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

Drivers

Growing Investment in and Ownership of Pets

• 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.

Growth of Veterinary Hospitals and Clinics

• Access to and the use of veterinary imaging services have rapidly improved with the expansion of veterinary clinics and hospitals that are well equipped with advanced imaging apparatus. For instance, there is a completely new establishment of a veterinary center with MRI and CT scan capabilities in metropolitan areas, enabling fast access to advanced diagnostic instruments for animal owners. Advanced imaging modalities have witnessed wider availability; the treatment options and diagnostic precision have significantly improved, thereby driving their usage. Modernization of veterinary clinics has helped pet owners in having easy access to first-class diagnostic services, thereby helping the overall growth of the veterinary imaging market.

Restraints

Shortage of Trained Professionals

• This often results in a serious restriction in the population of qualified veterinary radiologists and technicians competent in effectively applying a range of innovative imaging techniques within veterinary practices. Operation of sophisticated imaging devices, such as CT and MRI scanners, requires specific knowledge and expertise, which is presently in short supply. However, wide usage of these technologies by veterinary clinics is quite a difficult proposition since most of the veterinary clinics face a non-availability of competent personnel who can efficiently operate and interpret the diagnosis obtained through various complicated diagnostic equipment. Thus, the shortage of experienced professionals tends to limit the development potential of the veterinary imaging market and full employment of modern imaging capabilities by the clinics.

Exorbitant Equipment Costs

• The high cost of buying veterinary imaging systems, such as a digital radiography system, computed tomography scanner, or magnetic resonance imaging machine, is considered the major barrier for many of the small-sized and different-sized smaller veterinary clinics and practices. Such equipment is very expensive to buy and maintain, especially for smaller, independently run offices. This has put a financial burden on them and thus constrained their ability to invest in and offer advanced diagnostic services, in turn blunting the growth of the overall veterinary imaging technologies market. Thus, one of the key challenges in achieving significant growth and availability of advanced veterinary imaging services remains high equipment cost.