The Global Veterinary Imaging Market size is expected to reach $3.1 billion by 2030, rising at a market growth of 7.1% CAGR during the forecast period.
As veterinary medicine advances, there is a growing awareness among pet owners and veterinarians regarding the importance of respiratory health in animals. Consequently, the respiratory segment would generate approximately 18.86% share of the market by 2030. This increased awareness may lead to more diagnostic imaging procedures to assess respiratory conditions. As a result, the segment will witness increased demand in the upcoming years.
As more individuals consider their pets as family members, there is a heightened awareness and emphasis on ensuring the health and well-being of these animal companions. Pet owners are increasingly willing to invest in advanced diagnostic tools and technologies to proactively monitor and address their pets' health concerns. Pet owners now have higher expectations for comprehensive healthcare services for their animals. These factors will boost the demand in the market. Moreover, one of the primary impacts is the significant improvement in diagnostic accuracy. Advanced imaging modalities, equipped with state-of-the-art technologies, provide clearer and more detailed images of animal anatomical structures and abnormalities. These factors will help in the growth of the market.
However, the substantial upfront cost of veterinary imaging equipment, such as MRI machines, CT scanners, and advanced ultrasound systems, poses a significant financial barrier for small veterinary practices. These facilities may have limited budgets, making allocating funds for expensive diagnostic equipment challenging. Smaller clinics, especially those in rural or underserved areas, may face difficulties acquiring advanced imaging technologies due to budget constraints. These factors will decrease demand for veterinary imaging in the coming years.
Furthermore, Restrictions on international trade, lockdowns, and logistical challenges affected the availability of imaging equipment and associated technologies. This led to delays in the manufacturing, delivering, and installing veterinary imaging devices. Due to economic uncertainties and financial constraints faced by veterinary practices, there was a trend of deferred purchases and equipment upgrades. Therefore, the COVID-19 pandemic moderately impacted the market.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
As veterinary medicine advances, there is a growing awareness among pet owners and veterinarians regarding the importance of respiratory health in animals. Consequently, the respiratory segment would generate approximately 18.86% share of the market by 2030. This increased awareness may lead to more diagnostic imaging procedures to assess respiratory conditions. As a result, the segment will witness increased demand in the upcoming years.
As more individuals consider their pets as family members, there is a heightened awareness and emphasis on ensuring the health and well-being of these animal companions. Pet owners are increasingly willing to invest in advanced diagnostic tools and technologies to proactively monitor and address their pets' health concerns. Pet owners now have higher expectations for comprehensive healthcare services for their animals. These factors will boost the demand in the market. Moreover, one of the primary impacts is the significant improvement in diagnostic accuracy. Advanced imaging modalities, equipped with state-of-the-art technologies, provide clearer and more detailed images of animal anatomical structures and abnormalities. These factors will help in the growth of the market.
However, the substantial upfront cost of veterinary imaging equipment, such as MRI machines, CT scanners, and advanced ultrasound systems, poses a significant financial barrier for small veterinary practices. These facilities may have limited budgets, making allocating funds for expensive diagnostic equipment challenging. Smaller clinics, especially those in rural or underserved areas, may face difficulties acquiring advanced imaging technologies due to budget constraints. These factors will decrease demand for veterinary imaging in the coming years.
Furthermore, Restrictions on international trade, lockdowns, and logistical challenges affected the availability of imaging equipment and associated technologies. This led to delays in the manufacturing, delivering, and installing veterinary imaging devices. Due to economic uncertainties and financial constraints faced by veterinary practices, there was a trend of deferred purchases and equipment upgrades. Therefore, the COVID-19 pandemic moderately impacted the market.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
By Animal Type Analysis
On the basis of animal type, the market is divided into small animals and large animals. In 2022, the large animals segment witnessed a substantial revenue share in the market. Concerns for the health and welfare of large animals, particularly those involved in agriculture and food production, drive demand for veterinary services, diagnostics, and treatments. The practices and technology used in agriculture, including animal farming, influence the demand for veterinary services. For example, using advanced diagnostic tools for herd health management in cattle farming. Therefore, these factors will help in the growth of the segment.By Product Analysis
Based on product, the market is segmented into instruments, accessories/ consumables, and software. The instruments segment held the largest revenue share in the market in 2022. As the number of pet owners continues to rise, there is an increased demand for veterinary services, including diagnostic imaging, to ensure the health and well-being of companion animals. There is a growing emphasis on early detection and preventive healthcare in veterinary medicine, which can drive the demand for advanced imaging instruments for accurate and timely diagnosis. These factors will boost the demand in the segments.
