Veterinary imaging is a method and process for capturing images of an animal’s internal organs and tissues for use in clinical analysis, medical intervention, and visual representation of the function of certain organs or tissues (physiology). The goal of veterinary imaging is to identify and cure disease and expose interior structures concealed by the skin and bones.
The market worth of the veterinary imaging market in 2021 was USD 1.58 billion, and it will be worth USD 3.0 billion by 2030, growing at a 7.3% CAGR during the forecast period.
These equipment are largely utilized for disease diagnosis, and the increase in demand for veterinary diagnostics will accelerate market growth. Rising animal welfare and pet insurance investment is likely to increase demand.
Market Dynamics
Drivers
The veterinary imaging industry is driven by the increased demand for diagnostic tools to properly care for small pets like cats and dogs. Per the Association for Pet Obesity Prevention, 60% of all cats and 56% of all dogs are classified as obese or overweight, making obesity a major issue among pets in the United States.
Restraints
A lack of awareness, high maintenance expenses, and a lack of skilled practitioners in developing regions constrains the market’s potential.
Opportunity
Numerous veterinary clinics in the area use cutting-edge technologies that are popular among vets in developing nations (such as fluoroscopy, ultrasonography, and echocardiography in veterinary medicine). Market expansion will be driven by the livestock industry’s demand for veterinary services and rising animal health expenditures. From an average of US$150 million in annual financial commitments at the beginning of the decade to over US$700 million in new lending annually, requests for World Bank assistance for livestock operations have surged considerably over the previous three years. Africa, South Asia, and Central Asia are the world’s most developed continents.
Market Segmentation
Product Insights
The veterinary imaging market is divided into instrument, reagent, and software segments based on product. The instruments market sector held the biggest market share in 2020.
The high cost of imaging equipment and the growing use of imaging modalities for illness detection in treating companion animals and livestock are both responsible for a substantial share of this market.
Radiography (X-ray) imaging systems, computed tomography imaging systems, ultrasound imaging systems, magnetic resonance imaging systems, video endoscopic imaging systems, and other imaging systems are examples of veterinary imaging devices.
Therapeutic Area Insights
On the basis of therapeutic area, the veterinary imaging market is divided into orthopedics& traumatology, obstetrics &gynecology, oncology, cardiology, neurology, dentistry, and others. The orthopedics and traumatology segment held the biggest market share in 2020. The significant market share of this sector is due to the rise in lameness and arthritis cases as well as the frequency of bone injuries.
Animal Type Insights
On the basis of animal type, the veterinary imaging market is divided into small companion animals, large animals, and other species. In 2020, the small companion animals segment significantly held the biggest market position.
The high share of this market is due to factors such as rising pet insurance demand in developed nations, rising pet adoption rates, rising animal healthcare costs, and an increase in the frequency of disease outbreaks in companion animals.
End-user Insights
On the basis of end-user, the veterinary imaging market is divided into veterinary hospitals & academic institutes and veterinary clinics & diagnostic centers. In 2020, veterinary clinics and diagnostic facilities held the biggest market share. The substantial market share of this sector is due to the expansion of private clinical practices globally and the number of veterinarians.
Regional Insights
In terms of revenue, North America led the entire market for veterinary imaging. The high rate of pet adoption by the general public in the United States and Canada, high pet care spending, rising employment in the veterinary sector, and favorable reimbursement scenarios are some of the major factors driving the regional market growth.
Furthermore, Asia Pacific will grow at a robust CAGR. The Asia-Pacific region offers lucrative opportunities for leading veterinary imaging market players, a greater understanding of this tomography, and a rise in the adoption of companion animals, all of which support market expansion.
Key Players
- Hitachi Ltd.
- PerkinElmer Inc.
- Koninklijke Philips N.V.
- Clarius Mobile Health
- Siemens Healthcare GmbH
- Bruker
- General Electric
- Reproscan
- MinXray Inc.
- Hallmarq Veterinary Imaging
- MinXray Inc.
- Sonoscape Medical Corp.
- Epica Animal Health
- ClearVet Digital Radiography Systems
- Shenzhen Ricso Technology Co. Ltd.
The market worth of the veterinary imaging market in 2021 was USD 1.58 billion, and it will be worth USD 3.0 billion by 2030, growing at a 7.3% CAGR during the forecast period. The expansion of the companion animal market, the rising number of veterinarians and their income levels in developed regions, the rising number of advanced product launches, and rising animal healthcare spending and pet insurance purchases will all contribute to the growth of the veterinary imaging market during the forecast period.
