Veterinary Imaging Market - Global Forecast to 2020 - New Market Research Report

From: Fast Market Research, Inc.
Published: Tue Sep 15 2015

Veterinary Imaging Market by Product (Digital & Computed Radiography, Ultrasound, Computed & Optical Coherence Tomography, MRI, PET/CT & SPECT, Interventional Radiology, PACS) & by Application (Oncology, Cardiology, Neurology) - Global Forecast to 2020

Veterinary diagnostic imaging is a non-invasive method of obtaining medical images of the animal body for disease diagnostics purposes. Veterinary imaging instruments serve the medical imaging needs of small companion animals (dogs and cats), large animals (including performance and sport horses, sheep, cattle, and other farm animals), and exotic, avian, and zoo animals.

The global veterinary imaging market is expected to grow at a CAGR of 6.6% during the forecast period (2015 to 2020). The growing number of companion animals, growth in animal health spending and pet insurance, increasing incidences of cancer, cardiovascular, and neurological diseases in animals, and growing livestock production are the major drivers for this market. However, the high cost of the instruments, severe shortage of skilled veterinarians, and lack of awareness regarding animal health in developing countries may restrain market growth.

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In 2014, North America commanded the largest share of the global veterinary imaging market, followed by Europe, Asia-Pacific, Latin America, and Middle East and Africa. Developed geographies like North America and Europe are likely to grow at a lower CAGR as compared to the Asia-Pacific market, which is expected to grow at the highest CAGR of 8%-9% during the forecast period. Growth in this regional segment is largely driven by rising small companion animal ownership and increasing spending on pet healthcare in this region. In addition to this, factors such as increasing livestock production and increasing consumption of meat and dairy products in emerging countries such as China, and India are also driving the growth of the veterinary imaging market in this region.

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