According to the new market research report “Veterinary Imaging Market by Product (Ultrasound (2D, 3D, Doppler), X-Ray (CR, DR), MRI, CT, Software, Reagent), Therapeutic Area (Orthopedics, Gynecology, Oncology, Dentistry), Animal (Small, Large), End User (Hospital, Clinic) – Global Forecast to 2026″, published by MarketsandMarkets™, the global market is projected to reach USD 2.3 billion by 2026 from USD 1.6 billion in 2021, growing at a CAGR of 7.0% during the forecast period.
The growth of the global veterinary imaging market during the forecast period is mainly driven by the increasing rate of companion animal population, rising demand for pet insurance and an increasing amount of animal health expenditure, growing number of veterinary practitioners and their rising income levels in developed economies, rising demand for animal-derived food products, and growing prevalence of animal diseases. Emerging markets, such as India and China, and growing companion animal ownership in the APAC region are also factors expected to offer significant growth opportunities for players in the market. On the other hand, lack of animal healthcare awareness, a severe shortage of skilled veterinarians, and the high cost of imaging instruments in emerging countries are factors expected to restrain the overall market growth, to a certain extent, during the forecast period.
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The impact of the COVID-19 pandemic and the lockdowns it triggered is clearly visible on various markets, including the veterinary imaging market. In 2020 and early 2021, the overall growth of various sectors was heavily impacted, specifically in countries with a high incidence rate of COVID-19, such as India, Brazil, China, the US, and several European countries (including Russia, Italy, the UK, and Spain).
The COVID-19 pandemic is expected to have a temporary negative impact on the market or its growth during the forecast period. The outbreak of COVID-19 originated from a meat market in Wuhan (China), which has negatively affected the consumption of food products derived from animal sources. Unfavorable changes in regulations and guidelines are hampering the growth of this market. The closing down of manufacturing facilities due to lockdowns, disruptions in supply chains, and recruitment challenges for clinical trials have further impacted the growth of the overall veterinary imaging market. Furthermore, trade barriers in various regions are also expected to restrain the growth of the market.
The Veterinary Imaging Instruments segment holds the largest market share during the forecast period.
On the basis of products, the global market is segmented into veterinary imaging instruments, reagents, and software. In 2020, the instruments segment accounted for the largest share of the global veterinary imaging market. Growth in this product segment can largely be attributed to the increasing adoption of digital imaging owing to the high-quality images provided by these instruments for disease diagnosis.
In the therapeutic area segment, Orthopedics & Traumatology segment holds the largest market share during the forecast period
Based on the type of therapeutic area, the market is segmented into cardiology, neurology, oncology, orthopedics & traumatology, dentistry, obstetrics & gynecology, and other therapeutic areas, which include veterinary ophthalmology and nephrology. In 2020, the orthopedics and traumatology segment accounted for the largest share of the global veterinary imaging market. The largest share of this segment can be attributed to the growing incidence of bone injuries and the increasing prevalence of arthritis, lameness diseases, and joint disorders in animals.
In the animal type segment, small companion animals segment is expected to grow at the largest share in the veterinary imaging market
Based on the type of animal, the market is segmented into small companion animals, large animals, and other animals. The small companion animals segment accounted for the largest market share in 2020. This can be attributed to the increasing adoption of companion pets, increasing focus on the safety of companion animals, growing expenditure on animal health and preventative care, increasing demand for pet insurance, aging pet population, and growing technological advancements in imaging modalities. The small companion animals segment is also expected to register the highest growth during the forecast period.
In the end user segment, Veterinary Clinics & Diagnostic Centers segment is expected to account for the largest share in the veterinary imaging market
On the basis of end users, the global market is segmented into veterinary clinics and diagnostic centers and veterinary hospitals and academic institutions. Veterinary clinics and diagnostic centers are the major end users in the market and accounted for a share in 2020. The large share of this segment is primarily attributed to the increasing number of veterinary practices and the growing number of veterinarians.
APAC is expected to grow at the highest growth rate in 2020
The Asia Pacific region is expected to register the highest CAGR during the forecast period. Growing pet adoption, increasing awareness about animal health, and growing per capita animal health expenditure, especially in India and China, are contributing to the growth of the APAC market.
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Key players in the veterinary imaging market
The prominent players in the market are GE Healthcare (US), Agfa-Gevaert N.V. (Belgium), Carestream Health (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 Inc. (Japan), Samsung Electronics Co., Ltd. (South Korea), E.I. Medical Imaging (US), IMV imaging (UK), SEDECAL (Spain). Other players in the veterinary imaging market are Clarius Mobile Health (Canada), Shenzhen Ricso Technology Co. Ltd. (China), DRAMIÑSKI S.A. (Poland), Epica Animal Health (US), and ClearVet Digital Radiography Systems (US), MinXray Inc. (US), Hallmarq Veterinary Imaging (UK), Shantou Institute of Ultrasonic Instruments Co., Ltd (China), Sonoscape Medical Corp. (China), and Reproscan (US).
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