Veterinary Imaging Market Size
At around USD 1.6 billion in 2021 and expected to rise at a CAGR of 6.3%, veterinary imaging market size Mostly driving the general expansion of the market is the rising pet population. The emphasis on offering quality veterinary care services is driven by growing pet adoptions together with an increasing number of new pet owners. This covers routine medical visits, early disease identification, best treatment guidelines, and quicker recovery methods. This is supposed to drive demand in veterinary imaging.
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An increasing number of pet-related incidents also help to explain the growing demand, therefore increasing the market growth. Moreover, the global market development is being driven by increased research and development initiatives to create effective instruments based on new technologies especially for veterinary purposes.
In veterinary medicine, veterinary imaging is the study of medical images of animals taken for disease diagnosis or bone fracture diagnosis. It helps detect nerve damage and malfunction and points up abnormalities in soft tissues as well as in bones. It is also clearly one of the effective instruments for monitoring recovery development. Veterinary imaging calls for tools, software, and consumables or reagents as well. Among other imaging technologies, the veterinary imaging tools are based on radiography (x-ray), ultrasonic waves, MRI, and so on.
| Report Attribute | Details |
|---|---|
| Base Year | 2021 |
| Veterinary Imaging Market Size in 2021 | USD 1,691.5 Million |
| Forecast Period | 2022 to 2030 |
| Forecast Period 2022 to 2030 CAGR | 6.3% |
| 2030 Value Projection | USD 3,015.9 Million |
| Historical Data for | 2017 to 2021 |
| No. of Pages | 170 |
| Tables, Charts & Figures | 379 |
| Segments covered | Product, Animal Type, Application, End-use and Region |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the growth opportunities in this market?
Veterinary Imaging Market Analysis
The COVID-19 epidemic was seen to have mostly impacted domestic as well as international supply chains, therefore influencing the operations of every sector and industry engaged in. Local and national public authorities strictly limited the flow of persons and products. This so had a detrimental effect on the general expansion of veterinary imaging market in first months of the epidemic.
Moreover, numerous veterinary operations were labeled as non-essential and limited visits for veterinarian consultation were being observed, therefore limiting the market sales. But various restrictions were removed and the market picked steam by the second half of 2020 when COVID-19 vaccinations developed and active case count under control started to show. Moreover, as a clear rise in pet adoption was noted all year long, this is projected to support industry long-term demand.
Growing numbers of fractures, operations, etc. are driving demand in the veterinary imaging sector. Development of exact images relating to animal abdominal cavies, chest, and bone structures depends on imaging technology. Such imaging tools provide high-quality pictures processing with more resolution and accurate, workflow optimizing images. Among other things, these are also stated to be equipped with zooming, image flipping, among others. Furthermore predicted to increase the whole market share are technical developments for bettering items and auxiliary services.
The high cost of the veterinary imaging tools may thus impede the expansion of the market during the next years. Among several factors, the quality, size, shape, resolution power, of the imaging tools determine their cost. Moreover, the cost for such devices mostly depends on new and renovated tools. Low-field scanners are between USD 2,000 and 5,000; radiography (X-ray) equipment run between USD 28,000 and 38,000.
Coupled with that, the veterinary imaging instruments require high maintenance. Thus, low affordability of such instruments and high maintenance costs poses threat to the market development.
Learn more about the key segments shaping this market
Based on product, the industry is segmented into veterinary imaging instruments, veterinary software, and veterinary imaging reagents. The veterinary imaging instruments are further segmented into radiography (X-ray) systems, ultrasound systems, computed tomography systems, magnetic resonance imaging systems, video endoscopy imaging systems, among other imaging systems. In 2021, veterinary imaging instruments segment accounted for over 54% market proportion and is anticipated to remain dominant throughout the forecast period.
The addition of advanced imaging modalities such as digital radiography is obtaining immense popularity in veterinary medicine. This method is a fast and simple way to examine pets and requires relatively lesser time for processing images when compared to conventional film radiography. Thus, such benefits associated with radiography system is anticipated to drive the product demand.
