Veterinary MRI Market Size
With a value of over USD 78.5 million in 2022 and predicted to rise at a CAGR of 5.5%, veterinary MRI market size Rising acceptance of companion animals, increasing animal healthcare cost, high frequency of animal diseases, growing number of veterinary practitioners, and technological developments help to explain the expansion of this industry.
To get key market trends
Veterinary magnetic resonance imaging, sometimes known as veterinary MRI, is a technique for animal disease or health diagnosis based on magnetic field application. Fitting all kinds of animals, it is a robust diagnostic instrument with an accurate animal health state. Without changing the animals, it offers computerized pictures of body components and is safe. MRI can be used to diagnose a wide spectrum of disorders and ailments, including cancer, imaging of the spine for malignancies, musculoskeletal problems including tendon, ligament or muscular tear, malignancy or infection.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Veterinary MRI Market Size in 2022 | USD 78.5 Million |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 5.5% |
| 2032 Value Projection | USD 136.7 Million |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 230 |
| Tables, Charts & Figures | 396 |
| Segments covered | Solution, Application, Animal type, End-user, and Region |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the growth opportunities in this market?
COVID-19 Impact
The COVID-19 epidemic caused the authorities to mandate a lockdown and travel restrictions. Early on in the epidemic COVID-19 had a negative effect on the veterinary MRI market. Such rigorous standards let only severe animal cases visit veterinary clinics and hospitals, therefore hindering the expansion of this business. Later, as COVID cases dropped, this industry grew faster. Notwithstanding this, the epidemic has helped the industry by raising pet adoption, boosting pet insurance, raising awareness of veterinary imaging techniques and demand for them worldwide, so rising healthcare expenditure all around.
Veterinary MRI Market Trends
The development of the veterinary MRI market is predicted to be much influenced by the rising acceptance of companion animals. Pet insurance is also expected to rise along with the growing pet population and expenses for animal health. Moreover, the yearly statistics released by FEDIAF show significant increase in European pet ownership. About 88 million homes will have at least one pet animal by 2020. With an estimated 90 million, the population of pets is fast growing.
Early identification and treatment of animal diseases are becoming more important as the population of animals rises and the frequency of the diseases rises as well. In the diagnosis of many different neurology, oncology, cardiology, and other disorders in animals, the veterinary MRI equipment finds tremendous utility. MRI technology allows medical problems to be found more rapidly and facilitates faster administration of medication. These elements will raise the market for veterinary imaging technologies including veterinary X-ray, veterinary CT imaging, veterinary MRI, and veterinary ultrasonic equipment.
Veterinary MRI Market Analysis
Learn more about the key segments shaping this market
Solution-based veterinary MRI market segmentation includes MRI scanner systems, software, and consumables. In 2022 the segment with MRI scanner systems held the biggest market share. Estimated to be 39.4 million in 2022, MRI scanner systems' market size is predicted to rise at CAGR of 5.6%. The high frequency of animal diseases, growing awareness of animal health, pet insurance, and accurate and safe disease diagnosis made possible by technologically improved MRI scanning devices help to explain the expansion of this market.
The worldwide veterinary MRI market is categorized depending on application into neurology, cancer, cardiology, orthopaedics, and other fields. With a market share of 32.2% in 2022, the sector on neurology stood highest. In animals, disorders connected to the brain and spinal cord are most usually diagnosed via MRI. MRI helps diagnosis of neurological disorders including tumors, infarcts, meninges, stenosis, and herniated discs. The expansion of this market is predicted to be driven by the growing use of MRI in veterinary hospitals and the increasing frequency of disorders.
Learn more about the key segments shaping this market
Small animals, large animals, and other animals separate the veterinary MRI market depending on kind of animal. Dogs, cats, and other tiny animals define the segment on small animals. While the portion on big animals is categorized as cattle, horses, and other large animals. With a 55% of the market share in 2022, the small animal category dominated the market. Rising adoption of companion animals like dogs and cats, growing attention on pet health, increasing pet insurance and healthcare expenditure—all of which help to explain the biggest share of this market.
Veterinary MRI market is categorized depending on end-user into veterinary hospitals and research institutes as well as veterinary clinics. With their greatest revenue share in this market in 2022, veterinary hospitals and research institutes sector is estimated to expand at CAGR of 5.7% throughout the forecast period. Demand for this market rises with the growing frequency of animal diseases for which MRI is a diagnostic tool. The market expansion will be supported by the growing number of veterinary practitioners and growing research and development activities aiming at identifying and treating certain ailments in animals.
Looking for region specific data?
In 2022, the North America veterinary MRI market was evaluated to be around USD 36.6 million due to the high demand for pet insurance, the rapidly increasing number of companion animals, and the increased focus on animal health. During the forecast period, it is expected that Asia Pacific will dominate the market because this region has the highest number of domesticated animals, is increasing animal adoption, and focuses on animal health.
Veterinary MRI Market Share
The key players in veterinary MRI market are
- Hallmarq Veterinary Imaging
- Esaote SPA
- Siemens Healthcare Ltd.
- General Electric Company
- Shenzhen Anke High-tech Co., Ltd.
- Time Medical Holding
- IMV imaging
- Imotek International Ltd
- MinFound Medical Systems and IDEXX Laboratories, Inc.
These companies are implementing several strategies such as collaborations, acquisitions, partnerships, mergers, and product launches, etc. to maintain a competitive edge in the industry.
Veterinary MRI Industry News
- In January 2023, Esaote North America announced the launch of Magnifico Vet MRI system for quick and easy diagnosis at veterinary hospitals.
- In November 2022, Hallmarq Veterinary Imaging launched its new Zero-Helium (ZHM) Small Animal 1.5T MRI system as this system uses a conduction-based cooling system that does not require helium.
The global veterinary MRI market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032 for the following segments
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Market Size, By Solution
- MRI scanner systems
- Software
- Consumables
Market Size, By Application
- Neurology
- Oncology
- Cardiology
- Orthopedics
- Other applications
Market Size, By Animal Type
- Small animals
- Dogs
- Cats
- Other small animals
- Large animals
- Cattle
- Horses
- Other large animals
- Other animals
Market Size, By End-user
- Veterinary hospitals and research institutes
- Veterinary clinics
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Switzerland
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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