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Veterinary Imaging Equipment Global Market Report 2021: COVID-19 Growth And Change To 2030

Veterinary Imaging Equipment Global Market Report 2021: COVID-19 Growth And Change To 2030

  • April 2021
  • 175 pages
  • ID: 6064484
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

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 $1.57 billion in 2020 to $1.69 billion in 2021 at a compound annual growth rate (CAGR) of 7.6%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $2.43 billion in 2025 at a CAGR of 10%.

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 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 veterinary imaging equipment market covered in this report is segmented by type into radiography (X-ray) system, ultrasound imaging system, computed tomography imaging system, video endoscopy imaging system, magnetic resonance imaging system, others. It is also segmented by end user into veterinary hospitals, veterinary clinics, academic and research organizations, others; by application into orthopedics and traumatology, oncology, cardiology, neurology, other; by animal type into small companion animals, large animals, others and by modality into portable, stationery.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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.

In May 2018, BCF Technology, a company engaged in manufacturing veterinary ultrasound, merged with ECM (Echo Control Medical) to form a new imaging division - IMV Technologies Group.The merger aims to improve IMV Imaging’s invention, provision, and development of animal diagnostic imaging equipment by delivering a wider portfolio of veterinary care products to improve animal care.

ECM (Echo Control Medical) is a France-based company engaged in manufacturing medical equipment including urology, vascular examinations, abdominal treatment equipment, and veterinary imaging equipment.

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 from 984.53 million in 2017 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 goat 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.

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 October 2018, Diagnostic Imaging Systems, Inc. (DIS), a US-based manufacturer and supplier of imaging products, launched new Double Head Wireless Ultrasound Probe, an advanced product in digital imaging technologies for veterinary practice. The device transmits the images wirelessly to any tablet or computer running Apple iOS, Windows, or Android operating systems. In another 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.

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

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