Number of pages: 100 | Report Format: PDF | Published date: March 29, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global veterinary imaging market was valued at US$ 1.73 million in 2022 and is expected to register a revenue CAGR of 6.78% to reach US$ 3.12 million by 2031.
Veterinary Imaging Market Fundamentals
Veterinary imaging is the usage of various non-invasive techniques to produce visual representations of the internal structures of animals for diagnostic or monitoring purposes. It includes a variety of imaging modalities, such as radiography (X-rays), ultrasonography, computed tomography (CT), magnetic resonance imaging (MRI), and endoscopy. These imaging techniques allow veterinarians to visualize the internal structures of animals, including bones, organs, and soft tissues, to diagnose and monitor a range of conditions, from broken bones to cancer. Veterinary imaging is an essential tool for modern veterinary medicine and is used in various settings, from routine check-ups to emergency care.
The field of veterinary imaging is rapidly advancing. Digital radiography has been gaining popularity in recent years due to its speed and image quality. More veterinary practices will likely adopt this technology in the future, improving the accuracy of diagnoses and reducing the need for repetitive examinations. MRI and CT scans are already valuable tools for diagnosing various conditions, but as technology innovates, these imaging modalities become even more powerful and precise. For instance, there may be developments in functional MRI (fMRI) technology, which can provide information about brain activity in real-time. Moreover, telemedicine has become more common in veterinary medicine due to the pandemic, and this trend will likely continue in the future. Veterinary imaging may include the usage of telemedicine for remote image interpretation, as well as remote consultations with veterinary specialists.
Veterinary Imaging Market Dynamics
The increase in the adoption of livestock and companion animals in recent years is the key factor in the revenue growth of the global veterinary imaging market. This increase in ownership is anticipated to fuel their healthcare spending. According to the American Pet Products Association, pet owners in the United States spent an estimated US$ 32.7 billion on veterinary care in 2020, which is a 6.1% increase from the previous year. Furthermore, a recent survey conducted by LendingTree found that 68% of pet owners reported spending at least US$ 1,000 on pet healthcare. This indicates that pet healthcare spending is becoming a significant expense for many pet owners. This trend is anticipated to increase in the forecast years as many companion animals are reportedly being affected by many chronic conditions such as cancer, neurological disorders, and orthopedic injuries.
Companies are concentrating on extending their geographic reach through acquisitions and strategic alliances. For instance, Heska Corporation (US) announced in September 2021 that it had acquired a majority share in Biotech Labs USA LLC, expanding its intellectual property portfolio and international product range. Also, in August 2021, Esaote and the Magnet Group agreed to a strategic partnership that provided the latter’s members complete access to the company’s North American operations, which include products and services. This cooperation helped Esaote increase its customer reach. As a result, during the projection period, significant corporate acquisitions and innovations will be the primary catalysts of market development.
Significant technical developments have occurred in veterinary imaging during the past few years. Imaging techniques that are employed in human medical contexts are rapidly being adapted for use in the veterinary medicine field. Such technological advancements are expected to aid in the expansion of the global veterinary imaging market. For instance, the release of portable imaging equipment with rechargeable batteries, such as ultrasound machines, is expected to drive commercial rise in the forecast years.
However, the major restraining factor for the global veterinary imaging market is the high cost of implementing and maintaining these software solutions. Additionally, concerns related to data privacy and security also pose a challenge to the revenue growth of this market.
Veterinary Imaging Market Ecosystem
The global veterinary imaging market is analyzed from four perspectives: product, application, end-user, and region.
Veterinary Imaging Market by Product
Based on product, the global veterinary imaging market is segmented into X-ray, ultrasound, MRI, video endoscopy, and CT imaging.
The X-ray segment dominates the global veterinary imaging market with the largest revenue share. X-ray is a common diagnostic tool used in veterinary imaging to detect bone fractures, joint problems, and other abnormalities. It is a non-invasive and quick procedure that allows veterinarians to accurately diagnose and treat various animal health conditions. This imaging system in animals can identify foreign objects and other abnormalities in animals. Moreover, these devices are quick and cost-effective to diagnose various medical conditions, such as pneumonia, heart disease, and cancer.
The video endoscopy segment is expected to grow rapidly during the forecast period. Video endoscopy in veterinary imaging has several advantages over traditional imaging techniques. It allows for examining internal organs and tissues, provides real-time visualization, and enables veterinarians to obtain high-quality internal images for accurate diagnosis and treatment.