By Instrument Analysis
The instruments segment is divided into X-ray, ultrasound, CT imaging, video endoscopy, MRI, and others. The X-ray segment held the largest revenue share in the market in 2022. Advancements in imaging technology, such as digital radiography systems, have been driving growth in the market. Digital X-ray systems offer advantages over traditional film-based systems, including faster image acquisition, improved image quality, and easier storage and retrieval of images. These aspects will lead to enhanced growth in the segment.By End-User Analysis
On the basis of end user, the market is bifurcated into veterinary clinics & diagnostic centers and veterinary hospitals & research centers. In 2022, the veterinary hospitals and research centers segment witnessed a substantial revenue share in the market. Veterinary hospitals often seek advanced imaging technologies to improve diagnostic capabilities. Academic institutions, including veterinary schools and research centers, contribute significantly to the demand for veterinary imaging equipment and services. These institutions often serve as early adopters of new technologies and may engage in research projects that involve advanced imaging modalities. Therefore, these aspects will lead to increased demand in the coming years.By Application Analysis
Based on application, the market is divided into orthopedics & traumatology, respiratory, oncology, cardiology, neurology, dental application, and others. The orthopedics and traumatology segment recorded the maximum revenue share in the market in 2022. The prevalence of orthopedic conditions and traumatic injuries in animals often drives the demand for veterinary imaging in orthopedics and traumatology. Conditions such as fractures, ligament injuries, and joint diseases may necessitate advanced imaging for accurate diagnosis and treatment planning. These factors are expected to drive the demand in the segment.By Regional Analysis
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. In 2022, the Europe segment acquired a considerable revenue share in the market. The demand for veterinary imaging in Europe is likely to be influenced by the overall size and growth of the veterinary healthcare sector in the region. An increase in pet ownership, advancements in veterinary diagnostics, and a growing emphasis on animal health and welfare may contribute to growing demand. Thus, the segment will witness enhanced growth in the coming years.Recent Strategies Deployed in the Market
- June-2023: Esaote North America, Inc., a subsidiary of Esaote SpA, expanded its MyLab product portfolio with the new veterinary MyLab X90VET ultrasound system. MyLab X90VET features Augmented Insight technology, advancing veterinary care with precise imaging for confident diagnoses. The new product comes with a frequency range of 1-25 MHz, a new X Crysal probe technology, and a 23.8 full led monitor.
- Jan-2023: Heska Corporation acquired LightDeck Diagnostics, a biotechnology research company with expertise in veterinary diagnostics and environmental testing. Through this acquisition, the company wants to strengthen its veterinary diagnostic business.
- Nov-2021: Fujifilm Europe, a subsidiary of Fujifilm Holdings Corporation completed the acquisition of DMV Imaging, a specialist in veterinary point-of-care laboratory diagnostics. Through this acquisition, Fujifilm aims to establish itself as a top provider of veterinary diagnostic services in France, offering a full range of imaging diagnostic solutions in addition to point-of-care laboratory diagnostics, to serve millions of pets through veterinarians.
- Jun-2021: IDEXX Laboratories, Inc. acquired ezyVet, a software development company. Through the acquisition, IDEXX is able to provide its clients with even more top-notch cloud software solutions that enhance patient care, increase practice productivity, and facilitate better pet owner communication.
- Apr-2021: Siemens Healthineers AG acquired Varian Medical Systems, Inc., a radiation oncology treatment and software maker. Through this acquisition, the companies will work together to meet the growing need for precision cancer care and individualized, data-driven diagnostics in order to counteract the world's rising cancer rates.
List of Key Companies Profiled
- GE HealthCare Technologies, Inc.
- Agfa-Gevaert N.V. (IG Farben)
- Esaote SpA
- IDEXX Laboratories, Inc.
- Heska Corporation (Antech Diagnostics, Inc)
- Siemens Healthineers AG (Siemens AG)
- Fujifilm Holdings Corporation
- Mindray Medical International Limited
- Samsung Electronics Co., Ltd. (Samsung Group)
- Canon, Inc.
Market Report Segmentation
By Animal Type- Small Animals
- Large Animals
- Instrument
- X-ray
- Ultrasound
- MRI
- CT Imaging
- Video Endoscopy
- Others
- Accessories/ Consumables
- Software
- Veterinary Clinics & Diagnostic Centers
- Veterinary Hospitals & Research Centers
- Orthopedics & Traumatology
- Neurology
- Oncology
- Dental Application
- Cardiology
- Respiratory
- Others
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market At a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. Global Veterinary Imaging Market by Animal Type
Chapter 6. Global Veterinary Imaging Market by Product
Chapter 7. Global Veterinary Imaging Market by End User
Chapter 8. Global Veterinary Imaging Market by Application
Chapter 9. Global Veterinary Imaging Market by Region
Chapter 10. Company Profiles
Companies Mentioned
- GE HealthCare Technologies, Inc.
- Agfa-Gevaert N.V. (IG Farben)
- Esaote SpA
- IDEXX Laboratories, Inc.
- Heska Corporation (Antech Diagnostics, Inc)
- Siemens Healthineers AG (Siemens AG)
- Fujifilm Holdings Corporation
- Mindray Medical International Limited
- Samsung Electronics Co., Ltd. (Samsung Group)
- Canon, Inc.
Methodology
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