Monday 28 September 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.

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.

In this report, the market is segmented by products, therapeutic areas, type of animal, end users, and by geography. The veterinary imaging market, by product is segmented into instrument, software, reagents, and services. In 2014, the instrument segment accounted for the largest share of the global veterinary imaging market. This market is poised to reach USD 1.5 billion by 2020, growing at a CAGR of 6%–7% during the forecast period. The instruments market is further segmented into ultrasound imaging systems, digital radiography systems, CT systems, MRI systems, nuclear medicine imaging scanners, video endoscopy systems, thermal imaging systems, and optical coherence tomography (OCT) systems. In 2014, the digital radiography imaging systems accounted for the largest share of 26.2% of the global veterinary imaging instrument market. However, the OCT market is expected to grow at the highest CAGR of 8.0% during the forecast period, mainly due to the growing use of OCT in veterinary cancer treatment, arthroscopic evaluation of equine joints, and veterinary ophthalmology.

The veterinary imaging market, by therapeutic areas is classified as cardiology, orthopedics and rheumatology, oncology, nephrology, and other areas such as veterinary dentistry and ophthalmology. Oncology applications accounted for nearly one-third of the veterinary imaging market, in 2014. This market segment is also expected to grow at the highest CAGR of 7.2% during the forecast period. The high growth of this market is mainly to the increasing incidences of cancer in small companion animals.

On the basis of end user, the veterinary imaging market is segmented into hospitals and clinics, universities and research institutions, and emergency and point-of-care service centers. Hospitals and clinics are the major end users of the veterinary imaging market. This segment held more than 60% share of the veterinary imaging market in 2014; mainly due to the extensive use of veterinary imaging instruments in hospitals and clinics. This is also the fastest growing end user markets for veterinary imaging products.

Table of contents

1 INTRODUCTION 22
1.1 OBJECTIVES OF THE STUDY 22
1.2 MARKET DEFINITION 22
1.3 MARKET SCOPE 23
1.3.1 MARKETS COVERED 23
1.3.2 YEARS CONSIDERED FOR THE STUDY 26
1.4 CURRENCY 26
1.5 STAKEHOLDERS 26
1.6 LIMITATIONS 26
2 RESEARCH METHODOLOGY 27
2.1 RESEARCH APPROACH 27
2.1.1 SECONDARY DATA 28
2.1.1.1 Key data from secondary sources 28
2.1.2 PRIMARY DATA 28
2.1.2.1 Key data from primary sources 29
2.1.2.2 Key industry insights 30
2.2 MARKET SIZE ESTIMATION 31
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 32
2.4 MARKET SHARE ESTIMATION 33
2.5 RESEARCH ASSUMPTIONS 34
2.5.1 ASSUMPTIONS FOR THE STUDY 34
3 EXECUTIVE SUMMARY 35
4 PREMIUM INSIGHTS 40
4.1 GROWTH POTENTIAL OF THE VETERINARY IMAGING MARKET 40
4.2 ASIA-PACIFIC: VETERINARY IMAGING MARKET, BY PRODUCT (2014) 41
4.3 VETERINARY IMAGING MARKET: REGIONAL GROWTH OPPORTUNITIES 42
4.4 VETERINARY IMAGING MARKET, REGIONAL MIX 43
4.5 VETERINARY IMAGING MARKET: DEVELOPED VS. DEVELOPING COUNTRIES 44
5 MARKET OVERVIEW 45
5.1 INTRODUCTION 46
5.2 MARKET SEGMENTATION 47

5.2.1 BY THERAPEUTIC AREA 48
5.2.2 BY TYPE OF ANIMAL 48
5.2.3 BY END USER 49
5.3 MARKET DYNAMICS 49
5.3.1 KEY MARKET DRIVERS 50
5.3.1.1 Growing animal health expenditure and Rising Demand for pet insurance 50
5.3.1.2 Growth in the companion animals market 50
5.3.1.3 Innovations in veterinary imaging Instruments 52
5.3.1.4 Growth in the number of veterinary practitioners and their income levels in developed economies 52
5.3.2 KEY MARKET RESTRAINTS 53
5.3.2.1 High cost of veterinary imaging instruments 53
5.3.3 KEY MARKET OPPORTUNITIES 54
5.3.3.1 Untapped emerging markets 54
5.3.4 KEY CHALLENGES 55
5.3.4.1 Lack of animal healthcare awareness in emerging markets 55
5.3.4.2 Shortage of skilled veterinarians 55
6 INDUSTRY INSIGHTS 57
6.1 INTRODUCTION 57
6.2 INDUSTRY TRENDS 57
6.2.1 PORTABLE, BATTERY-POWERED IMAGING INSTRUMENTS FOR POINT-OF-CARE SERVICES 57
6.3 PORTER’S FIVE FORCES ANALYSIS 58
6.3.1 THREAT OF NEW ENTRANTS 58
6.3.2 THREAT OF SUBSTITUTES 59
6.3.3 BARGAINING POWER OF SUPPLIERS 59
6.3.4 BARGAINING POWER OF BUYERS 59
6.3.5 INTENSITY OF COMPETITIVE RIVALRY 59
6.4 STRATEGIC BENCHMARKING 60
6.4.1 PRODUCT PORTFOLIO ANALYSIS: VETERINARY IMAGING MARKET 60
7 GLOBAL VETERINARY IMAGING MARKET, BY PRODUCT 63
7.1 INTRODUCTION 64
7.2 INSTRUMENTS 66

