Market
Scenario
Pet healthcare is trending globally with the focus shifting towards
improving veterinary capabilities on all fronts. Veterinary imaging remains one
of the key focus areas as animal care providers, veterinaries and animal
research institutes increase their efforts towards developing superior
veterinary imaging technologies. The global veterinary imaging market was
valued at USD 1247.61 Mn in 2017 and is expected to surpass a valuation of USD
1800 Mn by the end of 2023. The arrival of high-quality, dedicated imaging
solutions that are meeting various animal care needs characterizes the growing
interest of healthcare technology companies in the particular space. A number
of reputable animal healthcare bands have stepped up their efforts in
developing veterinary imaging systems that are not only efficient but also
cost-effective. The global demand for such systems has witnessed a considerable
uptick in recent years. A combination of factors such as increased pet care
expenditure by owners, especially in advanced countries and intensive animal
farming are also making a positive impact on the global veterinary imaging
market.
According
to the Maine Center for Disease Control & Prevention, close to
three-fourths of emerging infectious diseases that affect humans originate in
animals. With rising incidences of zoonotic diseases over the past decade or
so, has raised the requirement for the development of appropriate diagnostic
measures. Moreover, with pet adoption rising, animals are increasingly becoming
a member of the family, and as such, pet owners and animal enthusiasts who work
in animal rescue have compelled demand for advancements in diagnostic
technology such as veterinary imaging for the detection of chronic diseases.
Pet insurance often offers up to 80% reimbursement, and due to the growing
demand for advanced diagnostics, pet owners are spending on insurance for their
animal companions. The North American Pet Health Insurance Association (NAPHIA)
has recorded a 17.2% increase in pet health insurance from 2014 to 2015.
Without
pet insurance, however, procedures that involve veterinary imaging modalities
are expensive and as such are expected to hamper market growth. The University
of Illinois published in a report which found that procedural cost ranged
between USD 878 to USD 1,461 depending on the site and inclusion of contrast.
However, due to the factors mentioned above and the unrealized potential in the
market, regulatory authorities such as the FDA have proposed various guidelines
of imaging accuracy which have compelled competitors in the market, both new
and existing, to develop innovative products and services which meet these
guidelines, thus creating new avenues for growth during the assessment
period.
Segmentation
The
global veterinary imaging market has been segmented on the basis of product
type, animal type, therapeutic area, end-user, and region. By product, the
market has been segmented into instruments, veterinary imaging reagents, and
veterinary software. The instruments segment is the most significant segment
due to its cost-effectiveness and accuracy in diagnosis. Among the various
sub-segments that have been included under the instruments segment, the
radiography segment is expected to account for the largest share. The fastest
growing segment, however, is veterinary software which allows for efficient
client & animal management and integration with various forms of medical
imaging devices.
By animal
type, the market has been segmented into small companion animals, large
animals, and others. Due to the increasing adoption of animals as pets, the
most significant segment belongs to the small companion animal segment. Pet
owners have become more conscientious regarding pet health and are quick to
consult veterinarians in hopes of high-quality health care for their companion
animals.
By
end-user, the market has been segmented into hospitals & clinics, academic
institutes, and others. The hospitals and clinics segment accounted for the
largest segment of the global veterinary imaging market due to their extensive
use of imaging modalities for diagnostics. Meanwhile, the fastest growing
segment belongs to academic research institutes which have facilitated growth
for the market due to continuous development and innovation of existing imaging
technology.
By
therapeutic area, the market has been segmented into orthopedics &
traumatology, cardiology, neurology, oncology and others. The orthopedics
& traumatology segment accounts for the largest market share due to the
increasing incidences of bone injuries and prevalence of arthritis and other
joint diseases in animals. The cardiology segment accounts for the second
largest market segment due to the rising occurrences of cardiac conditions
afflicting animals.
Regional
Analysis
Led by
North America, The Americas have the largest share of the global market. The
region is witnessing a rising demand for pet insurance as pet owners are
becoming more invested in their pets’ health. The rapid adoption of innovative
technology offerings in the region is responsible for its leading position in
the veterinary imaging market. Europe, with its inclusion of developed countries
such as Germany, France, and the U.K. accounts for the second largest market
share due to the presence of prominent market players and supportive government
initiatives toward pet insurance and pet healthcare.
The
Asia-Pacific is set to grow at the most rapid pace with countries such as
Japan, China, and India taking the lead. The growing prevalence of nuclear
families with a tendency toward pet adoption and increasing investments in pet
care have prompted international players to establish their presence in these
countries in an effort to tap the potential this region carries.
Competitive
Tracking
Key
players in the global veterinary imaging market that have been analyzed in the
report include Fujifilm Holding Corporation, Heska Corporation, Idexx Laboratory
Inc, and Canon. Other players include Hallmarq Veterinary Imaging Ltd.,
Carestream Health, General Electric and others. Market strategies most employed
by these competitors include product innovation and investments in R&D
pipeline.
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Detailed
Table of Contents:
1 Report Prologue
2 Executive Summary
3
Market Introduction
3.1 Definition 19
3.2 Scope Of The Study 19
3.3 List Of Assumptions 20
3.4 Market Structure 20
4
Research Methodology
4.1 Research Process 22
4.2 Primary Research 23
4.3 Secondary Research
24
4.4 Market Size
Estimation 25
4.5 Forecast Model 25
...Continued
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