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Global Veterinary Imaging Market, By Product, (Ultrasound (2D and 3D), X-Ray (CR and DR), MRI, CT, Software, Reagent, and Other), By Application (Orthopedics, Oncology, Gynecology, Dentistry, Neurology, and Cardiology), By Animal (Small Companion Animal, Large Animal, and Other), By End- User (Hospital, Clinics, Reference labs, and Other), and By Region (North America, Europe, Asia Pacific, South America, and the Middle East & Africa)-Global Forecast to 2027.
The global Veterinary Imaging market was valued at USD 1.52 billion in 2020 and is expected to reach USD 2.43 billion with a CAGR of 6.9% during the forecast period, 2021-2027. The increasing use of veterinary imaging, rising Radiography (X-ray) System technology and advancements in veterinary imaging identification technology, the adoption of advanced technologies are the key features restoring the growth of the global veterinary imaging market. Furthermore, the growing demand for veterinary treatment and rise in the adoption and increasing pet insurance coverage, rising meat and dairy product consumption of pets are among the major factors expected during the forecast period to drive the growth of the global Veterinary Imaging market.
What is Veterinary Imaging?
Veterinary imaging systems are normally used in non-invasive procedures of diagnosing several diseases or disorders in companion animals such as birds, cats, rabbits, dogs, goats, horses, and livestock animals such as cattle and swine. Various imaging techniques such as magnetic resonance imaging, CT scan, radiography, and ultrasound imaging system are normally used to diagnose these animals. Veterinary diagnostic imaging is used for various diagnostic purposes to collect animal health information. Internal diseases or injuries, like blood in the abdomen, periodontal diseases, arthritis, cysts, and cancer, are cases where veterinary imaging devices are essential. Veterinary imaging is a pain-free and risk-free way to observe the internal organs of the animal body to offer the essential diagnosis.
Growth Driver
Growing in awareness of animal health conditions
Growing awareness of animal health conditions, increasing rates of animal disease and serious health problems, rising veterinary healthcare expenditure, increasing pet insurance coverage are driving demand for veterinary diagnostics and driving the market growth. Computed tomography imaging systems provide a high spatial resolution that enables effective anatomical characterization of the disease, increasing their demand. Increasing demand for computed tomography imaging systems and expanding their capabilities also drive the industry’s growth. Computed tomography imaging systems enable various metabolic processes in cancer cells with rapid advances in technology.
Opportunities
Increasing demand for magnetic resonance imaging (MRI) and advancement of technology
Magnetic resonance imaging (MRI) is one of the innovative technologies. Magnetic resonance imaging operative in prognosis neurological disorders in humans. Veterinarians use MRI to examine the animal’s brain. This technique is also useful in diagnosing the animal’s body’s soft tissues and orthopedic structures. MRI is used in cardiology to study heart disease. Imaging equipment helps veterinarians and technicians diagnose and treat zoonotic diseases. These tools are also useful in diagnosing injuries. As the adoption of advanced technology increases, various techniques of human medical practice are being used to diagnose and treat animals. Technological advances are expected to drive growth.
Restraints
High Cost of Veterinary Imaging Equipment
Veterinary imaging systems and related renovation prices are key aspects to preclude the market’s growth. The excessive price of veterinary imaging structures is projected to challenge the growth of the veterinary imaging system market. The veterinary imaging system is considered costly, probable to be the main restraint for veterinary hospitals and clinics.
Pre-Covid-19 impact on the global Veterinary Imaging market
The rise in insurance coverage for household and livestock animals is due to the high cost associated with the veterinary imaging system. As per the North America pet health insurance association 2018 report, the pet health insurance sector generated a premium of USD 1 billion at the end of 2017, 15 percent higher than that recorded in 2016. Another growth in the veterinary imaging market is the overall growth of home pet ownership. Similarly, increasing health awareness about pet animals and increased adoption of diagnostic instruments for taking proper care of pets are the main factors to boost the veterinary imaging market during the pre-covid-19 era.
Covid-19 impact on the global Veterinary Imaging market
The COVID19 pandemic occurred in the meat market in Wuhan, China, and adversely affected the consumption of animal-derived foods. Unfavorable changes in regulations and guidelines are obstructing the growth of this market. Plant closures due to lockdown, supply chain disruptions, and clinical trial recruitment challenges are further impacting the growth of the entire veterinary imaging market. In addition, trade blockades in various regions are expected to slow market growth. The COVID19 pandemic is projected to harm the veterinary imaging market.