7.2.1 ULTRASOUND IMAGING SYSTEMS 68
7.2.1.1 2-D Ultrasound Imaging 71
7.2.1.2 3-D/4-D Ultrasound Imaging 72
7.2.1.3 Doppler Imaging 73
7.2.2 DIGITAL RADIOGRAPHY (X-RAY) SYSTEMS 74
7.2.2.1 Direct (Capture) Radiography Systems 76
7.2.2.2 Computed Radiography Systems 77
7.2.3 MRI SYSTEMS 78
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7.2.4 CT SYSTEMS 80
7.2.4.1 Multi-slice CT Systems 81
7.2.4.2 Portable CT Systems 82
7.2.5 NUCLEAR IMAGING SCANNERS 83
7.2.5.1 PET/CT Scanners 85
7.2.5.2 SPECT/CT Scanners 86
7.2.6 OPTICAL COHERENCE TOMOGRAPHY SYSTEMS 87
7.2.7 THERMAL IMAGING SYSTEMS 88
7.2.8 VIDEO ENDOSCOPY SYSTEMS 90
7.3 VETERINARY PACS (PICTURE ARCHIVING AND COMMUNICATION SYSTEM) 91
7.3.1 VETERINARY RIS PACS 92
7.3.2 VETERINARY CVIS PACS 93
7.4 VETERINARY IMAGING SERVICES 94
7.4.1 TELERADIOLOGY 96
7.4.2 INTERVENTIONAL RADIOLOGY AND ENDOSCOPY 97
7.4.3 ADVANCED IMAGING SERVICES 98
7.5 VETERINARY IMAGING REAGENTS 99
7.5.1 ULTRASOUND CONTRAST REAGENTS 100
7.5.2 MRI CONTRAST REAGENTS 101
7.5.3 CT CONTRAST REAGENTS 102
7.5.4 NUCLEAR IMAGING REAGENTS 103
7.5.4.1 PET Tracers 105
7.5.4.2 SPECT Probes 107
8 GLOBAL VETERINARY IMAGING MARKET, BY ANIMAL TYPE 108

8.1 INTRODUCTION 109
8.2 SMALL COMPANION ANIMALS 110
8.3 LARGE ANIMALS 111
8.4 OTHER ANIMALS 113
9 GLOBAL VETERINARY IMAGING MARKET, BY THERAPEUTIC AREA 114
9.1 INTRODUCTION 115
9.2 ONCOLOGY 116
9.3 CARDIOLOGY 117
9.4 NEUROLOGY 119
9.5 ORTHOPEDICS AND TRAUMATOLOGY 120
9.6 OTHER THERAPEUTIC AREAS 121
10 GLOBAL VETERINARY IMAGING MARKET, BY END USER 123
10.1 INTRODUCTION 124
10.2 VETERINARY HOSPITALS AND CLINICS 125
10.3 UNIVERSITIES AND RESEARCH INSTITUTIONS 126
10.4 EMERGENCY AND POINT-OF-CARE SERVICE CENTERS 128
11 GLOBAL VETERINARY IMAGING MARKET, BY REGION 130
11.1 INTRODUCTION 131
11.2 NORTH AMERICA 133
11.2.1 U.S. 138
11.2.2 CANADA 143
11.3 EUROPE 147
11.3.1 GERMANY 153
11.3.2 U.K. 157
11.3.3 FRANCE 161
11.3.4 ITALY 165
11.3.5 SPAIN 169
11.3.6 REST OF EUROPE (ROE) 173
11.4 ASIA-PACIFIC (APAC) 177
11.4.1 JAPAN 183
11.4.2 INDIA 188
11.4.3 CHINA 193
11.4.4 REST OF ASIA-PACIFIC (ROAPAC) 197

11.5 LATIN AMERICA 201
11.5.1 BRAZIL 205
11.5.2 MEXICO 209
11.5.3 REST OF LATIN AMERICA 213
11.6 MIDDLE EAST AND AFRICA 217
12 COMPETITIVE LANDSCAPE 222
12.1 OVERVIEW 222
12.2 MARKET SHARE ANALYSIS 223
12.3 COMPETITIVE SITUATION AND TRENDS 225
12.3.1 NEW PRODUCT LAUNCHES 225
12.3.2 PARTNERSHIPS AND AGREEMENTS 226
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