CAGR: 6.7%Current Market Size: USD 2.02 BillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2023-2030Base Year: 2022
The global veterinary imaging market is expected to grow from USD 2.02 billion in 2022 to USD 3.62 billion by 2030, at a CAGR of 6.7% during the Projection period 2023-2030. The growth of the veterinary imaging market is mainly driven by the increase in pert expenditure.
A non-invasive method for locating and tracking illnesses and injuries in animals is veterinary imaging. It utilizes nuclear medicine imaging, computed tomography, computed tomography, ultrasonography, and X-ray imaging/radiography. It contributes to the creation of a standardized database of typical anatomical, physiological, and functional parameters for use in clinical and academic settings. The global demand for veterinary imaging is being driven by the extensive prevalence of cardiovascular diseases (CVDs) in animals nowadays. The number of pet parents in the globe is now rising significantly. This is one of the main drivers of the market's growth, along with increasing pet health and insurance costs. Radiography is also one of the imaging techniques that are frequently used in veterinary clinics since it helps to create images of bones, foreign objects, and huge bodily cavities while also helping to discover fractures, tumors, injuries, infections, and abnormalities. This is having a beneficial impact on the market, together with the increase in dogs with orthopedic diseases. Furthermore, cattle diseases result in decreased productivity, a risk to food security, lost money, and detrimental effects on human health. The need for veterinary imaging is consequently growing globally. In addition, improvements in veterinary MRI technology are making it possible to assess soft tissue structures prior to operation.
Sample Request: - Global Veterinary Imaging Market
Market Dynamics:
Drivers:
The growing adoption of multimodal imaging equipment is anticipated to grow the market during the Projectioned period. On a global scale, both the number of companion animals and their adoption rate have increased. Having a companion animal has been associated with a number of health advantages, including fewer cardiac arrhythmias, stabilized blood pressure, less anxiety, increased psychological stability, and improved well-being, according to numerous studies. As the number of pets increases, there will likely be a greater demand for pet care goods and services, which will fuel the growth of related industries like veterinary imaging.
Restraints:
The high cost of imaging equipment will slow the market's expansion. The cost of veterinary imaging equipment is high. In developed nations like Germany, the United States, Japan, and the United Kingdom, the price of entry-level console (portable) ultrasound systems ranges from USD 22,000 to USD 75,000.
Opportunities:
Increased spending on R&D and the pharmaceutical industry will create favorable possibilities for the expansion of the veterinary imaging market. In the ongoing development of imaging technology, the development and application of multimodal imaging equipment have significantly increased. Increased R&D spending by pharmaceutical companies is directly related to the restructuring of the industry, particularly the expansion of the biotechnology sector. Additionally, manufacturers' increased emphasis on using cutting-edge technologies in the healthcare sector and the rise of emerging markets will provide more favorable conditions for the expansion of the veterinary imaging market throughout the course of the Projection period.
Challenges:
On the other hand, the veterinary imaging industry would face difficulties due to the lack of understanding regarding animal healthcare in emerging economies. Additionally, during the Projection period, a lack of veterinarians in developing economies and rising healthcare expenses may constrain and delay the market's growth pace.
Segmentation Analysis:
The global veterinary imaging market has been segmented based on equipment, animal type, application, end-user, and region.
By Equipment
The equipment segment is ultrasound imaging systems, computed tomography imaging systems, radiography (X-ray) systems, video endoscopy imaging systems, magnetic resonance imaging systems, and others. The ultrasound imaging systems segment led the largest share of the veterinary imaging market with a market share of around 34.5% in 2022. Compared to other forms of technology, ultrasound machines are simple to operate and give veterinarians the knowledge they need to make swift decisions and diagnose animals. They are primarily chosen by veterinarians as a result. These tools can be used in point-of-care assessments, emergency departments, and ambulance services. In addition, they offer quick diagnosis and response compared to traditional ultrasound devices, which are expensive, immobile, and cumbersome. In the market under study, the segment for ultrasound scanners is therefore anticipated to expand. Additionally, as key players in the veterinary ultrasound devices market continuously advance their technologies and release new and advanced ultrasound devices over time, technological innovation is resulting in the development of more precise and effective ultrasound systems, which is expected to spur the growth of the market.
