USD 1.83 Billion
Report ID:
SQMIG35G2299 |
Region:
Global |
Published Date: November, 2024
Pages:
191
|Tables:
66
|Figures:
70
Global Veterinary Imaging Market size was valued at USD 1.6 billion in 2022 and is poised to grow from USD 1.72 billion in 2023 to USD 3.04 billion by 2031, growing at a CAGR of 7.40% during the forecast period (2024-2031).
The main driving factors of the veterinary imaging market growth are rise in the number of pet owners, increase in the prevalence of veterinary diseases, and surge in pet care expenditure. According to a study posted in ResearchGate, approximately 10-15% of all dogs are affected with cardiac issues. About 5% of canine heart diseases are congenital heart diseases. Veterinary imaging equipment manufacturing companies collaborate with various public and commercial veterinary clinics and hospitals in upgrading their facilities with advanced diagnostic capabilities. In addition, the increasing ownership of pets, especially in developed regions of the world coupled with inflated veterinary care expenses significantly contributes to the demand for advanced veterinary imaging technology. For instance, in the US, the number of pet-owning families increased, and with it, spending related to comprehensive veterinarian care, including imaging services. This development has been indicative of a greater commitment to animal health, thus driving up the demand for veterinary imaging services as owners seek accurate diagnosis and effective treatments for their animals. Furthermore, the growth and establishment of multi-faceted imaging facilities in veterinary clinics and hospitals contribute to better access and increased use of such imaging services. For instance, high-level diagnostic services have become more accessible for pet owners since the establishment of a new, fully equipped veterinary hospital offering MRI and CT scan services in metropolitan areas. In other words, the greater demand for such services arises from better availability and increased access, which, in turn, is contributing to market growth.
Global Market Size
USD 1.83 Billion
Largest Segment
Magnetic Resonance Imaging Systems
Fastest Growth
Cardiology
Growth Rate
7.01% CAGR
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Global Veterinary Imaging Market is segmented by Product, Modality, Application, Animal Type, End User, and region. Based on Product, the market is segmented into Veterinary Imaging Instruments, Veterinary Imaging Reagents, and Veterinary Imaging Software. Based on Modality, the market is segmented into Stationary Instruments, and Portable Instruments. Based on Application, the market is segmented into Orthopedics and Traumatology, Obstetrics and Gynecology, Oncology, Cardiology, Neurology, Dentistry, and Other Applications. Based on Animal Type, the market is segmented into Small Companion Animals, Large Animals, and Other Animals. Based on End User, the market is segmented into Veterinary Clinics and Diagnostic Centers, and Veterinary Hospitals and Academic Institutions. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis By Product Type
The X-ray segment dominated the veterinary imaging market, accounting for 37.54% of the revenue in 2023, due to various factors such as growing attention toward advancements in animal health, increasing demand for precision diagnosis, and rising adoption of pets. This market is further significant in the context of growing use of radiography within veterinary orthopedic and dental operations along with other diagnostic areas. The fact that x-ray imaging is a common diagnostic practice and often reimbursed within insurance schemes for pets, this imaging modality has gained greater acceptance and popularity as owners of pets become increasingly aware of diagnostic and treatment options available to them. These trends collectively account for a significant share percentage in the revenue generated in the veterinary X-ray segment.
On the other hand, veterinary video endoscopy will record the fastest CAGR among categories with a growth rate of 8.04% during the forecast period. This is attributed to people moving toward less invasive diagnostic procedures instead of traditional surgical ones. Veterinary clinics such as Point Grey Veterinary Hospital in Vancouver, Canada use flexible fiberoptic endoscopes for the treatments that do not require surgery on the colon, trachea and gastrointestinal tract. Increasingly, procedures on the gastrointestinal tract, biopsies, removal of foreign objects from digestive system, installation of feeding tubes, and an airway exam take advantage of video endoscopy. The video endoscopy market is growing rapidly because of the shift toward minimally invasive procedures.