Post Covid-19 impact on the global Veterinary Imaging market
The veterinary imaging market is estimated to increase gradually after the covid-19 pandemic. The major factors driving the growth for the veterinary imaging market is the rise the health awareness of companion animal, the growing of the number of veterinary hospitals with the growth of veterinary professionals, technological developments in the veterinary imaging systems, increase of the expenses on animal health, and the adoption of advanced technologies are mainly propelling the growth of the global veterinary imaging market during the covid-19 post period.
Product Segmental Analysis
Based on the Product, the global Biometric Systems market is segmented into, Instrument Radiography (X-ray) System, Ultrasound Imaging System, Digital Radiography (X-ray) System, Magnetic Resonance Imaging System, Video Endoscopy Imaging System), Software, Reagent, and Other. The Instrument segment captured the largest market share in 2020 and is likely to grow critically during the forecast period, 2021-2027. Instrument segment is further subcategorized into radiography, ultrasound imaging system, digital radiography system, magnetic resonance imaging system, video endoscopy imaging system, and radiography systems are the highest share in the global market. Radiography systems are widely used to detect complex conditions and abnormalities animals suffer. Due to the cost-effectiveness, consistently high quality of images and increasing preference for these technologies by veterinarians.
Application Segmental Analysis
The global Veterinary Imaging market is characterized into Orthopaedics, Oncology, Gynaecology, Dentistry, Neurology, and Cardiology, based on the Application. The Orthopaedics segment holds the major market share in 2020 and is likely to grow significantly during the forecast period, 2021-2027. The segmental growth is due to the growing injuries among the animals, the availability of many animal healthcare facilities, and the increasing demand for an accurate diagnostic solution. growing prevalence of arthritis and lameness disease in animals
Animal Segmental Analysis
The global Veterinary Imaging market is characterized by Small Companion Animals, Large Animals, and Other, based on the animal. The small companion animal segments that hold the maximum market percentage in 2020 will produce a large revenue during the forecast period, 2021-2027. The small companion animal segment’s growth is owing to the rising demand for small animal radiography with digital radiography in veterinary treatment and rise in the adoption of pets as there has been growing evidence of humans deriving positive health benefits from their pets improved the demand for extremely accurate and operative diagnostic treatments.
End-User Segmental Analysis
the global Veterinary Imaging market is segregated into hospitals, Clinics, Reference labs, and Others Based on the End- User. The hospital segment accounted for the highest market share in 2020 and is expected to generate maximum revenue during the forecast period, 2021-2027. It is attributed to veterinary imaging in the hospital to provide numerous applications for securing variant animal diseases. Identification of animal diagnosis in hospitals will drive the veterinary imaging market growth. Furthermore, growing technology development includes efficient pet owner cloud-based information systems to drive the market growth of the hospital segment in the forecast period.
Region Segmental Analysis
The global Veterinary Imaging market is categorized by North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America segment holds the largest market share in 2020 and is estimated to rise significantly throughout the forecast period, 2021-2027. This growth is concerned with the growing population of companion and livestock animals, rising veterinary healthcare expenditure, increasing pet insurance coverage, rising meat and dairy product consumption which are the key factors likely to drive the market’s growth in the region.
Competitor Analysis
Companies include Esaote S P A, Fujifilm Holding Crop., IVM Technologies group, Siemens Electronics, General Electric Healthcare, IDEXX Laboratories Inc., Min Xray Inc., Agfa-Gevaert N.V., Carestream Health Inc., Konica Minolta Inc., Heska Corporation, Canon Inc., Hitachi, Mindray Medical International Ltd., Toshiba Corporation are the key players in the global Veterinary Imaging market.
Key Stakeholders
- Market research and consulting firms
- Industry associations
- Global Veterinary Imaging manufacturing firm
- Global Veterinary Imaging providers
- Research organizations and consulting companies
- Organizations, associations, and alliances related to Veterinary Imaging
- Regulatory bodies
- Suppliers
- Retailers
Recent Developments
- In Sep 2021, Canon Inc. has an agreement with Redlen Technologies Inc to make Redline a wholly-owned subsidiary. Canon will obtain advanced radiation detection and imaging technology to accelerate the development of Photon Counting CT systems.
- In Aug 2021, Esaote S. p. A. Announced a three-year agreement with Magnet Group, which provides Magnet Group members full access to Esaote North Americas Comprehensive imaging portfolio and services.
