Veterinary Imaging Market – Global Industry Analysis And Forecast (2022 to 2029)

Veterinary Imaging Market was valued at US$ 1.65 Bn. in 2021 and is estimated to reach a value of US$ 3.50 Bn. in 2029. The Global Veterinary Imaging Market size is estimated to grow at a CAGR of 7.2% over the forecast period.
Veterinary Imaging Market Overview:
Veterinary imaging is the technique and process of imaging the interior of an animal’s body for clinical analysis and medical intervention, as well as visual representation of the function of some organs or tissues (physiology). Veterinary imaging seeks to reveal internal structures hidden by the skin and bones, as well as to diagnose and treat disease. Veterinary imaging also establishes a database of normal anatomy and physiology to make it possible to identify abnormalities. Although imaging of removed organs and tissues can be performed for medical reasons, such procedures are usually considered part of pathology instead of medical imaging. As a discipline and in its widest sense, it is part of biological imaging and incorporates radiology, which uses the imaging technologies of X-ray radiography, magnetic resonance imaging, ultrasound, endoscopy, elastography, tactile imaging, thermography, medical photography, and nuclear medicine functional imaging techniques as positron emission tomography (PET) and single-photon emission computed tomography (SPECT).



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The report explores the Veterinary Imaging Market's segments (Product Type, Animal Type, Application, End-User, and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). This market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2020. The report investigates the Veterinary Imaging Market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Veterinary Imaging Market's contemporary competitive scenario.

2021 is considered as a base year to forecast the market from 2022 to 2029. 2021’s market size is estimated on real numbers and outputs of the key players and major players across the globe. The past five years' trends are considered while forecasting the market through 2029. 2020 is a year of exception and analysis, especially with the impact of lockdown by region.
Veterinary Imaging Market Dynamics:
Growing Animal Healthcare Expenditure by Consumers Influences the Growth- The demand in the veterinary imaging industry is increasing owing to an increasing number of fractures, surgeries, etc and consumers are using technological help for their pets to take treatment Imaging technologies are essential to developing precise images related to animals' abdominal cavities, chest, and bone structures. Such imaging equipment offers accurate, workflow optimization and high-quality image processing with greater resolution. These are also noted to be loaded with features such as zooming, and image flipping, among others. Also, the technological advancements for improving products as well as ancillary services are expected to boost the overall market share.

Increasing Development of Innovative Products that offer Rapid and Accurate Results- Increasing expenditure on pet insurance and animal health because of the development of innovative products for their pets are among the factors driving the sales of veterinary imaging products. Also, demand for meat and dairy products has seen a substantial rise in the last few years. This also calls for livestock to be looked after better. The Factors owing to the increasing insistence on pet insurance schemes, hiking expenditure, and the willingness of pet lovers to spend more in the domain of animal healthcare, the market is projected to expand considerably over the coming years. The other driving factors that are expected to contribute to growth include an increasing population of technological products and focused research and development undertaken globally in this domain to develop innovative products aiming to provide specific results. Growing emphasis on maintaining animal health and wellbeing is likely to create substantial opportunities for key players over the forecast period.

Veterinary Imaging Market Trends:

Increasing Companion Animals Population is the Trend Factor for Market Growth- The veterinary imaging market is being driven due to the increasing demand for diagnostic instruments for the proper care of small pets such as cats and dogs. These imaging instruments help in the detection of nasal/sinus diseases by differentiating neoplasia from rhinitis and hence guiding the biopsy test results. Furthermore, the instruments also have increased sensitivity for detecting skull fractures and brain hemorrhage. In addition, medical imaging instruments allow the visualization of most types of brain tumors. The use of veterinary imaging instruments also eliminates the use of film, darkroom, film jackets, and photo processing supplies which reduces the cost of diagnosis. Moreover, the growing concept of pet animal insurance services in developed regions such as Europe and North America is driving the market for veterinary imaging instruments.

