The growth in this market is majorly driven by the growth in the companion animal population, rising demand for pet insurance and growing animal health expenditure, growing number of veterinary practitioners & their rising income levels in developed economies, rising demand for animal-derived food products, and growing prevalence of animal diseases. However, high cost of veterinary imaging instruments and rising pet care costs are expected to restrain the growth of this market.
The report Veterinary Imaging Market is projected to reach USD 2.2 billion by 2025 from USD 1.6 billion in 2020, at a CAGR of 6.7% during the forecast period. Due to the outbreak of corona svirus globally, there is slight dip in the demand for veterinary imaging systems in first quarter of 2020.
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Market Segmentation: -
Based on product, the veterinary imaging market is segmented into instrument, reagents, and software. The instruments segment accounted for the largest market share in 2019. The large share of this segment can be attributed to the high cost of imaging instruments and the increasing adoption of imaging modalities for disease diagnosis in the treatment of companion animals and livestock.
On the basis of animal type, the veterinary imaging market is segmented into small companion animals, large animals, and other animals. The small companion animal segment accounted for the largest share of the market in 2019. The large share and highest growth of this segment is attributed to the growing pet adoption due to rising urbanization, growing expenditure on pet care, increasing demand for pet insurance, the growing adoption of animal-assisted therapy, economic growth, and the rising incidence of age-related diseases in companion animals.
Based on end users, the veterinary imaging market is segmented into veterinary clinics and diagnostic centers and veterinary hospitals and academic institutions. Veterinary clinics and diagnostic centers accounted for the largest share of the market in 2019. The large share of this segment is attributed to the increasing number of veterinarians and the growing number of private clinical practices across the globe.
Regional Analysis: -
The veterinary imaging market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latina America, and the Middle East and Africa. In 2019, North America accounted for the largest share. The large share of North America can be attributed to the increasing population of companion animals, rising veterinary healthcare expenditure, the growing population of livestock due to the increasing consumption of meat and dairy products, and growth in pet insurance coverage.
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Top key players: -
Some of the prominent players in this market are GE Healthcare (US), Agfa-Gevaert N.V. (Belgium), Carestream Health, Inc. (US), Esaote S.p.A (Italy), IDEXX Laboratories, Inc. (US), Mindray Medical International Limited (China), Canon Inc. (Japan), Heska Corporation (US), Siemens Healthineers (Germany), FUJIFILM Holdings Corporation (Japan), Konica Minolta (Japan), Samsung Electronics Co. Ltd. (South Korea), E.I. Medical Imaging (US), IMV imaging (UK), SEDECAL (Spain), Clarius Mobile Health (Canada), Shenzhen Ricso Technology Co., Ltd. (China), DRAMIÑSKI S.A. (Poland), EPICA Animal Health (US), and ClearVet Digital Radiography Systems (US).