By Animal Type
The animal type segment is large animals, small companion animals, and others. The small companion animals segment led the largest share of the veterinary imaging market with a market share of around 47.8% in 2022. Because there has been a rise in pet adoption and mounting evidence that having pets has great health advantages for people. The need for highly accurate and efficient diagnostic tools has grown, which is projected to drive the market for imaging systems in the upcoming years. In 2016, 44% of American households had dogs, while 35% had cats, according to the American Pet Products Association. In the United States alone, there are over 85.8 million cats and 78 million dogs, and this number is expected to rise over the Projection period. In addition, the availability of affordable diagnostic options and an increase in willingness to pay for pet health are factors supporting this market's supremacy.
By Application
The application segment is oncology, orthopedics, neurology, cardiology, and others. The oncology segment led the largest share of the veterinary imaging market with a market share of around 48.3% in 2022. Due to rising R&D efforts in the field of oncology and an increase in the occurrence of cancer in animals. Market participants are making investments in research to create efficient cancer diagnostic and treatment alternatives, which is driving sector growth.
By End-User
The end-user segment is reference laboratories, hospitals, and others. The hospitals segment led the largest share of the veterinary imaging market with a market share of around 38.3% in 2022. The demand for affordable, quick, and precise diagnostic tools for animal healthcare is what spurs the adoption of imaging technology. The development of imaging technologies is anticipated to fuel the segment's expansion. Mobile technologies for pet owners that are effective and cloud-based information management systems are some of these developments.
Global Veterinary Imaging Market - Sales Analysis.
The sale of the veterinary imaging market expanded at a CAGR of 4.9% from 2016 to 2022.
Non-invasive veterinary imaging systems are frequently used to identify a wide range of diseases or problems in livestock animals like cattle and pigs as well as companion animals including cats, dogs, horses, birds, bunnies, and goats. Several imaging methods, including radiography, CT scanning, magnetic resonance imaging, and ultrasound imaging systems, are frequently used to diagnose these species. These systems are frequently combined to help in disease diagnosis. Given that these tools are largely utilized for disease detection, a growth in demand for veterinary diagnostics is anticipated to fuel the need. It is anticipated that rising costs for pet insurance and animal health care would help fuel demand.
The necessity for precise and efficient diagnostic technologies is likely to drive market expansion as zoonotic disease incidence rises. It is anticipated that usage will increase in the next years due to the demand for practical solutions to increase cattle productivity in developing nations. Increased adoption of pets, increasing demand for dairy and meat products, an increase in livestock population, and a rise in pet owners' awareness of better treatment choices are some of the factors projected to support the growth of the veterinary imaging market throughout the Projection period.
Thus, owing to the aforementioned factors, the global veterinary imaging market is expected to grow at a CAGR of 6.7% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the veterinary imaging market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America region dominated the veterinary imaging market and held a 38.2% share of the market revenue in 2022.
Global Veterinary Imaging Market - Country Analysis:
Germany's veterinary imaging market size was valued at USD 0.75 billion in 2022 and is expected to reach USD 1.19 billion by 2030, at a CAGR of 6% from 2023 to 2030. Contrary to wealthy nations like Germany, items like computed radiography and film-based radiography are more affordable in this region. Additionally, steps are being taken by both government and non-government organizations to stop the spread of zoonotic illnesses.
China’s veterinary imaging market size was valued at USD 0.78 billion in 2022 and is expected to reach USD 1.26 billion by 2030, at a CAGR of 6.2% from 2023 to 2030. Because the adoption of companion animals is booming in this area. The market's growth rate in this region will also be boosted by increases in animal health spending, the importance of livestock animals growing along with the demand for protein-rich animal food.
India's veterinary imaging market size was valued at USD 0.60 billion in 2022 and is expected to reach USD 0.96 billion by 2030, at a CAGR of 6.1% from 2023 to 2030. Because veterinary imaging is becoming more widely known in this area. The market's growth rate in this region will also be boosted by rising disposable income and greater awareness of animal health.
