Veterinary Imaging Market

Global Veterinary Imaging Market Size (2023 to 2028)

The size of the global veterinary imaging market is estimated to be worth USD 3.22 billion by 2028 from USD 2.28 billion in 2023, growing at a CAGR of 7.14% from 2023 to 2028.

Veterinary imaging is a technique for obtaining diagnostic images of an animal's body to diagnose chronic diseases. It is a non-invasive technology that emerged from diagnostic imaging tools used in human medicine. Because of the growing health awareness for pet animals, the market is likely to increase during the forecast period.

Impact of COVID-19 on the global veterinary imaging market:

Throughout the forecast period, the COVID-19 pandemic is projected to have a short-term negative influence on the veterinary imaging market growth. COVID-19 began in a meat market in Wuhan (China), and it has had a significant impact on animal-based food consumption. However, unfavorable changes in legislation and norms are limiting the growth of this market. Due to lockdowns, supply chain disruptions, and clinical trial recruiting issues, manufacturing facility closures have all hampered the overall veterinary imaging market's growth. Additionally, trade constraints in many regions are projected to limit the market's expansion. Despite the fact that the Covid-19 outbreak has put the world's economy into disarray, the market has demonstrated remarkable resilience. On the other hand, some have turned to pet care during the mandatory lockdown. As a result, the need for veterinary imaging equipment has increased due to this development.

MARKET DRIVERS:

Owing to factors such as rising demand for pet insurance, increasing animal healthcare expenditures, growing companion animal population, a growing number of veterinary practitioners and their income levels in developed countries, and rising development of innovative products that provide rapid and accurate results, the global market for veterinary imaging is expected to grow at a healthy CAGR during the forecast period. In addition, the growing demand for diagnostic devices for the correct treatment of small pets such as cats and dogs drives the veterinary imaging market.

Additionally, the tools offer improved sensitivity in identifying skull fractures and cerebral bleeding. Furthermore, most brain tumors may be visualized using medical imaging equipment. Therefore, advances in veterinary imaging technology will have a beneficial impact rendering factor. Moreover, the market's growth is expected to be boosted by business players' focus on expanding and developing technologically advanced and innovative veterinary imaging systems. Furthermore, during the forecast period, tremendous potential in growing regions is expected to provide profitable prospects for market expansion.

The rising prevalence of zoonotic diseases necessitates the development of precise and effective diagnostic technologies, which is projected to drive market growth. Furthermore, in the coming years, the need for effective solutions to increase cattle productivity in developing nations is projected to boost adoption. In addition, a higher livestock population, increased demand for dairy and meat products, growing pet adoption, and increased awareness among pet owners for enhanced treatment options for their pets are all likely to contribute to the veterinary imaging market's growth throughout the forecast period.

MARKET RESTRAINTS:

Due to their high cost and hefty maintenance costs, new imaging technologies such as MRI and CT systems are expected to have a delayed acceptance rate among veterinarians. In addition, inadequate animal healthcare awareness in emerging areas makes adoption difficult. All these are the restraints for market growth. Allergy immunotherapy should only be given to physicians who have completed specific training in allergy and AIT and should be practiced in a setting with anaphylaxis management equipment. The shortage of practitioners and trained people in rural locations limits the expansion of this therapy.

REPORT COVERAGE:

This report on the global veterinary imaging market has been segmented and sub-segmented into product type, animal type, application, end-user, and region.

Veterinary Imaging Market – By Product:

• Radiography (X-ray) Systems
• Ultrasound Imaging Systems
• Computed Tomography Imaging Systems
• Video Endoscopy Imaging Systems

Based on the product, the radiography (X-ray) Systems is the segment that is predicted to account for the most massive market share during the forecast period. Digital radiography is a type of radiography that uses x-ray–sensitive plates to capture data directly during a patient examination and upload it to a computer system right away. Veterinary radiography devices are now widely employed to comprehend better the complicated problems that animals face. In addition, this offers the benefits of instant image preview and availability, the elimination of costly film processing steps, and a more comprehensive dynamic range, which is more forgiving of over-and under-exposure and allows for the use of special image processing techniques to improve the overall display quality of the image.

Veterinary Imaging Market – By Application:

• Orthopedics and Traumatology
• Oncology
• Cardiology
• Neurology

Due to the rising prevalence of common brain disorders such as hydrocephalus, brain cancer, ischemic infarcts (stroke), epilepsy, traumatic brain injuries, and encephalitis based on the application.

Veterinary Imaging Market – By Animal Type:

• Small Animals
• Large Animals

In 2021, the small animal segment held the most significant proportion of the global market. The expanding adoption of companion animals, rising animal healthcare spending, growing demand for pet insurance in developed nations, and the increasing incidence of disease outbreaks in companion animals are factors contributing to this segment's size.

Veterinary Imaging Market – By End-User:

• Clinics and Hospitals
• Reference Labs

Due to an increase in the patient pool seeking treatment for allergic disorders, the clinic & hospital pharmacy segment took the lead. Allergy injections are typically given in hospitals or doctors' offices to track and manage any adverse effects.

Veterinary Imaging Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

North America held the highest share of the global veterinary imaging market in 2022. The United States dominated North America's veterinary imaging market. The increase can be due to increased disposable income in these areas, raising awareness of the importance of proper pet care. Furthermore, growing worries about cancer and tumors in small pets are helping to drive the veterinary imaging market in this region forward. Moreover, the rise in the occurrence of numerous animal diseases and injuries has been cited as a significant driver of market expansion.

Europe is expected to be the second-largest revenue-generating region, owing to expanding pet adoption, rising prevalence of veterinary diseases, increased number of veterinary clinics, and improved healthcare infrastructure in European countries. These considerations are encouraging the region's adoption of modern diagnostic imaging technology.

Due to the existence of growing nations such as India and China, where the concept of having small pets is becoming increasingly popular, Asia Pacific is an untapped market that is expected to become a key market in the future. One of the major factors driving this market's expansion is India's enormous cattle population. The rise in companion and livestock animal adoption and rising animal health expenditure increases the need for proper diagnostic imaging for various diseases that can impact these animals, propelling the market's growth over the forecast period.

KEY MARKET PLAYERS:

Companies playing an influential role in the global veterinary imaging market profiled in this report are Clearvet Digital Radiography Systems, Draminski S.A., E.I. Medical Imaging, Epica Animal Health, Esaote S.P.A., Fujifilm Holdings Corporation, GE Healthcare (A Division of General Electric Company), Hallmarq Veterinary Imaging, Heska Corporation, Konica Minolta Inc., Mindray Medical International Limited, Minxray Inc. and Reproscan.

RECENT HAPPENINGS IN THIS MARKET:

• Canon Inc. acquired Redlen Technologies of British Columbia as a wholly-owned subsidiary in 2021. Canon Inc., based in Tokyo, Japan, is a market leader in professional and consumer imaging equipment and industrial and information systems. Canon's many products are production printers, multifunction office systems, inkjet and laser printers, cameras, medical systems, and semiconductor-manufacturing equipment.
• Fujifilm launched the VXR Veterinary X-Ray Room, a dedicated digital radiography system for veterinary imaging, in 2021.