An increasing number of Veterinary Practitioners and their Income Levels in Developed Countries Influences the Market Size- The market for veterinary diagnostic imaging is expected to grow over the forecast period owing to the significant rise in the adoption of animals, including dogs and cats as the favorite companions of human beings, as well as cattle and swine for various commercial purposes. The developed countries have the leading position in companion animal ownership, owing to several factors, like favorable economic conditions, among others. As per the reports in 2019, by the ASPCA (American Society for the Prevention of Cruelty to Animals), every year, around 6.4 million companion animals enter animal shelters nationwide. In the United States, out of those animals, approximately 3.3 million are dogs and 3.2 million are cats. ASPCA also estimated that 3.2 million shelter animals are adopted as pets each year; among which, around 1.6 million are dogs and the rest 1.6 million are cats. The emerging markets, such as China and India, are also experiencing fast growth in animal adoption, along with general awareness about animal health. The large livestock population in India is one of the key factors which is contributing to this market’s growth. The rise in both companion and livestock animal adoption, along with the increased animal health expenditure, indirectly generates a rise in demand for proper diagnostic imaging for various diseases that can affect these animals, which is further expected to propel the market’s growth over the forecast period.
Veterinary Imaging Market Segment Analysis:
Based on Product Type, the Veterinary Imaging Market is segmented into Instruments, Reagents, and Others. The instrument segment is the major revenue contributor and is estimated to grow significantly during the forecast period as these instruments play a vital role in veterinary imaging. Imaging instruments are basic devices required owing to which adoption of these instruments is expected to increase over the forecast period. These instruments aid in the detection of diseases, fractures, and hemorrhages in animals. The demand for these instruments is anticipated to increase owing to their increased sensitivity and low cost of operations. Radiography systems held a dominant share as of 2018. Vet practitioners seek digital radiography systems for whole-body imaging. Increasing awareness about dental care increases the demand for a customized digital scanner for taking high-resolution dental images, which is anticipated to fuel the growth. Digital equipment has many advantages over traditional radiography X-ray systems as they help in reducing labor costs, and time, and increase the profit margins of market players. These associated benefits are attributed to their higher demand. Veterinary picture archiving and communication systems (PACS) are anticipated to witness lucrative CAGR owing to the high adoption of these systems in clinical settings. Increasing demand for systems with image sharing and information storage capabilities is contributing to the segment share. To meet the imaging needs of veterinarians, companies are focusing on the development of advanced enterprise image viewing solutions.



Based on Animal Type, the Veterinary Imaging Market is segmented into Companion Animals, Large Animals, and Others. The companion animals segment dominated in 2021 because of the increased adoption of pets as there has been increasing evidence of humans deriving positive health benefits from their pets. Growing companion ownership has increased the demand for highly accurate and effective diagnostic solutions, which is expected to propel the demand for imaging systems in the coming years. According to the American Pet Products Association, in 2020, approximately 35% of the households in the U.S. had cats and 44% had dogs. Around 85.8 million cats and 78 million dogs are owned in the U.S. alone and this number is anticipated to increase over the forecast period. Besides, an increase in willingness to pay for pet health and the availability of cost-effective diagnostic solutions are factors contributing to the dominance of this segment.



Based on Application, the Veterinary Imaging Market is segmented into Orthopaedics & Traumatology, Oncology, Cardiology, Neurology, and Others. The orthopedics and traumatology segment accounted for a significant market proportion in 2021 and is expected to register nearly 6.2% CAGR between 2022 to 2029. Orthopedics and traumatology reflect the clinical and experimental aspects of dogs and cats. Its prime focus is given on fracture treatment, joint luxation, congenital disorders, degenerative disease, and limb deformity among others. Several retrospective studies report the prevalence rate of bone fracture among companion animals. For instance, a study conducted between 2013 and 2016 reported around 1,780 out of 106,286 dogs (1.67%) and 255 out of 22,258 cats (1.13%) were diagnosed with a bone fracture. Under the age of one year, over 50% of bone fractures occurred in dogs and nearly 70% in cats. Orthopedic and traumatology applications of veterinary imaging accounted for the largest revenue share. An increase in injuries among animals, growing demand for accurate diagnostic solutions, and availability of animal care facilities are contributing to the dominance of this segment as of 2021.



