment accounted for the largest share of the market and expected to register the highest CAGR during the forecast period. The large share and high growth of this segment can be attributed to the growing companion animal population, increasing pet care expenditure, growing demand for pet insurance, and technological advancements in imaging modalities.

On the basis of end users, the market is segmented into clinics and hospitals & academic institutions. Clinics are the major end users in the market and are expected to register the highest CAGR during the forecast period. The large share and high growth of this segment are primarily attributed to the growing number of veterinary practices and veterinarians across the globe.

Geographically, the veterinary imaging market in the Asia-Pacific (APAC) region is expected to register the highest CAGR during the forecast period. Growth in this regional segment is largely driven by increasing pet adoption, increasing animal health expenditure, growing demand for pet insurance, increasing awareness on animal healthcare, growing number of veterinary hospitals and clinics, increasing consumption of meat and dairy products, and rising per capita income in Asia-Pacific countries.

Related Reports:

Veterinary Imaging Market by Product (Ultrasound, Radiography, MRI, Video Endoscopy), Therapeutic Area (Oncology, Cardiology, Neurology, Orthopedic), Animal (Small Companion Animals, Large Animals), End User (Hospital, Clinic) - Global Forecast to 2022

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Report Code
MD 3711
Published ON
Apr, 2017
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