Veterinary Imaging Market by Product & by Application - Global Forecast to 2020 - Reportlinker Review
NEW YORK, Sept. 22, 2015 /PRNewswire/ -- Veterinary diagnostic imaging is a non-invasive method of obtaining medical images of the animal body for disease diagnostics purposes. Veterinary imaging instruments serve the medical imaging needs of small companion animals (dogs and cats), large animals (including performance and sport horses, sheep, cattle, and other farm animals), and exotic, avian, and zoo animals.
The global veterinary imaging market is expected to grow at a CAGR of 6.6% during the forecast period (2015 to 2020). The growing number of companion animals, growth in animal health spending and pet insurance, increasing incidences of cancer, cardiovascular, and neurological diseases in animals, and growing livestock production are the major drivers for this market. However, the high cost of the instruments, severe shortage of skilled veterinarians, and lack of awareness regarding animal health in developing countries may restrain market growth.
In 2014, North America commanded the largest share of the global veterinary imaging market, followed by Europe, Asia-Pacific, Latin America, and Middle East and Africa. Developed geographies like North America and Europe are likely to grow at a lower CAGR as compared to the Asia-Pacific market, which is expected to grow at the highest CAGR of 8%–9% during the forecast period. Growth in this regional segment is largely driven by rising small companion animal ownership and increasing spending on pet healthcare in this region. In addition to this, factors such as increasing livestock production and increasing consumption of meat and dairy products in emerging countries such as China, and India are also driving the growth of the veterinary imaging market in this region.
In this report, the market is segmented by products, therapeutic areas, type of animal, end users, and by geography. The veterinary imaging market, by product is segmented into instrument, software, reagents, and services. In 2014, the instrument segment accounted for the largest share of the global veterinary imaging market. This market is poised to reach USD 1.5 billion by 2020, growing at a CAGR of 6%–7% during the forecast period. The instruments market is further segmented into ultrasound imaging systems, digital radiography systems, CT systems, MRI systems, nuclear medicine imaging scanners, video endoscopy systems, thermal imaging systems, and optical coherence tomography (OCT) systems. In 2014, the digital radiography imaging systems accounted for the largest share of 26.2% of the global veterinary imaging instrument market. However, the OCT market is expected to grow at the highest CAGR of 8.0% during the forecast period, mainly due to the growing use of OCT in veterinary cancer treatment, arthroscopic evaluation of equine joints, and veterinary ophthalmology.
The veterinary imaging market, by therapeutic areas is classified as cardiology, orthopedics and rheumatology, oncology, nephrology, and other areas such as veterinary dentistry and ophthalmology. Oncology applications accounted for nearly one-third of the veterinary imaging market, in 2014. This market segment is also expected to grow at the highest CAGR of 7.2% during the forecast period. The high growth of this market is mainly to the increasing incidences of cancer in small companion animals.
On the basis of end user, the veterinary imaging market is segmented into hospitals and clinics, universities and research institutions, and emergency and point-of-care service centers. Hospitals and clinics are the major end users of the veterinary imaging market. This segment held more than 60% share of the veterinary imaging market in 2014; mainly due to the extensive use of veterinary imaging instruments in hospitals and clinics. This is also the fastest growing end user markets for veterinary imaging products.
Some of the major players from the veterinary imaging market profiled in this report include, Mindray Medical International, Ltd. (China), GE Healthcare (U.K.), Carestream Health (U.S.), IDEXX Laboratories, Inc. (U.S.), Esaote S.p.A (Italy), Hallmarq Veterinary Imaging Ltd. (U.K.), Agfa Healthcare (Belgium), Toshiba Medical Systems Corporation (Japan), MinXray, Inc.(U.S.), VCA Antech, Inc. (U.S.), and Diagnostic Imaging Systems (U.S.).
Reasons to Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them garner a greater market share. Firms purchasing the report could use one or any combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for reaping greater market shares.
This report provides insights on the following pointers:
- Market Penetration: Comprehensive information on product portfolios offered by top players in the veterinary imaging market. The report analyzes the veterinary imaging market by product, therapeutic areas, type of animal, and end user across all regions
- Product Development/Innovation: Detailed insights on upcoming trends, research and development activities, and new product launches in the veterinary imaging market
- Market Development: Comprehensive information on the lucrative emerging markets by product, therapeutic area, type of animal, end user, and region
- Market Diversification: Exhaustive information about new products, growing regions, recent developments, and investments in the veterinary imaging market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, products, distribution networks, manufacturing capabilities, and SWOT analysis of leading players in the veterinary imaging market
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