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 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.