The animal imaging market is estimated to represent a global market of USD 1.92 billion by 2016 with growth rate of 5.8%. Veterinarians or veterinary radiologists are specialized in the use of ultrasound, X-rays, and nuclear medicine technique for veterinary diagnostic imaging that can aid in the treatment of animal related animals. The market for veterinary imaging products is majorly driven by the continuous rise in zoonotic diseases across the globe. For example, according to the Centers for Disease Control and Prevention (CDSCO), zoonotic disease is increasing in many developing as well as developed regions. Imaging devices help veterinarian and technology assistants in diagnosis and management of zoonotic diseases. Such factor will spur the demand for veterinary diagnostic products such as imaging techniques to curb disease, leading to drive the market growth. Factors such as technological advancement, rising number of pet owners, government initiatives also drive the market demand of these products over the future period. However, high cost of some imaging devices hamper the market growth to some extent.
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The market is categorized into types such as Instrument, Reagent, Software and Services. Instrument segment recorded more than 50% share (in 2016, USD 998 million) of the global market. Instrument segment is further categorized as Radiography X-ray, Ultrasound Imaging, CT Imaging, Video Endoscopy Imaging, Magnetic Resonance Imaging and Other. Radiography X-ray, and Ultrasound Imaging is considered to be the highest revenue generating market segment. High cost of these instruments coupled with increasing usage of these imaging techniques in many clinics supported the market growth.
Reagents cover Ultrasound Contrast Regents, MRI Contrast Regents, X-Ray/CT Contrast Reagents and others. Benefits of ultrasound contrast reagents over other reagent media drive the market growth. Software RIS PACS, and CVIS PACS. Further, services segment is divided as Interventional Radiology, Endoscopy and Advanced Imaging Services. Animal types segment is divided into small animal and large animals.
Regionally, the market is categorized as North America, Europe, Asia Pacific, Latin America and Rest of the World. North America held a dominant share of Veterinary Imaging market. The dominant share can be attributed to the growing number of pet adoption coupled with increasing healthcare expenditure in animal health segment supported the market growth. For example, according to the American Society for the Prevention of Cruelty to Animals, pet adoption rate in North America has increased at significant rate over the past couple of years. As per the estimates of the Humane Society of the United States, more than 66.5 million household pets are in the U.S. only as of 2011. The number is increased by 79.7 million (around 65% of the total households) as of 2016. Asia Pacific region is growing with highest growth rate. The Asia Pacific Strategy for Emerging Diseases (APSED) is established, aiming to provide strategies to strengthen generic capacity of country to control and prevent zoonotic diseases. This would in turn stimulate the utilization of veterinary imaging products, leading to drive the market growth.
Companies such as IDEXX Laboratories, Inc., Esaote SpA, VCA Inc., Carestream Health, Inc., GE Healthcare and others are operating in this market. Market participants offers variety of veterinary imaging products which will help companies to expand its customer base. IDEXX Laboratories, Inc. is one of the leader of the market, primarily operating in regions such as North America, Canada, Europe and Australia. The company has registered 1,775.4 million revenue, 10% up compared to the previous year (USD 1,601.9 million in 2015). Growth of company’s revenue is majorly from the animal health product segment.
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The market size and forecast for each segment has been provided for the period 2014 to 2025, considering 2015 as the base year. The report also provides the compounded annual growth rate (% CAGR) for the forecast period 2016 to 2025 for every reported segment.
The years considered for the study are:
Historical Year – 2014 & 2015
Base Year – 2015
Estimated Year – 2016
Projected Year – 2025
Traders, Distributors, And Suppliers
Government and Regional Agencies and Research Organizations
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY TYPES
Video Endoscopy Imaging
Magnetic Resonance Imaging
Ultrasound Contrast Regents
MRI Contrast Regents
X-Ray/CT Contrast Reagents
Advanced Imaging Services
MARKET, BY ANIMAL TYPE
MARKET, BY REGION
Rest of the World
MARKET, BY COUNTRY
Further Breakdown of The North America Market
Further Breakdown of The Europe Market
Rest of Europe
Further Breakdown of The APAC Market
Rest of APAC
Further Breakdown of The Rest of the World Market
Middle East and Africa
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