Veterinary MRI Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
- Transparency Market Research
- Medical Equipments
Magnetic resonance imaging (MRI) is a sophisticated 3D imaging technique, which has been a widely used clinical diagnostic tool over the last two decades. MRI measures and records changes in the magnetic property of protons present in the cellular water. Unlike X-rays, MRI does not require the use of ionizing radiation. For imaging, an MRI device uses radio waves and the magnetic field such as pulsed electromagnetic field in order to excite protons present in the area of interest. In developed regions/countries such as the U.S. and Europe, 7 Tesla and 11 Tesla MRI are among the widely used imaging techniques. Veterinary MRI is now seen as a gold standard technique for brain and spinal examination of animals with spinal disk herniation, trauma of the brain and spine, brain tumors, strokes, and brain malformations. Additionally, MRI is seen as a powerful technique for examining tendon- and ligament-related ailments. In case of chronic wounds and draining tracts, MRI imaging helps identify foreign bodies within the wound. This has effectively contributed in increasing the market for veterinary MRI systems in various applications segments.
Advancements in imaging technologies pertaining to radiation-free imaging are among the key drivers for the global veterinary MRI systems market. For instance, the advent of 15.2 Tesla and 21.0 Tesla has drastically revolutionized the micro-MRI sector in the last few years. Due to its safety and ease of use, micro-MRI procedures account for approximately 23%–28% of all small animal procedures. The advent of open MRI systems has also contributed to the rise in demand for veterinary MRI devices. The only restraint for the market is high cost of MRI devices. Until recently, MRI had limited applications in veterinary medicine, primarily due to high initial cost and high operational expenses. Increasing awareness about animal health and rising adoption of imaging modalities are likely to offer growth opportunities to the veterinary MRI systems market in developing countries in the next few years.
The global veterinary MRI systems market can be segmented based on product, animal type, application, and end-user. In terms of product, the market can be segmented into veterinary MRI systems, veterinary MRI coils, and image viewer software. Based on animal type, the market can be divided into veterinary MRI systems for small animals and veterinary MRI systems for large animals. Based on application, the global veterinary MRI systems market can be categorized into oncology, cardiology, neurology, and orthopedics. In terms of end-user, the market can be divided into veterinary hospitals, veterinary clinics, and veterinary diagnostic centers.
Geographically, the global veterinary MRI systems market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global veterinary MRI systems market, owing to increasing trend to adopt pet animals, growing awareness about various diseases affecting companion as well as farm animals, and increasing number of veterinary practitioners in the region. Moreover, increasing number of pre-clinical trials in animals requiring imaging technologies are driving the global veterinary MRI systems market in the region. Europe is the second-largest market for veterinary MRI systems, due to increasing adoption of technologically advanced products for the diagnosis and treatment of veterinary diseases and high per capita spending capacity of people in the region. In Europe, companion animals offer lucrative options for the key players operating in the veterinary sector to develop innovative products attracting huge customer base. Increasing expenditure on health and well-being of companion animals often leads to rise in demand for advanced imaging systems such as MRIs. Asia Pacific is a highly lucrative market for veterinary MRI systems. The market in the Asia Pacific region is primarily driven by the increasing demand of diagnostic tests in the animal health industry in China and India. Furthermore, the rise in per capita animal health expenditure in Asia Pacific and Latin America has resulted in increased disposable incomes, leading to the rise in demand for veterinary MRI systems in these regions.
Key players operating in the global veterinary MRI systems market are Esaote SpA, Hallmarq Veterinary Imaging Inc., Imotek International Ltd., Universal Medical Systems, Inc., Bruker, Mediso Ltd., MR solutions, Burgess Diagnostics Ltd., and Shenzhen Mindray Bio-Medical Electronics Co.
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