Analysis By Application
With a market share of 37.70% in 2023, the orthopedics segment grabbed the highest share. Be that as it may, innovation and development of new advanced veterinary imaging equipment exclusively for orthopedics diagnostics have been one of the key factors for its leadership position. Moreover, there is also an increasing demand for such specialty technologies as more animal clinics want better and effective imaging technologies for diagnosing and curing orthopedics issues among animals. A good instance of such development is the Magnifico Vet MRI system, launched by ESAOTE SPA in January 2023. This advanced MRI device, designed for orthopedic imaging among other therapeutic applications, enhances the competency of veterinary medical practitioners. The continuous development and innovation that relate to the technologies of orthopedic imaging would thus facilitate the potential growth of this market.
However, the oncology segment is expected to grow at the fastest rate with a projected CAGR of 9.41% during the forecast period. This rapid growth is principally owing to the increasing incidence of cancer among animals and accelerated R&D in veterinary oncology. Another key factor is the concentration on developing more effective diagnostic and therapeutic options. Industry investments are not less notable, in February 2024, for instance, the University of Glasgow announced a plan to build a completely new cancer treatment center for small animals. The goal of such an institution would be to advance oncological care, fully in line with the broader objective of improving the diagnosis and therapy of cancer in veterinary medicine.
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North America accounted for 40.84% of the revenue share in the global veterinary imaging market in 2023. Regionally, North America has among the highest rates of pet ownership in the world-in countries such as the United States and Canada. Demand for veterinary healthcare services is directly related to the size of the population requiring treatment, especially diagnostic imaging. Similarly, the North American market is also expected to increase due to an increase in strategic activities and developments of key players through product launch, merger, acquisitions, and alliances. For instance, in January 2023, JPI Healthcare launched a next-generation veterinary X-ray imaging solution, where the digital X-ray and fluoroscopy are merged with computed tomography in a unique manner, which will help in the veterinary field. New imaging modalities are now available to veterinarians, in the same format as digital X-ray, video and thermal scanning devices, at an exceptionally affordable cost, owing to DeteCT Vet CT and DynaVue Duo at the company.
Contrarily, Europe is among the fastest-growing regions. The increase in incidence of various chronic ailments among pets that require use of proper diagnostic imaging, coupled with rise in number of pet owners in Europe, is driving the veterinary imaging market. For instance, mobility problems, osteoarthritis, and obesity are all relatively common in the companion animal population. The gain of weight and excess body fat exert additional stresses on joints and thereby exacerbates arthritis and limit mobility. Thus, obesity, stated to be the most common nutritional health problem in dogs, is probably increasing side by side with the incidence of joint inflammatory disorders. Moreover, the regional veterinary imaging market is anticipated to exhibit remarkable growth, mainly because of the increasing applications of digital radiography and ultrasonography.
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Drivers
Growing Investment in and Ownership of Pets
Growth of Veterinary Hospitals and Clinics
Restraints
Shortage of Trained Professionals
Exorbitant Equipment Costs
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The competition in the market is highly aggressive, with large- and small-scale participants. Most of these companies are now focusing on R&D efforts, mergers, acquisitions, collaborations, and partnerships for higher market shares. In addition, all major participants in the industry expand into other countries with their AI technologies to strengthen their position in the market. For instance, in January 2024, SK Telecom Co. of South Korea launched its AI companion for the diagnoses of pets, X Caliber, in the U.S. by partnering with Vetology.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the major driving factors for the veterinary imaging market include increasingly popular pet insurance, a rise in the prevalence of zoonotic diseases, and rapid development regarding veterinary imaging technology. Such fast-developing technology consists of AI, especially when integrated with veterinary radiography and its related software. It provides the possibility of instant, safe uploading of X-rays onto servers and the automated evaluation of many veterinary radiological criteria. Practically putting these AI-based techniques into effect in veterinary clinics has been a step in the right direction. For instance, MiReye Imaging launched its new line of veterinary X-ray devices in April 2024 that make use of artificial intelligence while diagnosing ailments in animals. In addition, the rising pressure of zoonotic diseases has developed the need for proper diagnosis, and this is expected to drive the market.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 1.6 billion |
Market size value in 2031 | USD 3.04 billion |
Growth Rate | 7.40% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Veterinary Imaging Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Veterinary Imaging Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Veterinary Imaging Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Veterinary Imaging Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG35G2299
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