The market is projected to experience growth as a result of pet owners’ growing emphasis on preventive healthcare for their animals. Moreover, diagnostic imaging plays a crucial role in detecting potential health problems at an early stage, allowing for timely intervention and treatment.
New York, May 26, 2023 (GLOBE NEWSWIRE) — The global Veterinary Imaging Market stood at US$ 1.8 billion in 2022 and the global market is projected to reach US$ 3.3 billion by 2032. The global industry is anticipated to expand at a CAGR of 6.5% between 2023 and 2032.
Veterinary imaging is termed as the use of various imaging techniques as well as modalities in veterinary medicine in order to visualize organs and internal structures of animals for diagnostic purposes and to decide further treatment.
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Key Takeaways
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By Type, the instruments segment accounted for the largest revenue share in 2022.
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By Route of Administration, the oral segment held the largest market share in 2022.
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By Application, the Orthopedic segment held the largest market share in 2022.
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By End-User, veterinary hospitals are projected to dominate the global schizophrenia market during the forecast period.
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In 2022, North America dominated the market with the highest revenue share of 52%.
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Asia-Pacific is likely expected to grow at a significant revenue share from 2023-2032.
It plays a vital role in the diagnosis, detection, and monitoring of medical conditions in animals, which enables veterinarians to deliver the appropriate treatment. The expansion of the global veterinary imaging market can be highly attributed to the growing awareness about animal health and increasing rates of pet ownership.
Factors affecting the growth of the global veterinary imaging market
There are several factors that can affect the growth of the global veterinary imaging market. Some of these factors include:
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Advancements in imaging technology: Ongoing advancements in imaging technologies have resulted in more accurate and detailed diagnoses and improved treatment outcomes.
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Veterinary specialization and referral centers: The market growth is expected to be fueled by pet owners who are increasingly focusing on preventive healthcare for their animals. In addition, diagnostic imaging plays an important role in the identification of potential health issues at an early stage, which enables timely intervention and treatment.
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Rising demand for preventive care: The global market is anticipated to grow more due to the increase in the geriatric population as aged individuals are more susceptible to late-onset or age-related schizophrenia.
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Limited accessibility: Limited accessibility to veterinary imaging services may restrict their usage and delay the timely diagnosis and treatment, thereby hindering market growth.
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Top Trends in Global Veterinary Imaging Market
Research and development activities are evolving in the veterinary field. The companies involved in the development of new imaging techniques, contrast reagents, and software solutions tailored to several veterinary applications are likely expected to support the growth of the veterinary imaging market. Moreover, minimally invasive procedures, such as endoscopy and laparoscopy, are becoming increasingly popular in veterinary medicine. These procedures often need guidance for real-time imaging, driving the demand for advanced imaging technologies.
Market Growth
The global market for veterinary imaging is anticipated to expand more significantly in the coming years owing to several factors, such as an increased focus on animal welfare and preventive care. This has fueled the demand for imaging procedures and diagnostic services in veterinary practices. Furthermore, the growing awareness among pet owners regarding the benefits of early detection as well as treatment of diseases in animals has significantly propelled the veterinary imaging market growth.
Regional Analysis
North America dominated the global veterinary imaging market with the highest revenue share of 52% in 2022. Moreover, this significant market share can be highly attributed to the increasing disease burden in animals. As more pet owners are opting for the purchase of premium pet insurance plans, there is a rising demand for advanced healthcare services. This is anticipated to fuel the market growth of veterinary imaging.
Asia Pacific is projected to expand at the highest CAGR during the forecast period. This significant growth is mainly due to the rising disposable income of individuals, an increase in veterinary R&D investments, and rising trends of pet humanization.
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Scope of Report
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Report Attribute |
Details |
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Market Value (2022) |
USD 1.8 billion |
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Market Size (2032) |
USD 3.3 billion |
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CAGR (from 2023 to 2032) |
6.5% |
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North America Revenue Share |
52% |
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Historic Period |
2016 to 2022 |
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Base Year |
2022 |
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Forecast Year |
2023 to 2032 |
Market Drivers
Ongoing advancements in technologies of imaging have significantly enhanced the quality and capabilities of veterinary imaging systems. The development related to advanced imaging modalities, such as ultrasound, computed tomography (CT), digital radiography, magnetic resonance imaging (MRI), and positron emission tomography (PET), has significantly revolutionized veterinary diagnostics, which leads to more accurate and better diagnoses. The rising incidence of various diseases in animals and conditions, including orthopedic disorders, cancer, and cardiovascular diseases, is expected to boost the demand for veterinary imaging. Precise diagnosis with imaging techniques allows timely intervention as well as proper treatment planning, which highly contributes to improved outcomes for animals.
