Veterinary Imaging Equipment Global Market Report 2022

Veterinary Imaging Equipment Global Market Report 2022

  • May 2022 •
  • 250 pages •
  • Report ID: 6281016 •
  • Format: PDF
Major players in the veterinary imaging equipment market are Agfa-Gevaert N.V., Canon Inc., Excelsior Union Limited, Fujifilm Holdings Corporation, Hitachi Ltd., Onex Corporation, Siemens AG, GE Healthcare, Chison, and IDEXX.

The global veterinary imaging equipment market is expected to grow from $1.65 billion in 2021 to $1.76 billion in 2022 at a compound annual growth rate (CAGR) of 6.7%. The market is expected to grow to $2.27 billion in 2026 at a compound annual growth rate (CAGR) of 6.6%.

The veterinary imaging equipment market consists of sales of veterinary imaging equipment by entities (organizations, sole traders, and partnerships) that produce veterinary diagnostic equipment used to obtain medical images of animals for the diagnosis of various diseases.This industry includes establishments that produce diagnosis equipment such as radiography, X-ray, ultrasound imaging, MRI, CT imaging, endoscopy imaging, and other imaging equipment.

These imaging systems are used for cardiology, orthopedics & traumatology, oncology, neurology, and others.

The main types of veterinary imaging equipment are radiography (x-ray) system, ultrasound imaging system, computed tomography imaging system, video endoscopy imaging system, magnetic resonance imaging system, other types and are used for small companion animals, large animals, other animal types.The ultrasound imaging equipment refers to the imaging equipment that is used for the animals to diagnose a disease.

The different modalities include portable, stationary.These are applicable in orthopedics and traumatology, oncology, cardiology, neurology, other applications.

The veterinary imaging equipment is used in veterinary hospitals, veterinary clinics, academic and research organizations, other end users.

North America was the largest region in the veterinary imaging equipment market in 2021. Asia Pacific was the second-largest region in the veterinary imaging equipment market.The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The rising livestock population is anticipated to boost the demand for veterinary imaging equipment.The surge in livestock population and associated diseases is expected to propel the demand for veterinary medical equipment including veterinary imaging equipment to diagnose and treat various diseases in animals.

For instance, the global cattle or cow population increased to 989.03 million in 2019. Moreover, according to the Food and Agriculture Organization of the United Nations, the global cattle population is projected to increase to 2.6 billion by 2050 and the global population for goats and sheep is predicted to reach 2.7 billion by the end of 2050. Consequently, growth in the livestock population is expected to trigger the demand for veterinary imaging equipment in the forecast period.

The high cost of veterinary imaging systems is expected to limit the growth of the veterinary imaging equipment market over the coming years.Veterinary imaging equipment is considered to be costly, which is likely to be a major challenge for veterinary hospitals and clinics.

For instance, the veterinary digital radiography systems cost ranges between $25,000 and $50,000.The cost of ultrasound devices is estimated to range from $2,000 to $3,000 for small portable machines and large machines can range from $50,000 and more.

In addition to this, the maintenance agreement cost is estimated to be around 15% of the purchase price. Therefore, the high cost of veterinary imaging equipment and associated maintenance cost is to act as a key factor to hinder the market’s growth.

Key companies operating in the veterinary imaging equipment are focusing on the launch of portable or wireless devices to provide better solutions for effective veterinary technologies, which is projected to be a leading trend veterinary imaging equipment market. For instance, in November 2019, Butterfly Network, Inc., a US-based digital healthcare company, announced the launch of Butterfly iQ Vet, a new handheld ultrasound device with ultrasound-on-a-chip technology for the veterinary application. Butterfly iQ Vet provides better access to medical imaging and enables vets to make improved care decisions.

In September 2021, Mindray, a company operating in veterinary imaging equipment based in China acquired HyTest Invest Oy and its subsidiaries for an undisclosed amount.With this acquisition, HyTest company enables Mindray to have top-notch raw material R&D and innovation capabilities and also help in investing in R&D as well as strengthen and improve its competitive edge.

Hytest is a company operating in veterinary imaging equipment based in Finland.

The countries covered in the veterinary imaging equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, USA.