Based on End-Users, the Veterinary Imaging Market is segmented into Clinics & Hospitals, Reference Labs, and Others. Veterinary hospitals & clinics accounted for the largest revenue share as of 2018. The adoption of imaging devices is driven by the need for cost-effective, fast, and accurate diagnostic tools for animal healthcare. Advancements in technologies used for imaging are expected to drive the growth of the segment. These advancements include efficient pet owner mobile technologies and cloud-based information management systems. The hospital's segment accounted for a prominent market proportion in 2021 and is expected to register sales worth over USD 1.4 billion by 2030. Hospitals are noted to possess a higher spending capacity as compared to clinics and hence, can readily procure, install, and main multiple veterinary imaging equipment. The increasing government focus on establishing advanced, well-equipped medical infrastructure with optimum facilities is another factor driving the segmental revenue.


Veterinary Imaging Market Regional Insights:
North America accounted for the largest share of the veterinary imaging market. The US accounted for the largest share of the North American veterinary imaging market. The veterinary imaging market in North America is increasing because of the population of companion and livestock animals, rising meat and dairy product consumption, rising veterinary healthcare expenditure, and increasing pet insurance coverage. As per the American Pet Products Association, more than 44% of households owned dogs and 35% owned cats in the U.S. This number is expected to witness an upswing over the forecast period. The U.S. dominates the veterinary imaging market due to the rising adoption of advanced veterinary imaging systems. Furthermore, rising animal health expenditures and the growing importance of livestock animals, as well as the growing need for protein-rich animal food, will boost the veterinary imaging systems market growth.

Asia-Pacific presents lucrative opportunities for the key players operating in the veterinary imaging market, growth in awareness about veterinary imaging, and growing adoption of companion animals with the rise in animal health awareness supports the market growth. The increase in disposable income, improvement in animal health spending, rise in importance of livestock animals, boost in the demand for protein-rich animal food, surge in consumption of meat & dairy products, and rise in the number of veterinary hospitals with advanced imaging systems, contribute market growth. The other factors such as an increase in the number of pet ownership and a rise in demand for advanced imaging systems are expected to drive the growth of the veterinary imaging market in Asia-Pacific.

The objective of the report is to present a comprehensive analysis of the Veterinary Imaging Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Veterinary Imaging Market dynamic and structure by analyzing the market segments and projecting the Veterinary Imaging Market size. Clear representation of competitive analysis of key players by Design, price, financial position, product portfolio, growth strategies, and regional presence in the Veterinary Imaging Market make the report investor’s guide.
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Global Veterinary Imaging Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US$ 1.65 Bn.


Forecast Period 2022 to 2029 CAGR:
7.2%
Market Size in 2029:
US$ 3.5 Bn.


 Segments Covered:
by Product Type
• Instruments
• Reagents
• Others


by Animal Type
• Companion Animals
• Large Animals
• Others


by Application
• Orthopedics & Traumatology
• Oncology
• Cardiology
• Neurology
• Others


by End-User
• Clinics & Hospitals
• Reference Labs
• Others



Veterinary Imaging Market by Region
• North America
• Europe
• Asia Pacific
• The Middle East and Africa
• SouthAmerica
Veterinary Imaging Market Key Players:
• GE Healthcare
• Agfa-Gevaert NV
• Carestream Health
• Esato S.p.A
• IDEXX Laboratories
• Minary Medical International Limited
• Canon Inc.
• Heska Corporation
• Siemens Healthineers
• FUJIFILM Holdings Corporation
• Konica Minolta Inc.
• E.I Medical Imaging
• IMV Imaging
• SEDECAL
• CLARIUS Health
• Ultrasonic Instruments

Frequently Asked Questions:

1] What segments are covered in the Veterinary Imaging Market report?
Ans. The segments covered in the Veterinary Imaging Market report are based on Product Type, Application, and End-Users.

2] Which region is expected to hold the highest share in the Veterinary Imaging Market?
Ans. The Asia-Pacific region is expected to hold the highest share in the Veterinary Imaging Market.

3] What is the market size of the Veterinary Imaging Market by 2029?
Ans. The market size of the Veterinary Imaging Market by 2029 is expected to reach USD 3.5 Billion.

4] What is the forecast period for the Veterinary Imaging Market?
Ans. The forecast period for the Veterinary Imaging Market is 2022-2029.

5] What was the market size of the Veterinary Imaging Market in 2021?
Ans. The market size of the Veterinary Imaging Market in 2021 was valued at USD 1.65 Billion.