ID: MRFR/HC/2143-CRR | June, 2018 | Region: Global | 138 pages | Cooked Research Reports
Global Veterinary Imaging Market Research Report, by Product Type (Instruments, Veterinary Imaging Reagents and Veterinary Software), By Animal Type (Small Companion Animals and Large Animals), By Therapeutic Area (Orthopedics and Traumatology, Cardiology, Neurology and Oncology), By End User (Hospitals & Clinics and Academic Institutes) and By Regions - Forecast to 2023
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.
This MRFR market perspective examines the historical trends and current scenario of the global veterinary imaging market to deliver a highly pertinent growth forecast. The primary objective of the report is to deliver actionable insights, market facts and relevant data that will allow report users to make informed decisions and device growth strategies. The report includes key trends, drivers and restraints that are likely to influence the market over the next five years. All the crucial parameters were considered before determining the market size. A section of the report thoroughly discuses all the market segments based on which the overall market value was estimated.
In this report, the global veterinary imaging market has been segmented on the basis of product type, by animal type, therapeutic area and end-user. By product type, a market revenue assessment has been made on veterinary imaging instruments, veterinary imaging reagents, and veterinary imaging software. Based on product type, the market segments discussed in the report include large animals, small companion animals, and others. Major therapeutics areas that were considered include cardiology, oncology, orthopedics & traumatology, neurology, and others. hospitals & clinics and academic institutes were identified as the prominent end-users of veterinary imaging. All the segments that are mentioned above are profiled under four major geographies– North America, Europe, Asia Pacific, South America and the Middle East & Africa (MEA), with the respective country-level market sizes. This will assist report users in identifying the segments that are highly lucrative and implement growth strategies for the future.
Value, Market Share, Player Analysis, value chain analysis, Porter's five forces model, demand & supply: gap analysis, investment opportunities analysis, pricing analysis, technological trends, country level break down for product type, animal type, therapeutic area, end-user.
Fujifilm Holding Corporation, Heska Corporation, Idexx Laboratory Inc, Canon Inc, BCF Technology, Ltd, Esaote SpA, Medical Imaging / IMCO, Inc, Diagnostic Imaging System, Inc, Merry X-Ray, Hallmarq Veterinary Imaging Ltd, Carestream Health, General Electric
At Market Research Future, the center of attention lies on integrating resources and data in a manner that leads to high-quality reports with intensive insights into various markets. The research methodology relies on primary and secondary research outputs that delve into the current scenarios of the market. The research approach employed reveals notable trends that are currently governing the market and are beneficial when planning growth strategies. Top-down and bottom-up approaches have been used to ensure a high report quality. The data analysts at MRFR also highlight leading trends that can be capitalized to maximize market gains. The secondary data sources comprise of a diverse range of credible sources such as white papers and annual reports. The reports also enable a composite view of the market through different revenue pockets and geographies. The research process implemented guarantees apposite data analysis and the most independent outlooks toward market developments.
For the scope of the research, MRFR’s report offers a comprehensive segmental analysis of the global market for veterinary imaging
The global veterinary imaging market was valued at USD 1.24 Bn in 2017 and is projected to reach an estimated evaluation of USD 1.85 Bn by the end of 2023 while observing a consistently average CAGR of 6.90% during the forecast period of 2017 to 2023. The globally changing attitude toward animal welfare and the increasing incidences of zoonotic diseases have prompted growth for the global 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.
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 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.
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.
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.
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.
Global Veterinary Imaging Market: Competitive Landscape
Fujifilm Holding Corporation, Heska Corporation, Idexx Laboratories Inc., and Canon Inc. collectively accounted for more than 30% of the market share of the global veterinary imaging market in 2017. These companies continue to retain their strong global presence through collaborations, mergers & acquisitions, and product launches.
In 2017, Fujifilm Holding Corporation accounted for the largest market share of global veterinary imaging market, with around 9.9% of market share. The large share of the company is attributed to the presence of huge product portfolio and focus R&D facilities. The company is also focused on delivering integrated imaging solutions to large healthcare customers. In the last few years, the company has adopted the organic strategy of partnerships for developing the technology. For instance, in 2015, Fujifilm Healthcare and Anicom Holdings announced the partnership to establish a joint venture for developing veterinary technologies and services with a focus on regenerative medicine.
Heska Corporation held the second position in terms of market share, in 2017. The company engaged in manufacturing, selling, and marketing veterinary diagnostics and specialty products for the canine and feline market. It focuses on developing and distributing innovative products, which differentiate them from other players around the globe. For instance, in October 2017, Heska extended the product line by introducing the new element COAG veterinary analyzer.
Idexx Laboratories Inc acquired the third spot in the market. The company has strategies of diversifying, discovering, developing, and distributing imaging software solutions which make imaging an easy task for the clinicians as well as customers.
Canon Inc. holds the fourth place in the market owing to the strategy of product launch and acquisition. In April 2018, Canon announced an FDA approval for Aquilion Precision CT scan system, which helped the company in increasing its product market in the human and veterinary healthcare segment.
There are many other players present in the market such as, BCF Technology, Ltd, Esaote SpA, Medical Imaging / IMCO, Inc, Diagnostic Imaging System, Inc, Merry X-Ray, Hallmarq Veterinary Imaging Ltd, Carestream Health, General Electric and others that accounts around 69.8% of the global market share. The companies adopted the strategies product innovation and acquisitions to solidify their position in the market.