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(MoneyNewsWire.Net, May 04, 2018 ) The global veterinary imaging market is projected to reach USD 1.94 Billion by 2022 from USD 1.40 Billion in 2017, at a CAGR of 6.8%. Significant growth in the population of small companion as well as large animals, rising demand for pet insurance along with increasing animal healthcare expenditure, and increasing number of veterinary practitioners are the major drivers for the growth of the veterinary imaging market. Other factors such as the launch of innovative products that offer rapid and accurate results such as portable imaging modalities and rising demand for animal-derived food products are also contributing to the growth of the this market.
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The report analyzes the global veterinary imaging market by product, therapeutic area, animal, end user, and region. On the basis of product, the global market is segmented into instruments, reagents, and software. Veterinary imaging instruments include radiography systems, ultrasound systems, CT systems, MRI systems, video endoscopy systems, and other imaging systems. Based on therapeutic area, the global market is categorized into orthopedics & traumatology, oncology, cardiology, neurology, and other therapeutic areas. On the basis of animal type, the global market is segmented into small companion animals, large animals, and other animals. On the basis of end user, the global market is segmented into clinics and hospitals & academic institutions.
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Geographically, the global veterinary imaging market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the market in 2016. The large share of this region is mainly attributed to the increasing adoption of pet animals, the growing pet insurance industry, and rising veterinary healthcare expenditure in the region. Asia-Pacific is expected to register the highest CAGR during the forecast period. Growth in 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 veterinary imaging market.
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