The veterinary diagnostic imaging market is set to reach from US$ 1,931.5 Mn in 2017 to US$ 3,473.9 Mn by 2026 at a compound annual growth rate (CAGR) of 6.8% during the forecast period from 2018 to 2026. Veterinary diagnostic imaging is a non-invasive procedure which is employed to obtain medical images of animals suffering with acute and chronic diseases. Technological advancement in the instruments and contrast media has drastically reduced time and cost associated with preliminary diagnosis of animals. Increasing demand for meat and dairy products and rising welfare activities for pet & stray animals provide a positive impetus for the veterinary diagnostic imaging market growth.
"Low cost of operation, increased sensitivity and precise interpretation drive the instruments market growth"
Instruments are reigning the product segment for veterinary diagnostic imaging market. Over the last 2 decades there has been a technological revolution in the diagnostic tools which has increased the instrument sensitivity, high resolution imaging, precise data interpretation and low cost of operation. The other factors that drive the instruments market growth are rising prevalence of zoonotic disease and increase rate of pet adoption. Service segment will be gaining tremendous traction in the near future owing to increased adoption of veterinary picture archiving and communication system (PACS) in clinical settings throughout the globe. Image sharing facilities and increased storage capacity for vital information is the need of the hour in veterinary science, henceforth medical device manufacturers are diligently working to provide services pertaining to veterinary diagnostic and imaging.
"Rising prevalence of musculoskeletal disease in bovine and equine animals drive the orthopedic market growth"
In the present scenario orthopedics are dominating the application segment for veterinary diagnostic imaging market. Rising prevalence of musculoskeletal disease in equine and bovine animals and rampant growth in livestock & animal husbandry drive the orthopedics market growth. Medical device manufacturers are investing huge funds in developing contrasting media to get precise and accurate images pertaining to tumors and cancerous cells. Technological advancement in the diagnostic instruments has made early diagnosis and subsequent treatment of cancer. Neurology will be the fastest growing market during the forecast period owing to increasing incidence of brain disorders such as mad cow disease, encephalitis, hydrocephalus and traumatic brain injuries.
"Rising public animal health awareness and significant increase in pet adoption drive the market growth in North America"
Currently North America represents 39% market share and is leading the regional segment for veterinary diagnostic imaging market. The primary features responsible for the excellent market growth in North America are rising public animal health awareness and significant increase in the pet adoption rate in the last decade. Europe is the second largest region accounting for 30% market share. Increasing demand for meat and dairy products and domicile of major players such as Siemens AG, Agfa-Gevaert N.V., GE Healthcare etc., propel the veterinary diagnostic imaging market growth in the European region. Asia Pacific currently constitutes 16% market share and will be the fastest growing market regional segment during the forecast period from 2018 to 2026. The major factors which contributes to its positive growth are rising prevalence of zoonotic disease and rampant growth in the livestock and dairy industry.
Medical device manufacturers competing in the veterinary diagnostic imaging market are Agfa-Gevaert N.V., Canon, Inc., Fujifilm Holdings Corporation, GE Healthcare, Hallmarq Veterinary Imaging, IDEXX Laboratories, Inc., MinFound Medical Systems Co., Ltd., Onex Corporation, Samsung Group and Siemens AG.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Veterinary Diagnostic Imaging market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
ATTRIBUTE | DETAILS |
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Research Period | 2022-2032 |
Base Year | 2023 |
Forecast Period | 2024-2032 |
Historical Year | 2022 |
Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report