Veterinary Imaging Market by Application
Based on application, the global veterinary imaging market is segmented into cardiology, neurology, respiratory, orthopedic and traumatology, oncology, dental application, and others.
The orthopedic and traumatology segment dominates the global veterinary imaging market. Veterinary imaging is essential to diagnose and treat orthopedic and traumatology disorders in animals. Veterinarians may precisely diagnose and evaluate the damage to bones, joints, and soft tissues using cutting-edge imaging tools, including X-rays, CT scans, and MRIs. Moreover, veterinary imaging techniques have revolutionized diagnosing and treating orthopedic and animal traumas. These techniques allow for non-invasive visualization of bones, joints, and soft tissues, aiding in accurate diagnosis and guiding surgical interventions.
The oncology segment is anticipated to grow in the forecast years. Cancer is one of the most common diseases in animals. The American Veterinary Medical Association, in November 2022, estimated that 25% of all dogs, and over 50% of dogs older than 10 years, will develop cancer at some point in their life. Veterinary imaging in oncology is an important tool for diagnosing and monitoring cancer in animals. Imaging techniques, such as X-rays, ultrasounds, CT scans, and MRIs, can help veterinarians identify tumors, evaluate their size and location, and determine the best course of treatment. Moreover, imaging in veterinary oncology offers several benefits, such as early tumor diagnosis, precise cancer staging, and monitoring therapy efficacy. Also, it aids veterinarians in choosing the best course of action for treating their animal patients.
Veterinary Imaging Market by End Use
Based on end use, the global veterinary imaging market is segmented into veterinary hospitals & clinics and other end-use.
The veterinary hospitals & clinics segment is anticipated to register significant revenue growth in the global veterinary imaging market. Veterinary imaging plays a crucial role in diagnosing and treating animal diseases. It enables veterinarians in hospitals and clinics to visualize internal structures with clear images and identify abnormalities, leading to faster and more accurate diagnoses. Additionally, imaging technologies, such as ultrasound and radiography, are non-invasive, making them safer and more cost-effective techniques for animals than other diagnostic procedures. Moreover, veterinary hospitals and clinics are equipped with more advanced imaging techniques, providing enhanced and detailed results.
Veterinary Imaging Market by Region
Based on the region, the global veterinary imaging market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominates the global veterinary imaging market with the largest revenue share. The veterinary imaging market in North America is expected to grow significantly due to the increasing adoption of pets and the rising prevalence of animal diseases in the region. The technological advancements in the region due to the presence of many top players in North America can increase the contribution to the global veterinary imaging market.
The Europe veterinary imaging market is expected to experience significant revenue growth due to the increasing demand for animal health insurance and its rising awareness. Additionally, the development of advanced imaging technologies and the availability of skilled veterinary professionals are also contributing to the revenue growth of this market.
Asia Pacific is predicted to be the fastest-growing geographic market for veterinary imaging over the forecast period. This is attributed to the rapidly growing animal healthcare industry in Asia Pacific. The rising healthcare expenditure on animals and increasing adoption of companion animals is anticipated to increase the veterinary imaging market in Asia Pacific. Moreover, the rising focus of governments on increasing funding to advance animal health is projected to fuel revenue growth in the Asia Pacific market.
Veterinary Imaging Market Competitive Landscape
The veterinary imaging market is moderately competitive due to new product introductions, mergers, and acquisitions. The launch of new devices, rapid commercialization permissions for such products, and active participation of manufacturers and related stakeholders in activities, such as awareness initiatives, are some of the primary development tactics that many organizations are focusing on.
The prominent companies with the largest revenue share in the global veterinary imaging market are:
Veterinary Imaging Market Strategic Developments
The orthopedics and traumatology segment accounts for the largest revenue share in the global veterinary imaging market.
The global veterinary imaging market was valued at US$ 1.73 million in 2022.
The global veterinary imaging market is expected to register growth at a revenue CAGR of 6.78% during the forecast period.
ESAOTE SpA, SOUND Technologies, General Electric Company, and Sage Group plc are a few key players in the global veterinary imaging market.
Asia Pacific is expected to register the highest revenue growth in the global veterinary imaging market during the forecast period.
*Insights on financial performance are subject to the availability of information in the public domain