Market Restraints
The higher price of acquiring and keeping the maintenance of advanced veterinary imaging equipment, such as MRI machines, ultrasound systems, and CT scanners, can pose a financial barrier for smaller veterinary practices. It can also limit their ability to invest in advanced imaging technologies, thereby restraining the market growth.
Market Opportunities
An increase in demand and rising awareness for veterinary services in developing markets such as Asia-Pacific and Latin America, as well as prominent market players entering these regions to cater to these demands, are likely expected to offer several growth opportunities. In addition, continuous advancements in veterinary imaging technology, such as faster scanning times, higher image resolution, and improved portability, offer significant opportunities for veterinary imaging companies to focus on the development and marketing of innovative products. These technological advancements improve the efficiency and accuracy of diagnosis and make imaging an essential tool in veterinary practices.
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Report Segmentation of the Veterinary Imaging Market
Type Insight
The instruments segment dominated the global market with the highest revenue share in 2022. The instruments segment further includes MRI systems, CT scanners, X-ray equipment, and ultrasound scanner. The segment growth is mainly influenced by several factors such as increasing demand for advanced veterinary care, technological advancements in veterinary imaging, and rising prevalence of animal diseases. In addition, growing awareness about the benefits of early diagnosis has fueled the demand for veterinary imaging instruments. Moreover, technological advancements are expected to offer enhanced diagnostic capabilities and higher resolution, thereby driving market growth.
Application Insight
The orthopedic segment accounted for the largest market share in 2022. The high incidence of bone fractures in companion animals due to a rise in road accidents is anticipated to surge the market growth during the forecast period. Moreover, the increasing number of bone and joint injuries in animals, the growing number of animal care facilities, and the high demand for accurate diagnostics are the key factors contributing to the segment’s growth.
End-User Insight
Veterinary hospitals are expected to dominate the global market with the largest revenue share. This significant growth can be attributed to the rising demand for veterinary imaging equipment in animal healthcare facilities. Moreover, an increase in the collaborations among veterinary hospitals and manufacturers to provide innovative veterinary diagnostic solutions and higher adoption of advanced veterinary imaging technologies, are the major factors expected to fuel the segment growth.
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Market Segmentation
By Type
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Instruments
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MRI Systems
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CT Scanners
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X-ray Equipment
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Ultrasound Scanner
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Reagents
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Software
By Application
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Oncology
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Cardiology
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Orthopedic
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Neurology
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Other Applications
By End-User
By Geography
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North America
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Western Europe
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Eastern Europe
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Russia
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Poland
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The Czech Republic
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Rest of Eastern Europe
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APAC
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China
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Japan
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South Korea
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Australia & New Zealand
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Indonesia
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Singapore
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Vietnam
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Rest of APAC
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Latin America
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Brazil
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Colombia
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Chile
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Argentina
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Costa Rica
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Rest of Latin America
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Middle East & Africa
Competitive Landscape
The prominent players in the global veterinary imaging market are currently focused on the implementation of strategic initiatives such as technological advancements, collaborations, partnerships, mergers & acquisitions, and competitive pricing. In addition, the key players are focused on geographic expansions and new product launches. Moreover, they are increasing R & D investments and are concentrating on marketing their targeted products to capture a significant market share.
Market Key Players:
Recent Development of the Veterinary Imaging Market
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In January 2022, Clarius Mobile Health announced the introduction of the third-generation product line of high-performance wireless handheld ultrasound scanners for veterinarians, which is 30% lighter as well as smaller and is available in pocket size. Such compact and handheld ultrasound devices are increasing the interest of veterinary professionals owing to their ease of use and cost efficiency.
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In 2021, IDEXX launched the IDEXX Telemedicine Consultants service, which provides remote access to board-certified veterinary radiologists for the interpretation of imaging studies.
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In 2021, Fujifilm developed the FDR D-EVO III, a wireless flat-panel digital X-ray detector with improved image quality and enhanced workflow efficiency.
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