According to the new market research report "Veterinary Imaging Market by Product (Ultrasound (2D, 3D, Doppler), X-Ray (CR, DR), MRI, CT, Software, Reagent), Therapeutic Area (Orthopedics, Gynecology, Oncology, Dentistry), Animal (Small, Large), End User (Hospital, Clinic) - Global Forecast to 2026", published by MarketsandMarkets™, the global market is projected to reach USD 2.3 billion by 2026 from USD 1.6 billion in 2021, growing at a CAGR of 7.0% during the forecast period.
Browse in-depth TOC on "Veterinary Imaging
Market"
331 – Tables
63 – Figures
371 – Pages
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The impact of the COVID-19 pandemic and the lockdowns it
triggered is clearly visible on various markets, including the veterinary
imaging market. In 2020 and early 2021, the overall growth of various sectors
was heavily impacted, specifically in countries with a high incidence rate of
COVID-19, such as India, Brazil, China, the US, and several
European countries (including Russia, Italy, the UK, and Spain).
The COVID-19 pandemic is expected to have a temporary negative
impact on the market or its growth during the forecast period. The outbreak of
COVID-19 originated from a meat market in Wuhan (China), which has negatively
affected the consumption of food products derived from animal sources.
Unfavorable changes in regulations and guidelines are hampering the growth of
this market. The closing down of manufacturing facilities due to lockdowns,
disruptions in supply chains, and recruitment challenges for clinical trials
have further impacted the growth of the overall veterinary imaging market.
Furthermore, trade barriers in various regions are also expected to restrain
the growth of the market.
The Veterinary Imaging Instruments segment holds the largest
market share during the forecast period.
On the basis of products, the global market is segmented into
veterinary imaging instruments, reagents, and software. In 2020, the
instruments segment accounted for the largest share of the global veterinary
imaging market. Growth in this product segment can largely be attributed to the
increasing adoption of digital imaging owing to the high-quality images
provided by these instruments for disease diagnosis.
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In the therapeutic area segment, Orthopedics & Traumatology
segment holds the largest market share during the forecast period
Based on the type of therapeutic area, the market is segmented
into cardiology, neurology, oncology, orthopedics & traumatology,
dentistry, obstetrics & gynecology, and other therapeutic areas, which
include veterinary ophthalmology and nephrology. In 2020, the orthopedics and
traumatology segment accounted for the largest share of the global veterinary
imaging market. The largest share of this segment can be attributed to the
growing incidence of bone injuries and the increasing prevalence of arthritis,
lameness diseases, and joint disorders in animals.
In the animal type segment, small companion animals segment is
expected to grow at the largest share in the veterinary imaging market
Based on the type of animal, the market is segmented into small
companion animals, large animals, and other animals. The small companion
animals segment accounted for the largest market share in 2020. This can be
attributed to the increasing adoption of companion pets, increasing focus on
the safety of companion animals, growing expenditure on animal health and
preventative care, increasing demand for pet insurance, aging pet population,
and growing technological advancements in imaging modalities. The small
companion animals segment is also expected to register the highest growth
during the forecast period.
In the end user segment, Veterinary Clinics & Diagnostic
Centers segment is expected to account for the largest share in the veterinary
imaging market
On the basis of end users, the global market is segmented into
veterinary clinics and diagnostic centers and veterinary hospitals and academic
institutions. Veterinary clinics and diagnostic centers are the major end users
in the market and accounted for a share in 2020. The large share of this
segment is primarily attributed to the increasing number of veterinary
practices and the growing number of veterinarians.
APAC is expected to grow at the highest growth rate in 2020
The Asia Pacific region is
expected to register the highest CAGR during the forecast period. Growing pet
adoption, increasing awareness about animal health, and growing per capita
animal health expenditure, especially in India and China, are contributing to
the growth of the APAC market.
Key players in the veterinary imaging market
The prominent players in the market are GE Healthcare (US),
Agfa-Gevaert N.V. (Belgium), Carestream Health
(US), Esaote S.p.A (Italy), IDEXX Laboratories,
Inc. (US), Mindray Medical International Limited (China), Canon Inc. (Japan), Heska Corporation
(US), Siemens Healthineers (Germany), FUJIFILM Holdings
Corporation (Japan), Konica Minolta Inc. (Japan), Samsung Electronics
Co., Ltd. (South Korea), E.I. Medical Imaging (US), IMV
imaging (UK), SEDECAL (Spain). Other players in the
veterinary imaging market are Clarius Mobile Health (Canada), Shenzhen Ricso
Technology Co. Ltd. (China), DRAMIÑSKI S.A. (Poland), Epica Animal Health
(US), and ClearVet Digital Radiography Systems (US), MinXray Inc. (US),
Hallmarq Veterinary Imaging (UK), Shantou Institute of Ultrasonic Instruments
Co., Ltd (China), Sonoscape Medical Corp. (China), and Reproscan (US).
