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Veterinary Diagnostic Imaging Market By Product (Instruments, Reagents and Services), By Application (Cardiology, Oncology, Neurology, Orthopedics and Others) - Growth, Future Prospects & Competitive Analysis, 2018 - 2026

The veterinary diagnostic imaging market is expected to grow at a compound annual growth rate (CAGR) of 6.8% between 2018 and 2026, from US$ 1,931.5 million in 2017 to US$ 3,473.9 million by 2026. Veterinary diagnostic imaging is a non-invasive procedure that is employed to obtain medical images of animals suffering from acute and chronic diseases.

The advancement of technology in instruments and contrast media has drastically reduced the time and cost associated with a preliminary animal diagnosis. Increasing demand for meat and dairy products and rising welfare activities for pets and stray animals provide a positive impetus for the veterinary diagnostic imaging market's growth.

Market Synopsis

Low cost of operation, increased sensitivity, and precise interpretation drives the instruments' market growth.

In the veterinary diagnostic imaging market, instruments are the dominant product segment. Over the last two decades, diagnostic tools have undergone a technological revolution that has increased instrument sensitivity, enabled high-resolution imaging, provided precise data interpretation, and reduced operational costs. The other factors that drive the instrument market's growth are the rising prevalence of zoonotic disease and the increased rate of pet adoption.

The service segment will be gaining tremendous traction in the near future owing to the increased adoption of veterinary picture archiving and communication systems (PACS) in clinical settings throughout the globe. Image-sharing facilities and increased storage capacity for vital information are the need of the hour in veterinary science; henceforth, medical device manufacturers are diligently working to provide services pertaining to veterinary diagnostics and imaging.

The growing prevalence of musculoskeletal disease in bovine and equine animals drives the growth of the orthopedic market.

In the present scenario, orthopedics dominates the application segment of the veterinary diagnostic imaging market. The rising prevalence of musculoskeletal disease in equine and bovine animals and rampant growth in livestock and animal husbandry drive the orthopedics market's growth.

Medical device manufacturers are investing huge funds in developing contrasting media to get precise and accurate images pertaining to tumors and cancerous cells. Early cancer detection and treatment are now possible thanks to technological advancements in diagnostic instruments. Neurology will be the fastest-growing market during the forecast period owing to the increasing incidence of brain disorders such as mad cow disease, encephalitis, hydrocephalus, and traumatic brain injuries.

Rising public animal health awareness and a significant increase in pet adoption drive market growth in North America.

North America currently holds 39% of the market and leads the regional segment for veterinary diagnostic imaging. The primary features responsible for the excellent market growth in North America are rising public animal health awareness and a significant increase in the pet adoption rate in the last decade. Europe is the second-largest region, accounting for 30% of the market.

Increasing demand for meat and dairy products and the domicile of major players such as Siemens AG, Agfa-Gevaert N.V., GE Healthcare, etc., propel the veterinary diagnostic imaging market's growth in the European region. Asia Pacific currently constitutes 16% of the market share and will be the fastest-growing market segment during the forecast period from 2018 to 2026. The major factors that contribute to its positive growth are the rising prevalence of zoonotic disease and the rampant growth of the livestock and dairy industries.

Periods of History and Forecast

This research report presents the analysis of each segment from 2016 to 2026, considering 2017 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2018 to 2026.

Report Scope by Segments

The market is segmented by product, application, and geography.

Medical device manufacturers competing in the veterinary diagnostic imaging market are Agfa-Gevaert N.V., Canon, Inc., Fujifilm Holdings Corporation, GE Healthcare, Hallmarq Veterinary Imaging, IDEXX Laboratories, Inc., MinFound Medical Systems Co., Ltd., Onex Corporation, Samsung Group, and Siemens AG.

Key questions are answered in this report.

  • What will be the market size and compounded annual growth rate during the forecast period from 2018 to 2026?
  • Who are the key players participating in the veterinary diagnostic imaging market?
  • What are the strengths, weaknesses, and opportunities pertaining to the veterinary diagnostic imaging market?
  • Which factors will contribute to the rapid growth of neurology in the veterinary diagnostic imaging market?
  • Which services are being developed to strengthen the veterinary diagnostic imaging market's growth?
  • Why is North America the leading regional market in the veterinary diagnostic imaging market?

Frequently Asked Question:

The market for Veterinary Diagnostic Imaging Market is expected to reach USD$ 3,473.9 Mn in 2026.

The Veterinary Diagnostic Imaging Market is expected to see significant CAGR growth over the coming years, at 6.8%.

The report is forecasted from 2018 -2026.

The base year of this report is 2017.

Canon, Inc., Fujifilm Holdings Corporation, GE Healthcare, Hallmarq Veterinary Imaging, IDEXX Laboratories, Inc., MinFound Medical Systems Co. are some of the major players in the global market.

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Trusted By
Godaddy
Published Date:  Jan 2019
Category:  Medical Devices
Report ID:   59532
Report Format:   PDF
Pages:   120
Rating:    4.4 (49)
Delivery Time: 24 Hours to 48 Hours   
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