These systems eliminate the requirement of photo processing supplies, films, film jackets, and dark room, which in turn helps in lowering the cost of diagnosis. In developed economies including North America and Europe, there has been a rise in popularity of insurance services related to pets. These factors are expected to drive growth of the global veterinary imaging systems market.
According to a recently published research by Fact.MR, the global veterinary imaging systems market is projected to expand at an impressive CAGR during the forecast period 2017 to 2024. Sales of veterinary imaging systems will account for over US$ 2,000 Mn revenues by 2024-end.
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Adoption of Veterinary Imaging System Results into Reduced Cost of Diagnosis
In order to care proper care of companion animals, demand for veterinary imaging instruments has been witnessing a rise, as there instruments aid detection of sinus/nasal disorders by differentiation of neoplasia from rhinitis. With increase in number of veterinary practitioners, coupled with tremendous hike in pet insurance purchases, animal healthcare spending is gaining an uptick across the globe.
Veterinary imaging systems have increased sensitivity, which helps in detecting brain hemorrhage, and fractures in skull. Various technical enhancements have been made in veterinary imaging systems over the past couple of years.
However, high initial cost is involved in the use of veterinary imaging systems, and these systems require skilled professionals for their operation. In addition, veterinary imaging systems have a comparatively lower sensitivity than MRI systems. This factor might impede their adoption in the detection of inflammation, tumors, and vascular condition. Lack of skilled personnel is another major factor, which might impede growth of the market during the forecast period.
Small Companion Animals Segment of Animal Type to Account for Largest Sales of Veterinary Imaging Systems
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Small companion animals are expected to be the most lucrative segment based on animal type, for sales of veterinary imaging systems. Revenues from this segment is projected to account for over US$ 1,000 Mn by the end of 2024. There has been a significant increase in adoption of pets. In addition, incidences of disease outbreaks have also surged among these animals since the recent past. These factors will further accelerate sales of veterinary imaging systems for small companion animals.
X-ray systems will continue to be the top-selling product, with revenues projected to account for more than one-third market share throughout the forecast period. Growth in sales of x-ray systems is mainly because of their consistent provision of high-quality images, rise in preference of veterinarians towards this technology. However, MRI systems are estimated to witness the fastest expansion in sales through 2024.
Veterinary Clinics to Remain Most Lucrative End-users of Veterinary Imaging Systems
Veterinary clinics are poised to remain the most lucrative end-users of the veterinary imaging systems. Revenues from veterinary clinics will hold over two-third share of the market over the forecast period. Factors contributing to growth of veterinary clinics segment are rising number of veterinarians, as well as veterinary practices worldwide. Based on end-users, hospitals are estimated to register the fastest expansion in the global veterinary imaging systems market through 2024.
North America is expected to remain the largest market for veterinary imaging systems. Sales of veterinary imaging systems in this region will reach roughly US$ 600 Mn in revenues by the end of forecast period. Dominance of North America in the market is mainly attributed to soaring disposable income of the population, along with the surge in awareness about cancers and tumors associated with companion animals.
The veterinary imaging systems markets in Asia-Pacific excluding Japan (APEJ), and North America are projected to expand at similar CAGRs through 2024. Although the market in APEJ was untapped until recently, it is estimated to exhibit a significant growth, especially in the region’s developing countries including China and India, wherein the concept of concept of pets is witnessing a rise in popularity.
Key market players mentioned in Fact.MR’s report on the global veterinary imaging systems market include General Electric Company, Agfa-Gevaert N.V., IDEXX Laboratories, Inc., Hallmarq Veterinary Imaging Ltd, Minxray Inc., Mindray Medical International Limited, FUJIFILM Holdings Corporation, Canon U.S.A. Inc., Esaote SpA, and Hitachi Aloka Medical Ltd.
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