Veterinary Imaging Market Size, Share, Growth Analysis, By Product (Veterinary Imaging Instruments, Veterinary Imaging Reagents), By Modality (Stationary Instruments, Portable Instruments), By Application (Orthopedics & Traumatology, Cardiology), By Animal Type, By End User, By Region - Industry Forecast 2024-2031

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 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. 'GE Healthcare (US) ', 'AGFA-Gevaert Group (Belgium) ', 'Carestream Health, Inc. (US) ', 'Esaote S.P.A. (Italy) ', 'Idexx Laboratories, Inc. (US) ', 'Mindray Medical International Limited (China) ', 'Canon Inc. (Japan) ', 'Heska Corporation (US) ', 'Siemens Healthineers (Germany) ', 'Fujifilm Holdings Corporation (Japan) ', 'Konica Minolta, Inc. (Japan) ', 'Samsung Electronics Co., Ltd. (South Korea) ', 'E.I. Medical Imaging (US) ', 'IMV Imaging (UK) ', 'Sedecal (Spain) ', 'Clarius (Canada) ', 'Shenzhen Ricso Technology Co. Ltd. (China) ', 'Draminski S.A. (Poland) ', 'Epica Animal Health (US) ', 'Clearvet Digital Radiography Inc. (US) ', 'Minxray, Inc. (US) ', 'Hallmarq Veterinary Imaging (UK) ', 'Shantou Institute of Ultrasonic Instruments Co. Ltd. (China) ', 'Sonoscape Medical Corp. (China) ', 'Reproscan (US)'

Growing pet ownership rates, coupled with increasing pay ability on pet health, are main factors driving demand for better veterinary imaging. Increased pet ownership rates in the US, for instance, have forced many families to invest heavily in comprehensive veterinarian care, a package encompassing advanced imaging capabilities. This is an increasing trend, where the owners of pets seek diagnostic accuracy and effective treatments, demonstrating society's heightened concern for animal health and welfare. Therefore, the veterinary imaging market has witnessed prominent growth with an increase in demand for advanced diagnostic imaging procedures such as CT and MRI scans for veterinary applications.

Integration of Machine Learning and Artificial Intelligence: The modernization of veterinary imaging with machine learning and artificial intelligence enhances diagnostic capabilities. More often now, AI algorithms in image data analysis are in place to enhance picture quality and help diagnoses that are being made more accurately. It can be used for anomaly identification, automating image processing, and giving predictive insights to enhance diagnostic precision while reducing the interpretation time. AI and machine learning in veterinary imaging continue to widen the market scope because, with advanced diagnostic tools, productivity increases. With these types of technologies integrated into their operations, the ability to diagnose conditions rapidly and accurately translates to improved treatment and outcomes for patients. Because of this impact, demand is growing for AI-enhanced imaging systems as part of a larger push for integrating advanced technologies into veterinary practice.

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.