The global Veterinary Imaging Market size is expected to reach USD 3.3 billion by 2026, according to a new report by Grand View Research, Inc.expanding at a CAGR of 6.8% over the forecast period.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.
Imaging devices help veterinarians and technicians in
the diagnosis and management of zoonotic diseases. These instruments also
assist in the diagnosis of injuries. Increasing adoption of advanced
technologies coupled with growing awareness about animal health are some of the
factors expected to propel market growth in the coming years. For example,
University of Pennsylvania’s School of Veterinary Medicine was the first to use
EQUIMAGINE, a diagnostic tool for horses. This device has 2 imaging C-arms that
help in scanning all body parts of a horse. It also captures 2D CT images. This
system is also currently being used in the diagnosis of diseases that affect
horses.
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Further Key Findings From the
Study Suggest:
- Increasing
demand for minimally invasive diagnostic tools to reduce mortality and
morbidity is anticipated to fuel the market growth.
- Instruments
held the dominant share owing to their increasing adoption in reference
laboratories and other animal healthcare facilities
- The
MRI segment is expected to witness lucrative growth in the coming years
owing to rising awareness about their benefits in animal disease diagnosis
- Multi-slice
CT scan systems are anticipated to gain popularity over the forecast
period
- Small
companion animals held the dominant share as of 2018 owing to increasing
adoption of pets and concern about their well-being
- Veterinary
hospitals accounted for the largest revenue share as of 2018 due to
increase in adoption of imaging devices in animal health care facilities
- The
North America veterinary imaging market held the dominant share as of 2018
owing to increasing number of animal healthcare settings and awareness
among pet owners in this region
- Asia
Pacific regional industry is expected to grow at a lucrative CAGR owing to
increase in the number of veterinary care facilities and investments in
animal healthcare
- IDEXX
Laboratories, Inc.; SOUND; GE Healthcare; and Toshiba Corporation held the
dominant share of the market owing to their wide offerings of
technologically advanced products and regional presence
- Competitors
are adopting strategies such as launch of new products, mergers &
acquisitions, and regional expansion to gain competitive advantage
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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