Which geographical region is dominating in the veterinary imaging market?

Posted by snehal shaha on May 24th, 2022

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.

The report Veterinary Imaging 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.

Market Segmentation: -

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.

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.

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.

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.

Regional Analysis: -

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.

Top key Players: -

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).