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” The veterinary imaging market is expected to reach USD 2.3 billion by 2026 from an estimated USD 1.6 billion in 2021, at a CAGR of 7.0% during the forecast period. Veterinary diagnostic imaging is a non-invasive technique, and it involves the process of creating visual representations of the interior of an animal’s body for clinical analysis, medical intervention, and the visual representation of the function of some organs or tissues. The veterinary imaging market includes different modalities which are used to create images along with reagents (contrast agents) and imaging software.
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The prominent players in the veterinary imaging 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).
The global veterinary imaging market offers significant growth opportunities for market players due to factors such as the rising demand for pet insurance, growing animal healthcare expenditure, increasing companion animal population, increasing number of veterinary practitioners and their income levels in developed countries, and the increasing development of innovative products that offer rapid and accurate results. New imaging technologies, such as MRI and CT systems, are expected to witness a slower adoption rate among veterinarians owing to their high price and significant expenditure on maintenance. Also, limited animal healthcare awareness in emerging markets presents a major challenge for their uptake. Moreover, these instruments require skilled technicians to operate and analyze images for accurate diagnosis; the severe shortage of skilled veterinarians is, therefore, expected to limit their adoption.
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Carestream Health is a leading player in the veterinary imaging market. Onex Corporation provides imaging systems through its subsidiary Carestream Health, a global provider of medical and dental imaging and healthcare information technology solutions. The company has a strong product portfolio of digital radiography systems and software for veterinary applications. The technological advancements and features of CR and DR systems have increased their adoption among veterinarians, hospitals, and clinics. The company invests heavily in R&D activities; for example, in 2018, the company invested USD 189 million on developing new products and upgrading existing products. Onex Corporation is focusing on emerging countries in order to expand its business. In line with this, in November 2019, Carestream Health India Pvt. Ltd. announced the establishment of a global business operations center in Mumbai, India, as a corporate office. This helped the firm increase its presence in India. The company generates a considerable amount of revenue from international sales, thereby expanding market growth in new business horizons.
IDEXX Laboratories, Inc. is engaged in the development, manufacture, and distribution of products and services mainly for companion animal veterinary health, livestock and poultry, water testing, and dairy markets. The company majorly operates in four business segments, namely, Companion Animal Group (CAG); Water; Livestock, Poultry, and Dairy (LPD); and Others which includes human point-of-care medical diagnostics products. The CAG segment provides diagnostic and information management solutions that help veterinarians enhance the health and well-being of animals. The CAG segment is further subsegmented into CAG diagnostics recurring revenue (includes Reference Laboratory Diagnostic and Consulting Services, IDEXX VetLab Consumables, Rapid Assay Products, and CAG Diagnostics Services and Accessories), Veterinary Software, Services, and Diagnostic Imaging Systems, and CAG Diagnostics Capital Instruments
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 veterinary imaging market.
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