The growth of the market during the forecast period is mainly driven by the increase in animal healthcare spending, growing pet insurance purchase, the growing companion animals market, increase in the number of veterinary practitioners and their income levels in developed regions, and launch of portable battery charge imaging instruments. However, the high cost of veterinary imaging instruments and increasing pet care expenditure are expected to restrain the overall market growth, to a certain extent, during the forecast period.
The Veterinary Imaging Market is expected to reach USD 1.94 Billion by 2022 from an estimated USD 1.40 Billion in 2017, at a CAGR of 6.8%.
In this report, the global veterinary imaging market is segmented by product, therapeutic area, animal, end user, and region. On the basis of product, the global veterinary imaging market is segmented into instruments, reagents, and software. The veterinary imaging instruments segment includes 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 radiography systems segment accounted for the largest share of the global veterinary imaging instruments market in 2016.
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On the basis of therapeutic area, the global veterinary imaging market is segmented into orthopedics & traumatology, oncology, cardiology, neurology, and other therapeutic areas. The orthopedics & traumatology segment accounted for the largest share of the global veterinary imaging market in 2016. The large share of this segment can be attributed to the increasing incidence of bone injuries and rising prevalence of arthritis and lameness disease in animals. Oncology application segment offers significant growth opportunities in the market.
Based on animal type, the global veterinary imaging market is segmented into small companion animals, large animals, and other animals. The small companion animals segment accounted for the largest share of the market in 2016. The large share and growth of this segment are attributed to the increasing adoption of companion animals, rising animal healthcare expenditure, growing demand for pet insurance in developed countries, and increasing incidence of disease outbreaks in companion animals.
The global veterinary imaging market, by end user, is segmented into clinics and hospitals & academic institutions. Clinics are the major end users in the veterinary imaging market and accounted for a share in 2016.
North America represented the largest veterinary imaging market in 2016, followed by Europe and Asia-Pacific. The Asia-Pacific market is expected to register the highest CAGR during the forecast period. Factors such as large increasing awareness about animal health in APAC countries, growth in pet adoption, and growing per capita animal health expenditure, especially in India and China, are contributing to the growth of the APAC veterinary imaging market.
The major players in the global veterinary imaging market are GE Healthcare (U.S.), Agfa- Gevaert N.V. (Belgium), Excelsior Union Limited (Russia), Onex Corporation (Canada), Esaote S.p.A (Italy), Canon Inc. (Japan), IDEXX Laboratories, Inc. (U.S.), VCA Inc. (U.S.), Hitachi, Ltd (Japan), BCF Technology, Ltd. (U.K.), Siemens AG (Germany), Diagnostic Imaging Systems, Inc. (U.S.), Hallmarq Veterinary Imaging Ltd. (U.K.), MinXray, Inc. (U.S.), and Fujifilm Holdings Corporation (Japan).