The latest market report published by Credence Research, Inc. “Global Veterinary Diagnostic Imaging Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global veterinary diagnostic imaging market was valued at US$ 1,931.5 Mn in 2017, and is expected to reach US$ 3,473.9 Mn by 2026, expanding at a CAGR of 6.8% from 2018 to 2026.
Imaging diagnostic tools employed in veterinary science such as digital radiography, CT scans, MRI, ultrasound etc. are available in diverse range wherein the system can be placed on table top or wall mounted to provide seamless fitting in space challenged clinical settings worldwide. Medical device manufacturers are providing handheld diagnostic tools to perform preliminary screening of animals in farms situated in remote locations. The limitation associated with this market is dearth of skilled labor to operate such diagnostic equipment employed in veterinary imaging.
Instruments occupy the largest share in product segment related to veterinary diagnostic imaging market. Increased sensitivity, low operation cost and accurate interpretation are key inherent features that propel the instruments market growth. Services segment will register outstanding growth on account of increasing adoption of veterinary picture archiving and communication system (PACS) in clinical settings. Image sharing and cloud computing facilities are gaining huge demand due to real time information dissemination and enhanced security of sensitive data.
Orthopedics are leading the application segment for veterinary diagnostic imaging market. Rising prevalence of traumatic injuries in equine animals and increasing incidence of musculoskeletal disorders in bovine animals drive the orthopedics market growth. Technical innovation in the contrast media and enhancement in image spatial resolution cater the accurate diagnostic requirement of animal oncology. Neurology segment is gaining huge traction owing to the rising prevalence of brain disorders such as traumatic brain injuries, encephalitis, mad cow disease and hydrocephalus.
North America is currently dominating the regional segment for veterinary diagnostic imaging market with 39% share. Rising public animal health awareness and significant increase in pet adoption drive the market growth in North America. Europe represents 30% market share. The factors responsible for its impressive growth are rampant growth in animal husbandry and domicile of major players such as Agfa-Gevaert N.V., Siemens AG., and GE Healthcare. Asia Pacific claims 16% market share and will be the fastest growing regional segment during the forecast period from 2018 to 2026 owing to the rising prevalence of zoonotic disease and increasing demand for meat and dairy food products. Latin America serves as a lucrative market opportunity for major players to establish subsidiaries and retail outlets related to veterinary diagnostic imaging.
Medical device manufacturers competing in the veterinary diagnostic imaging market are Agfa-Gevaert N.V., Canon, Inc., Fujifilm Holdings Corporation, GE Healthcare, Hallmarq Veterinary Imaging, IDEXX Laboratories, Inc., MinFound Medical Systems Co., Ltd., Onex Corporation, Samsung Group and Siemens AG.
Key Market Movements:
- Rising prevalence of zoonotic disease and increasing public animal health awareness worldwide
- Increasing demand for meat and dairy products and significant increase in pet adoption
- Technological revolution in imaging instruments, reagents and services making image generation and sharing feasible