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.
Diagnostic imaging instruments used in veterinary sciences such as digital radiography, CT scans, MRI, ultrasound, etc. are used in a wide range of applications where the device can be placed on a table top or wall mounted to ensure smooth fitting in space-related clinical settings worldwide. Medical device manufacturers are offering hand-held diagnostic tools for the initial testing of animals in farms located in remote locations. The disadvantage associated with this market is the lack of skilled labor for the use of diagnostic equipment used in veterinary imaging.
Instruments have the largest market share in the consumer segment related to veterinary diagnostic imaging. Increased sensitivity, low operating costs and correct analysis are key inherent features that drive market growth in the instruments. The services segment will experience outstanding growth due to the growing adoption of the veterinary picture archiving and communication system (PACS) in clinical settings. Photo sharing and cloud computing facilities are becoming increasingly popular due to real-time dissemination of information and enhanced security of sensitive data.
Orthopedics is leading the way for veterinary diagnostic imaging applications. Rising prevalence of traumatic injuries in equine animals and growing occurrence of musculoskeletal disorders in bovine animals are driving market growth in orthopedics. Technical innovation in contrast media and enhancement of spatial image resolution satisfy the precise diagnostic criteria of animal oncology. The neurology field is gaining tremendous momentum due to the increasing incidence of brain disorders such as traumatic brain injuries, encephalitis, mad cow disease and hydrocephalus.
North America currently dominates the 39% market for veterinary diagnostic imaging in the world. Rising public animal health awareness and a significant increase in pet adoption are driving market growth in North America. Europe has a market share of 30%. The reasons responsible for its impressive growth are exponential growth in animal husbandry and the home of major players such as Agfa-Gevaert N.V., Siemens AG, and GE Healthcare. Asia Pacific has a market share of 16% and will be the fastest growing regional segment during the forecast period from 2018 to 2026 due to the increasing prevalence of zoonotic diseases and the 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.
Report Scope by Segments:
By Product (2016–2026; US$ Mn)
- Radiography Imaging
- Ultrasound Imaging
- CT Imaging
- Video Endoscopy Imaging
By Application (2016–2026; US$ Mn)
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