Based on animal type, the market is divided into small companion animals, large animals, and other animals. Small companion animals segment accounted for over USD 823 million in 2021 and is expected to register considerable CAGR throughout the forecast period. The increasing pet adoption trends coupled with rising focus on providing optimum veterinary care services is largely driving the market growth for companion animals.
Additionally, the increasing penetration of pet insurance products increases the spending capacity of pet owners by reducing the out-of-pocket veterinary expenses. Owing to such aforementioned factors, the companion animals segment is anticipated to register a significant CAGR throughout the forecast period.
Orthopedics and traumatology segment accounted for a significant market proportion in 2021 and is expected to register nearly 6.2% CAGR between 2022 to 2030. Orthopedics and traumatology reflect the clinical and experimental aspects in dogs and cats. Its prime focus is given toward fracture treatment, joint luxation, congenital disorders, degenerative disease, limb deformity among others. Several retrospective studies report the prevalence rate of bone fracture among companion animals.
For instance, a study conducted between 2013 and 2016 reported around 1,780 out of 106,286 dogs (1.67%) and 255 out of 22,258 cats (1.13%) were diagnosed for bone fracture. Under the age of one year, over 50% of bone fractures occurred in dogs and nearly 70% in cats.
Further, road traffic accidents were noted to be one of the leading causes of bone fracture among companion animals. Hence, the increasing prevalence of bone fracture is noted to supplement the market demand for imaging solutions.
Based on end-use, the veterinary imaging market is segmented into hospitals, clinics, and others. The hospitals segment accounted for a prominent market proportion in 2021 and is expected to register sales worth over USD 1.4 billion by 2030. Hospitals are noted to possess a higher spending capacity as compared to clinics and hence, can readily procure, install and main multiple veterinary imaging equipment. The increasing government focus towards establishing advanced, well-equipped medical infrastructure with optimum facilities is another factor driving the segmental revenue.
Additionally, hospitals have historically represented a relatively higher adoption rate towards novel technologies, including those of veterinary imaging. Hence, these factors are essentially noted to drive the market growth throughout the forecast period.
Learn more about the key segments shaping this market
Rising above USD 712.1 million in 2021, North America veterinary imaging market is expected to show a profitable CAGR all through the projected period. Pet population in the United States is driven by rising adoption of them. For example, American Pet Products Association 2021-2020 National Pet Owners Survey shows that almost 69 million dogs and 45.3 million cats are owned in almost 90.5 million American homes. Furthermore adding to the increasing demand are the increasing number of veterinary practitioners brought about by the great demand for veterinary treatments.
Furthermore, the rise in burden of zoonotic diseases such as zoonotic influenza, west nile virus, plague, rabies, brucellosis, among other diseases are highly prevalent among pets in the U.S. Therefore, the mentioned factors are expected to accelerate the regional market statistics.
Veterinary Imaging Market Share
Prominent market players operating in the veterinary imaging industry include
- Agfa-Gevaert Group
- BCF
- Canon Medical Systems Corporation
- Carestream Health
- Epica International Inc
- Esaote SpA
- FujiFilm Corporation
The factor impacting the competitive nature is focusing for developing fast and easy solutions with greater quality of imaging. Also, adopting inorganic growth strategies such as mergers and acquisitions is expected to create intense competition.
Some of the recent industry developments
- In March 2022, Canon Medica Systems Corporation acquired Nordisk Rontgen Teknik, a Danish medical equipment manufacturer. This strategic initiative is expected to strengthen the company’s business in Europe and accelerate revenue growth.
- In February 2021, Fujifilm Healthcare portfolio introduced its first VXR Veterinary X-Ray Room, providing prime quality of images with easy to use and install systems. This strategy enabled the company to cater large customer base and strengthen its market position.
The veterinary imaging market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2030, for the following segments
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By Product
- Veterinary Imaging Instruments
- Veterinary Software
- Veterinary Imaging Reagents
By Animal Type
- Small Companion Animals
- Large Animals
- Other Animals
By Application
- Orthopedics and Traumatology
- Oncology
- Cardiology
- Neurology
- Others
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Russia
- Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
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