After a detailed analysis, Triton has concluded that the veterinary imaging market is expected to display an upward trend in terms of revenue. In addition, it is estimated to grow at a CAGR of 5.80% during the forecasting years 2019 to 2028. The market accounted for $1566.90 million in 2019, and is expected to reach $2603.10 million by 2028.
Veterinary imaging is used for various diagnostic purposes in animals. Internal injuries or diseases, like blood in the abdomen, cysts, arthritis, periodontal diseases, and cancer are some of the incidences where veterinary imaging devices are required. Veterinary imaging is a risk-free and pain-free way to observe the internal organs of the animal body to provide the required diagnosis.
The products of veterinary imaging covered in the report are ultrasound imaging systems, radiography systems, CT (computer tomography) imaging systems, MRI Systems, video endoscopy imaging systems, and other equipment (thermal imaging systems & optical coherent tomography), along with the reagents used in the imaging process & software systems such as RIS (Radiology Information System) PACS and CVIS (Cardiovascular Information System) PACS.
The veterinary imaging market report from Triton gives a detailed analysis of the market definition, key insight, Porter’s five forces analysis, key impact analysis, market attractiveness index, and vendor scorecard.
There is a significant rise in the expenditure for animal care, especially on pets. Pet humanization (in simple words seeing their pets as family members) trends throughout the world are majorly responsible for the increased spending on their pets. This is creating demand for veterinary services. Secondly, the pet insurance industry is showing consolidation giving a further push for the veterinary imaging market. Veterinary services are also required for animal husbandry activities. Many people’s livelihood depends on the milk and meat industry. As the treatment of various diseases requires clinical as well as radiographic findings to reach a proper diagnosis, veterinary imaging becomes important for successful treatment.
Emerging markets such as China, India, Brazil, Argentina & ASEAN countries are showing growth trends in the market. The growth of the veterinary imaging market is expected to be driven by opportunities in untapped, due to a rise in awareness of animal health in these nations. This creates many opportunities for veterinary imaging systems market players in these regions.
However, the high cost of diagnostic imaging devices is restraining the market. The average cost of a new machine is found to be approximately $XX and the repair cost for the same is $XX. Apart from these, staff training costs also around $XX. The basic equipment to conduct digital dental X-rays can cost anywhere between about $XX to $XX, depending on the units themselves. The initial expense of such diagnostic imaging machines can be difficult to recover in general veterinary practice. The maintenance may also add some more cost at a later stage. These costs have often discouraged veterinarian specialists from adopting these devices, and hence, act as a major restraining factor for the market studied.
Geographies Covered For Veterinary Imaging Market
• North America: United States and Canada
• Europe: United Kingdom, Germany, France, Italy, Spain, Russia, and Rest of Europe
• Asia-Pacific: China, Japan, India, South Korea, ASEAN countries, Australia & New Zealand, and Rest of Asia-Pacific
• Latin America: Brazil, Mexico, Argentina, and Rest of Latin America
• The Middle East and Africa: United Arab Emirates, Turkey, Saudi Arabia, South Africa, and Rest of Middle East & Africa
The veterinary imaging market, in this report, is segmented as:
• Product Offering is sub segmented into:
o Instrument
• Radiography Systems
• Ultrasound Imaging Systems
• Computed Tomography Imaging Systems
• Magnetic Resonance Imaging Systems
• Video Endoscopy Imaging Systems
• Other Equipment
o Reagents
o Others
• Animal Category is sub segmented into:
o Companion Animals
o Large Animals
o Others
• Application is sub segmented into:
o Orthopedics & Traumatology
o Oncology
o Cardiology
o Neurology
o Other
• End-user is sub segmented into:
o Veterinary Clinics & Hospitals
o Veterinary Laboratories
o Other
Major key players engaged in the veterinary imaging market are Carestream Health, Idexx Laboratories Inc, Heska Corporation, Hallmarq Veterinary Imaging, Agfa-Gevaert Group, IMV Imaging, Minxray Inc, Shenzhen Mindray Bio-Medical Electronics Co Ltd, Siemens Healthcare GmbH, Esaote SPA, Fujifilm Sonosite Inc, Diagnostic Imaging Systems, Sound Technologies, VetZ GmbH, and General Electric.