Scope of the Report
| Report Attribute | Details |
|---|---|
| Market Size Value in 2020 | USD 1.52 Billion |
| The revenue forecast in 2027 | USD 2.43 Billion |
| Growth Rate | CAGR of 6.9% from 2020 to 2027. |
| Historical data | 2017-2019 |
| Forecast period | 2021 – 2027 |
| Region covered | North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
| Key companies Profiled | Esaote S P A, Fujifilm Holding Crop., IVM Technologies group, Siemens Electronics, General Electric Healthcare, IDEXX Laboratories Inc., Min Xray Inc., Agfa-Gevaert N.V., Carestream Health Inc., Konica Minolta Inc., Heska Corporation, Canon Inc., Hitachi, Mindray Medical International Ltd., Toshiba Corporation |
Market Modelling
By Product
- Instrument
- Radiography (X-ray) System,
- Ultrasound Imaging System,
- Digital Radiography (X-ray) System,
- Magnetic Resonance Imaging System,
- Video Endoscopy Imaging System
- Software
- Reagent
- Other
By Application
- Orthopedics
- Oncology
- Gynecology,
- Dentistry,
- Neurology,
- Cardiology
By Animal
- Small Companion Animal
- Large Animal
- Other
By End-User
- Hospital
- Clinics
- Reference labs
- Other
By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
Report Content
- Research Strategic Development
- Market Modelling
- Product Analysis
- Market Trend and Economic Factors Analysis
- Market Segmental Analysis
- Geographical Mapping
- Country Wise Segregation
- Research Methodology
- Secondary Research
- Primary Research
- Data Triangulation
- Historical Data
- Identification of Segment
- Market Size Calculating
- Research Objective
- Executive Summary
- Market Insights
- Economic Factor Analysis
- Drivers
- Trends
- Opportunities
- Challenges
- Technological Innovation
- Competitors & Product Analysis
- Regulatory Framework for Veterinary Imaging
- Company market share analysis, 2020
- Porter’s Five forces analysis
- New Investment Analysis
- PESTEL Analysis
- Impact of COVID-19 Global Veterinary Imaging Market
- Economic Impact Study on Global Veterinary Imaging Market
- Economic Factor Analysis
- Global Veterinary Imaging Market Overview
- Global Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Billion)
- Market Share & Forecast, 2016-2027
- By Product
- Instrument
- Radiography (X-ray) System
- Ultrasound Imaging System
- Digital Radiography (X-ray) System
- Magnetic Resonance Imaging System
- Video Endoscopy Imaging System
- Software
- Reagent
- Other
- Instrument
- By Application
- Orthopedics
- Oncology
- Gynecology
- Dentistry
- Neurology
- Cardiology
- By Animal
- Small Companion Animal
- Large Animal
- Other
- By End-User
- Hospital
- Clinics
- Reference labs
- Other
- By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Product
- Demand
- Global Market Size & Forecast, 2016-2027
- North America Veterinary Imaging Market Overview
- North America Veterinary Imaging Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Billion)
- North America Veterinary Imaging Market Share & Forecast, 2016-2027
- By Product
- Instrument
- Radiography (X-ray) System
- Ultrasound Imaging System
- Digital Radiography (X-ray) System
- Magnetic Resonance Imaging System
- Video Endoscopy Imaging System
- Software
- Reagent
- Other
- Instrument
- By Application
- Orthopedics
- Oncology
- Gynecology
- Dentistry
- Neurology
- Cardiology
- By Animal
- Small Companion Animal
- Large Animal
- Other
- By End-User
- Hospital
- Clinics
- Reference labs
- Other
- By Country
- US
- Canada
- Mexico
- By Product
- Demand
- North America Veterinary Imaging Market Size & Forecast, 2016-2027
- Europe Veterinary Imaging Market Overview
- Europe Veterinary Imaging Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Billion)
- Europe Veterinary Imaging Market Share & Forecast, 2016-2027
- By Product
- Instrument
- Radiography (X-ray) System
- Ultrasound Imaging System
- Digital Radiography (X-ray) System
- Magnetic Resonance Imaging System
- Video Endoscopy Imaging System
- Software
- Reagent
- Other
- Instrument
- By Application
- Orthopedics
- Oncology
- Gynecology
- Dentistry
- Neurology
- Cardiology
- By Animal
- Small Companion Animal
- Large Animal
- Other
- By End-User
- Hospital
- Clinics
- Reference labs
- Other
- By Country
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- By Product
- Demand
- Europe Veterinary Imaging Market Size & Forecast, 2016-2027
- Asia Pacific Veterinary Imaging Market Overview
- Asia Pacific Veterinary Imaging Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Billion)
- Asia Pacific Veterinary Imaging Market Share & Forecast, 2016-2027