Key Industry Players Analysis:
To increase their market position in the global veterinary imaging market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
6.7% |
Market Size |
2.02 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Equipment, By Animal Type, By Application, By End-User, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Bruker (US), Koninklijke Philips N.V. (Netherlands), General Electric (US), Siemens Healthcare GmbH (Germany), Hitachi Ltd. (Japan), PerkinElmer Inc. (US), FUJIFILM Corporation (Japan), Shenzhen Ricso Technology Co. Ltd. (China), Clarius Mobile Health (Canada), Epica Animal Health (US), DRAMIÑSKI S.A. (Poland), MinXray Inc. (US), ClearVet Digital Radiography Systems (US), Shantou Institute of Ultrasonic Instruments Co., Ltd (China), Hallmarq Veterinary Imaging (UK), and Sonoscape Medical Corp. (China). |
By Equipment |
|
By Animal Type |
|
By Application |
|
By End-User |
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Regional scope |
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Scope of the Report
Global Veterinary Imaging Market By Equipment:
Global Veterinary Imaging Market By Animal Type:
Global Veterinary Imaging Market By Application:
Global Veterinary Imaging Market By End-User:
Global Veterinary Imaging Market By Region:
Global veterinary imaging market is expected to reach USD 3.62 billion by 2030.
The veterinary imaging market is projected to have a CAGR of 6.7%.
Based on the equipment, the veterinary imaging market is segmented into ultrasound imaging systems, computed tomography imaging systems, radiography (X-ray) systems, video endoscopy imaging systems, magnetic resonance imaging systems, and others.
The growing adoption of multimodal imaging equipment is anticipated to grow the market during the Projectioned period. On a global scale, both the number of companion animals and their adoption rate have increased. Having a companion animal has been associated with a number of health advantages, including fewer cardiac arrhythmias, stabilized blood pressure, less anxiety, increased psychological stability, and improved well-being, according to numerous studies.
Leading market players active in the global veterinary imaging market are IDEXX Laboratories, Inc.; SUNI Medical Imaging, Inc.; GE Healthcare; Sound; and FUJIFILM Holdings America Corporation among others.
Political Factors- The veterinary imaging market should carefully review the tax regulations that apply to the sector before deciding whether to expand. Sectors that the government considers to be top priorities will benefit more from tax policy. Many developing nations aggressively pursue tax reductions for businesses in an effort to entice foreign direct investment. Since these nations have low tax rates that will make it simpler to make money and invest in R&D, innovation, and new product development activities, they should be taken into account in the veterinary imaging market.
Economic Factors- Capital accumulation and the production of goods and services are made possible by the financial market's efficiency and general economic growth, which have a strong positive association. In order to quickly assemble financial and human capital, the veterinary imaging market must select nations with incredibly effective financial marketplaces. The veterinary imaging market may be able to successfully stay one step ahead of the competition by monitoring the efficiency of the financial market. Since rising inflation reduces the purchasing power of money and deters consumers from making purchases of goods and services, it may have a negative impact on the ability of the veterinary imaging industry to raise revenue.
Social Factors- Respect for hierarchy and social class stratification are two important social characteristics that may have an impact on the commercial, marketing, and human resource management strategies for the veterinary imaging market. When visiting nations with significant power distance, the market for veterinary imaging feels most at home in hierarchical systems with formal work cultures. The veterinary imaging market cannot target several different groups from various social classes using the same marketing mix, which is another indication of the requirement for efficient market segmentation tactics.
Technological Factors- The market and industry as a whole may be affected by the pace and progress of technical innovation. The veterinary imaging market will be able to comprehend the rate of new product creation, the length of the product life cycle, and the specific features consumers demand by analysing the upcoming trends in technological innovation. The veterinary pain management market can determine whether switching to e-commerce will be more advantageous than launching a physical site by analysing consumer thoughts on cutting-edge, new digital technology. The veterinary imaging market may be forced to switch from manual to automated processes if rivals embrace automation technologies to cut costs—especially if the general populace is technologically aware.
Environmental Factors- Businesses are under pressure to lessen their influence on the environment because of strict environmental legislation in many different countries. The veterinary imaging market should adopt ethical production methods in response, encourage ethical consumption among its target market, work to improve its brand's sustainable reputation, and ensure complete compliance with local and international environmental laws because failing to do so could result in harsh, reputation-damaging criticism from relevant stakeholders. Businesses that produce a lot of trash may be required by law to control their environmental practises.
Legal Factors- Numerous federal and state legislation are in place in several nations to safeguard consumers against potential economic abuse. Laws to protect consumer privacy have become more tighter in the age of information technology. The veterinary imaging market must strictly abide by the data privacy laws while doing online transactions in order to prevent lawsuits. Market Management must review local rules governing returns, discounts, credit terms, quality, deceptive advertising, and maximum price before entering new markets (particularly in the case of basic essential goods).
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