Veterinary Imaging Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2028

The global Veterinary Imaging market size is expected to be worth around US$ 3.6 billion by 2028, according to a new report by Vision Research Reports.

The global Veterinary Imaging market size was valued at US$ 2.08 billion in 2020 and is anticipated to grow at a CAGR of 6.10% during forecast period 2021 to 2028.

Growth Factors

The veterinary medicine field experienced immense technological developments in the last 20 years. Various technologies of human medical practice are being adopted for diagnosis and treatment of animals. Advancements in technologies are expected to fuel growth. For instance, launch of portable imaging equipment with battery charge is propelling the adoption of these systems in the following years.

Magnetic resonance imaging (MRI) and ultrasound analysis are some of the advanced technologies. MRIs are effective in the prognosis of human neurological disorders. These days, veterinarians are using MRIs for the examination of animal brains. This technology also helps in diagnosing soft tissues and orthopedic structure of an animal’s body. MRI has applications in cardiology for studying heart diseases.

An increase in demand for veterinary diagnostics is expected to fuel the demand as these devices are primarily used for disease diagnosis.

Growing expenditure on animal health and pet insurance are expected to contribute to increasing demand. Also, growing companion animal segments due to the high adoption of pets and an increase in the number of vet practitioners around the world are expected to propel the demand for these systems over the following years.

Report Highlights

The instruments segment accounted for the largest market share due to their growing demand. Imaging instruments are basic devices required owing to which adoption of these instruments is expected to increase over the forecast period. These instruments aid in the detection of diseases, fractures, and hemorrhages in animals. The demand for these instruments is anticipated to increase owing to their increased sensitivity and low cost of operations.

Radiography systems held a dominant share as of 2020. Vet practitioners seek digital radiography systems for whole-body imaging. Increasing awareness about dental care increases the demand for a customized digital scanner for taking high-resolution dental images, which is anticipated to fuel the growth.

Digital equipment has many advantages over traditional radiography X-ray systems as they help in reducing labor cost, time, and increasing profit margins of market players. These associated benefits are attributing to their higher demand.

The small companion animals segment dominated in 2020due to increased adoption of pets as there has been increasing evidence of humans deriving positive health benefits from their pets. Growing companion ownership has increased the demand for highly accurate and effective diagnostic solutions, which is expected to propel the demand for imaging systems in the coming years.

The large animal segment is expected to witness steady growth as the demand for diagnostic imaging is increasing. Furthermore, demand for noninvasive diagnostic imaging systems coupled with an increase in the number of veterinary practitioners is some of the factors contributing to the segment share.

The other segment includes exotic animals and aquatic species. This segment held a smaller share as the adoption of these animals is lesser as compared to other types. Radiography, ultrasound, and CT imaging are some of the important modalities used in the diagnosis of exotic pets. The use of appropriate radiographic projections, radiographic equipment, and film-screen combinations enhances diagnostic results.

Orthopedic and traumatology applications of veterinary imaging accounted for the largest revenue share. An increase in injuries among animals, growing demand for accurate diagnostic solutions, and availability of animal care facilities are contributing to the dominance of this segment as of 2020.

Veterinary diagnostic imaging devices have wide applications in oncology. This segment is expected to witness a lucrative CAGR of around 7.0% in the coming years due to an increase in prevalence in cancer in animals coupled with growing R&D activities in the field of oncology. Market players are investing in research for the development of effective diagnostic and treatment options to cure cancer, which is propelling segment growth.

The neurology segment is anticipated to grow at a lucrative growth rate owing to the increasing incidence of common brain disorders such as hydrocephalus, brain cancer, ischemic infarcts (stroke), epilepsy, traumatic brain injuries, and encephalitis.

Reference laboratories are anticipated to witness a lucrative CAGR of 7.10%. These laboratories offer comprehensive diagnostic tests for delivering efficient results and consultation services of a specialist. An increase in collaborations between reference labs and companies for offering innovative solutions to pet owners and an increase in promotional activities for reference laboratories across the globe are some of the factors anticipated to propel segment growth.

The global veterinary imaging market was dominated by developed regions such as North America and Europe. North American region captured almost 45.5% share of the global market and is anticipated to maintain its dominance over the forecast period. Increase in R&D coupled with the growing demand for veterinary imaging equipment is anticipated to drive the growth.

This dominant share can be attributed to the growth in pet adoption coupled with increasing healthcare expenditure in the animal health segment. For example, according to the American Society for the Prevention of Cruelty to Animals, the pet adoption rate in North America has increased at a significant rate.

Key Players

IDEXX Laboratories, Inc.; GE Healthcare; Sound; Carestream Health; and FUJIFILM Holdings America Corporation. Other market players are Esaote SpA; VetZ Limited; Hallmarq Veterinary Imaging Ltd; SUNI Medical Imaging, Inc.; and Universal Medical Systems, Inc.

Market Segmentation

The Veterinary Imaging market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Veterinary Imaging market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Veterinary Imaging market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Veterinary Imaging market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Veterinary Imaging market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Veterinary Imaging capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Veterinary Imaging by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Veterinary Imaging market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Veterinary Imaging market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Veterinary Imaging market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Veterinary Imaging industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Veterinary Imaging market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Veterinary Imaging market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Veterinary Imaging market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Veterinary Imaging market. These factors have benefited the growth of the global market for Veterinary Imaging. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Veterinary Imaging. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Veterinary Imaging are as follows:

• Historic Year: 2017-2020
• Base Year: 2020
• Forecast Year 2021 to 2028

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

• To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2028);
• Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• To define, describe and forecast the market by type, application and region.
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
• To strategically profile the key players and comprehensively analyze their growth strategies.