- By Product
- Instrument
- Radiography (X-ray) System
- Ultrasound Imaging System
- Digital Radiography (X-ray) System
- Magnetic Resonance Imaging System
- Video Endoscopy Imaging System
- Software
- Reagent
- Other
- Instrument
- By Application
- Orthopedics
- Oncology
- Gynecology
- Dentistry
- Neurology
- Cardiology
- By Animal
- Small Companion Animal
- Large Animal
- Other
- By End-User
- Hospital
- Clinics
- Reference labs
- Other
- By Country
- China
- India
- Japan
- Australia
- South Korea
- Taiwan
- Rest of Asia Pacific
- By Product
- Demand
- Asia Pacific Veterinary Imaging Market Size & Forecast, 2016-2027
- South America Veterinary Imaging Market Overview
- South America Veterinary Imaging Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Billion)
- South America Veterinary Imaging Market Share & Forecast, 2016-2027
- By Product
- Instrument
- Radiography (X-ray) System
- Ultrasound Imaging System
- Digital Radiography (X-ray) System
- Magnetic Resonance Imaging System
- Video Endoscopy Imaging System
- Software
- Reagent
- Other
- Instrument
- By Application
- Orthopedics
- Oncology
- Gynecology
- Dentistry
- Neurology
- Cardiology
- By Animal
- Small Companion Animal
- Large Animal
- Other
- By End-User
- Hospital
- Clinics
- Reference labs
- Other
- By Country
- Brazil
- Argentina
- Rest of South America
- By Product
- Demand
- South America Veterinary Imaging Market Size & Forecast, 2016-2027
- Middle East & Africa Veterinary Imaging Market Overview
- Middle East & Africa Veterinary Imaging Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Billion)
- Middle East & Africa Veterinary Imaging Market Share & Forecast, 2016-2027
- By Product
- Instrument
- Radiography (X-ray) System
- Ultrasound Imaging System
- Digital Radiography (X-ray) System
- Magnetic Resonance Imaging System
- Video Endoscopy Imaging System
- Software
- Reagent
- Other
- Instrument
- By Application
- Orthopedics
- Oncology
- Gynecology
- Dentistry
- Neurology
- Cardiology
- By Animal
- Small Companion Animal
- Large Animal
- Other
- By End-User
- Hospital
- Clinics
- Reference labs
- Other
- By Country
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
- By Product
- Demand
- Middle East & Africa Veterinary Imaging Market Size & Forecast, 2016-2027
- Competitor Analysis
- Company Description
- Financial Analysis
- Key Products
- Key Management Personnel
- Contact Address
- SWOT Analysis
- Company Profile
- Esaote S P A
- Fujifilm Holding Crop.
- IVM Technologies group
- Siemens Electronics
- General Electric Healthcare
- IDEXX Laboratories Inc.
- Min Xray Inc
- Agfa-Gevaert N.V.
- Carestream Health Inc.
- Konica Minolta Inc.
- Heska Corporation
- Canon Inc.
- Hitachi
- Mindray Medical International Ltd.
- Toshiba Corporation
Frequently Asked Questions (FAQ):
Veterinary diagnostic imaging is used for various diagnostic purposes to collect animal health information. Internal diseases or injuries, like blood in the abdomen, periodontal diseases, arthritis, cysts, and cancer, are cases where veterinary imaging devices are essential.
The global Veterinary Imaging market is expected to grow with a CAGR of 6.9%%, in value terms, over the forecast period 2020-2027, and expected to reach USD 2.43 Billion by 2027.
Growing awareness of animal health conditions, increasing rates of animal disease and serious health problems, rising veterinary healthcare expenditure, increasing pet insurance coverage are driving demand for veterinary diagnostics and driving the market growth.
The coronavirus will affect the global Plant closures due to lockdown, supply chain disruptions, and clinical trial recruitment challenges are further impacting the growth of the entire veterinary imaging market.
In Sep 2021, Canon Inc. has an agreement with Redlen Technologies Inc to make Redline a wholly-owned subsidiary. Canon will obtain advanced radiation detection and imaging technology to accelerate the development of Photon Counting CT systems.
North America captured the largest market share in 2020 and is estimated to grow significantly during the forecast period, 2021-2027.
Companies include Esaote S P A, Fujifilm Holding Crop., IVM Technologies group, Siemens Electronics, General Electric Healthcare, IDEXX Laboratories Inc., Min Xray Inc., Agfa-Gevaert N.V., Carestream Health Inc., Konica Minolta Inc., Heska Corporation, Canon Inc., Hitachi, Mindray Medical International Ltd., Toshiba Corporation are the key players in the Veterinary Imaging market.
