The purpose of this comprehensive
forecast report presented by Fact.MR is to elaborate the various market
projections impacting the global veterinary
imaging systems market during the period through 2017-2022. This
assessment delivers high-end statistics concerning market size, growth in
trends and revenue share (US& Mn) linked to different geographies and
segmentation types. Readers can acquire precise insights about market growth
trends along with upcoming opportunities that are expected to reshape the
overall structure of the veterinary imaging systems market during the forecast
period.
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Veterinary imaging systems are
being used for obtaining medical images of animals for diagnosis of chronic
diseases. A non-invasive procedure, veterinary imaging has evolved with the aid
of instruments related to diagnostic imaging. The animals that are considered
for imaging include zoo animals, large animals, and small companion animals. Animal
healthcare spending has gained an uptick over the recent past, with increased
number of veterinary practitioners, and significant rise in pet insurance
purchases. Demand for veterinary imaging instruments is rising for taking
proper care of pets such as dogs and cats, as these instruments help in
detecting sinus/nasal diseases by differentiating neoplasia from rhinitis. This
further helps in guiding biopsy test results. These instruments also offer
increased sensitivity for detection of brain hemorrhage and skull fractures.
Veterinary imaging systems have undergone various technical enhancements over
the past few years. These systems allow visualization of several types of brain
tumors, eliminating use of film jackets, film, dark room, and photo processing
supplies, thereby reducing cost of diagnosis. In addition, the concept of
insurance services for pet animals has been gaining prevalence, especially in
developed regions such as North America and Europe. The aforementioned factors
are expected to foster growth of global veterinary imaging systems market.
However, the sensitivity of
veterinary imaging systems is comparatively lower than that of MRI systems when
it comes to detecting vascular condition, inflammation, and tumors. Utilization
of veterinary imaging systems involves high initial cost. Furthermore, these
systems can be operated only by skilled professionals possessing knowledge
about hardware and software related problems. These factor might hamper the
market growth in the near future.
By animal type, sales of
veterinary imaging systems for diagnosis of small companion animals are
expected to surpass revenues worth US$ 1,000 Mn by 2022-end. The adoption of
companion animals is witnessing a significant rise, coupled with rising
incidences of disease outbreaks in these animals. These factors are driving
adoption of veterinary imaging systems for small companion animals.
North America is projected to
remain the most lucrative market for veterinary imaging systems, with sales
poised to reach nearly US$ 600 Mn in revenues by 2022-end. In addition, sales
of veterinary imaging systems in North America, and Asia-Pacific excluding
Japan (APEJ) are expected to register a parallel expansion at 7% CAGR through
2022. Growth of the market in North America is driven by the rise in purchasing
power of people, coupled with increased awareness about tumors and cancers in
companion animals. The market in APEJ, although untapped until the recent past,
is expected to witness a considerable expansion, especially in India and China,
where the concept of companion animals is gaining higher popularity.
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Competition Tracking
Key players identified in the
global market for veterinary imaging systems are Hitachi Aloka Medical Ltd.,
Esaote SpA, Canon U.S.A. Inc., FUJIFILM Holdings Corporation, Mindray Medical
International Limited, Minxray Inc., Hallmarq Veterinary Imaging Ltd, IDEXX
Laboratories, Inc., Agfa-Gevaert N.V., and General Electric Company.
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