Veterinary Imaging Market-Global Industry Insights, Trends, OutlookandAnalysis, 2018-2026

Veterinary imaging systems are commonly used non-invasive methods of diagnosing various diseases or disorders in companion animals such as cats, dogs, horses, birds, rabbits, goats as well as livestock animals such as cattle and swine. Various imaging techniques such as radiography, CT scan, magnetic resonance imaging, and ultra sound imaging system are commonly used to diagnose these animals. These system are often used in combinations to better diagnose a disease. Radiography system highlights important structures within the body and is utilized to detect skeletal fractures, damage to soft tissues, dental abnormalities, and presence of foreign bodies inside the animal. Ultrasound imaging can be performed with the help of various techniques such as 2D/3D/4D system, and is used to visualize abnormalities within organs (soft tissues) in circulatory, cardiac, hepatic, and gastrointestinal systems. However, they are most commonly used in the heart and abdominal abnormalities, though cannot be used to scan gas-filled or bony tissues. Another important technique used is computed tomography scan, which produces clearer images than radiography, is used to detect tumors, abscesses, changes in blood vessels, and fractures. Magnetic resonance imaging is used majorly in the case of injuries related to the spinal cord and brain, also used to detect presence of foreign body. However, it is often not the first choice of diagnostic imaging system, as it is an expensive procedure. Radionuclide imaging or scintigraphy is another imaging technique, in which radio nuclear element is injected in animals, which is then detected with special cameras. This technique is used to observe internal organs such as lungs, kidney, brain, heart, and liver.

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Veterinary Imaging Market: Market Dynamics

Veterinary imaging market is expected to exhibit growth on an account of increasing insurance coverage for household as well as livestock animals, owing to high cost associated with imaging systems. According to North American Pet Health Insurance Association (NAPHIA) reports in 2015, pet health insurance sector generated premiums of US$ 774 million, which is 17.2 percent higher than that recorded in 2014. In 2015, 1.6 million pets were insured, which is 12.0 percent higher than that recorded in 2014. Another factor driving growth of the veterinary imaging market is the overall growth in pet ownership in households. For instance, according to report by the Pet food Manufacturers Association’s Pet Data Report, 2017, in the U.K., 8.5 million dogs, 8 million cats, 500,000 guinea pigs, and 300,000 horses and ponies were pet owned, with over 29% houses recording two dogs. Pet ownership in turn, accelerates growth of the veterinary imaging market, as most pets face one or two major illnesses in their lifetime. According to statistics given by Cancer Research Institute, around 6 million new cancer diagnoses are made in dogs and a similar number made in cats each year. Increasing growth of livestock, globally is also expected to propel growth of the veterinary imaging market. For instance, according to the Food and Agricultural Organization’s factsheet in 2017, the total headcount of pigs is over one billion, globally. Significant number of veterinary professionals in developed regions such as North America is also expected to boost growth of the market for veterinary imaging. According to American Veterinary Medical Foundation statistics in 2017, over 110,000 veterinary professionals were recorded in the U.S. Other factors such as increasing awareness amongst pet owners for better treatment and high spending on health are expected to drive growth of the veterinary imaging market.

However, high costs associated with veterinary imaging systems and high diagnostic costs are major factors restraining growth of the market.

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Veterinary Imaging Market: Regional Insights

The market in North America is expected to hold a dominant position in the market. According to American Pet Products Association, 2017-18 National Pet Owner’s survey, U.S. pet expenditure recorded US$ 6.8 billion in 2016 and US$ 69.2 billion in 2017. 89.7 million dogs, 94.2 million cats, and 7.6 million horses were reported as pets in the U.S. Around 68% of households own a companion animal or pet in the U.S. This in turn, makes the U.S. the largest market for veterinary imaging. Europe accounts for the second-largest market for veterinary imaging, as it has one of the robust pet insurance regimes and common households account for significant number of pet ownership. Countries in Asia Pacific, such as China hold lucrative opportunities for market growth, as it has one of highest population of dogs and livestock, according to United States Department of Agriculture (USDA) report, 2017.

Veterinary Imaging Market: Competitive landscape

Major players operating in the global veterinary imaging market include GE Healthcare, Universal Medical Systems, Inc, Agfa- Gevaert N.V., Excelsior Union Limited, Carestream Health, Onex Corporation, Esaote S.p.A, Canon Inc., IDEXX Laboratories, Inc., VCA Inc., Hitachi, Ltd, BCF Technology, Ltd. Siemens AG, Diagnostic Imaging Systems, Inc., Hallmarq Veterinary Imaging Ltd., MinXray, Inc., and Fujifilm Holdings Corporation.

Companies in the market are launching novel and innovative products in order to increase sales and cater to the increasing needs of end users. This in turn, is expected to increase opportunities for growth. For instance, in August, 2016, Diagnostic Imaging Systems (DIS) launched its new digital x-ray system for veterinary market named DRwizard. This system could receive and transmit x-ray images wirelessly. In October 2016, Rayence Inc, launched MyVet imaging systems, which is veterinary elevating DR X-Ray Table System that delivers silent elevation to fulfill comfort and stability, it is also cost-effective and improves patient workflow.

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Veterinary Imaging Market Taxonomy

On the basis of products, the veterinary imaging market is segmented into: Radiography Systems, Digital Radiography Systems, Film-based Radiography Systems, Ultrasound Imaging Systems, 2-D Ultrasound Imaging, 3D/4D Ultrasound Imaging, Doppler Imaging. Magnetic Resonance Imaging Systems, Computed Tomography Imaging Systems, Veterinary Endoscope System, Radionuclide imaging System, Reagents, X-Ray/CT Contrast Reagents, Ultrasound Contrast Regents, MRI Contrast Regents, PACS Veterinary Software System

On the basis of application, the veterinary imaging market is segmented into: Oncology, Orthopedics and Traumatology, Neurology, Cardiology, Other Therapeutic Areas,

On the basis of end user, the veterinary imaging market is segmented into: Veterinary Hospitals, Veterinary Clinics,

On the basis of animal type, the veterinary imaging market is segmented into: Small Companion Animals, Large Animals, Other Animals,.

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