Veterinary Imaging Market 2022 - Market Size & Forecast, Industry Trends, Manufacturers Analysis, & Opportunities 2030

Introduction: -

A branch of veterinary medicine, veterinary imaging is typically a non-invasive method used to procure medical images of animal bodies to diagnose various chronic diseases. Ultrasound imaging, MRI, radiography, X-ray, CT imaging, endoscopy imaging, and others are some of the most commonly used imaging systems worldwide for diagnosing diseases in small, large, and other classes of animals. The global veterinary imaging market includes players engaged in developing and launching various veterinary imaging technologies and products. The veterinary imaging market is anticipated to witness growth at a compounded annual growth rate (CAGR) of 6.75% during the forecast period of 2022-2030.

Growth Drivers:

In recent years, the trend of pet humanization has grown tremendously across the globe. According to the American Pet Products Association, over 35.0% of the households in the U.S. owned cats, whereas more than 44.0% of the homes owned dogs. This number is anticipated to only rise in the upcoming years. With the growing adoption of pets, the willingness and awareness among pet owners to spend vast amounts of money on their wellbeing and healthcare products and services such as pet insurance policies, veterinary care, food, supplies/over-the-counter medications, etc., has increased.  This factor is expected to bode well for the growth of the global veterinary imaging market during the forecast period.

Additionally, due to the increasing demand for meat & dairy products across the globe, the need for effective solutions to effectively improve livestock productivity, especially across the emerging nations, has risen profoundly over the years. Moreover, with the rising global livestock population, the prevalence of zoonotic diseases has also surged dramatically. This has raised the need for effective diagnostic tools to curb the spread of such diseases, which is set to bolster the growth of the global veterinary imaging market in the next few years.

Moreover, leading players present in the global veterinary imaging market are allocating substantial amounts of funds and putting major efforts into developing new and advanced products for the market. In recent years, few notable and emerging developments have been in the form of the integration of the MRI, laparoscopy, and micro-fracture detection techniques with veterinary imaging, along with the emergence of cloud-based information management systems and various pet owner mobile technologies.

Furthermore, the rising number of veterinary practitioners across the globe coupled with the growing consolidation among these veterinary practitioners, the increasing number of academic institutes contributing towards research activities, and the intensifying adoption of veterinary imaging in point-of-care facilities are expected to further create ample growth opportunities for the global veterinary imaging market in the next few years.

However, factors such as the high costs of veterinary imaging technologies and instruments and the dearth of skilled veterinarians & animal healthcare awareness in developing and underdeveloped regions worldwide are expected to hamper the global veterinary imaging market's growth during the forecast period 2022-2030.

Veterinary Imaging Market Segmentation:

By Product Type:

·         Veterinary Imaging Instruments

o   Radiography (X-RAY)

·         Computed Radiography Systems

·         Direct Radiography Systems

·         Film-based Radiography Systems

o   Ultrasound Imaging Systems

·         2D Ultrasound Imaging Systems

·         3D/4D Ultrasound Imaging Systems

·         Doppler Ultrasound Imaging Systems

o   Computed Tomography Imaging Systems

·         Stationary Multi-slice Computed Tomography Systems

·         Portable Computed Tomography Systems

o   Video Endoscopy Imaging Systems

o   Magnetic Resonance Imaging Systems

o   Other Imaging Systems

·         Veterinary Imaging Reagents

o   X-RAY and CT Contrast Reagents

o   MRI Contrast Reagents

o   Ultrasound Contrast Reagents

·         Veterinary Imaging Software

By Therapeutic Area:

·         Orthopedics & Traumatology

·         Obstetrics & Gynecology

·         Oncology

·         Cardiology

·         Neurology

·         Dentistry

·         Other Therapeutic Areas

By Animal Type:

·         Small Companion Animals

·         Large Animals

·         Other Animals

By End User:

·         Veterinary Clinics

·         Diagnostic Centers

·         Veterinary Hospitals

·         Academic Institutions

By Region:

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East and Africa

Veterinary Imaging Market Product Type Review:

Based on product type, the global veterinary imaging market is segmented into veterinary imaging instruments, veterinary imaging reagents, and veterinary imaging software. The veterinary instruments segment dominated the global market in 2021. The segment is anticipated to retain its dominance further in the market during the forecast period of 2022-2030. The burgeoning demand for veterinary imaging instruments for the proper care of small pets and their easy availability, high sensitivity, and cheap cost of operations is the major factor behind the large share of this segment.

Veterinary Imaging Market Therapeutic Area Review:

Based on therapeutic area, the global veterinary imaging market is segmented into orthopedics & traumatology, obstetrics & gynecology oncology, cardiology, neurology, dentistry, and other therapeutic areas. The orthopedics & traumatology segment held the largest share in the market in 2021 and is expected to continue to lead further in the market during the forecast period of 2022-2030. The increasing incidence of orthopedic diseases and the growing availability of advanced imaging systems for diagnosing orthopedic disease in animals are major factors driving the growth of this segment. However, the oncology segment is predicted to attain the highest growth in the market during the forecast period of 2022-2030, predominantly due to the rising number of cancer cases across the globe and the escalating research activities focused on developing effective cancer drugs.

Veterinary Imaging Market Animal Type Review:

Based on animal type, the global veterinary imaging market is segmented into small companion animals, large animals, and other animals.  The small companion animals segment acquired the largest share of the global market in 2021, and the trend is estimated to continue throughout the forecast period of 2022-2030. The rapid growth in the humanization of pets across the globe and the increasing willingness among pet owners to spend for pet care is the primary factor propelling the development of this particular segment.

Veterinary Imaging Market End User Review:

Based on end user, the global veterinary imaging market is segmented into veterinary clinics, diagnostic centers, veterinary hospitals, and academic institutions. The veterinary hospitals segment captured the largest share of the market in 2021. The segment’s position is expected to remain unchanged during the forecast period of 2022-2030. The high adoption of veterinary imaging in hospitals and the growing number of veterinary practices coupled with the rising base of veterinarians worldwide are primarily contributing to the growth of this segment.

Regional Outlook:

The veterinary imaging research report offers detailed analysis and forecasts for five major regions: North America, Europe, Asia Pacific, and Latin America, and the Middle East & Africa.

The North American region commanded 46.0% of the global veterinary imaging market in 2021, followed by Europe and the Asia Pacific. The region is anticipated to remain dominant throughout the forecast period of 2022-2030 owing to factors such as the proliferating concerns for cancer and tumors in small pets, the surging population of companion and livestock animals, the growing meat and dairy product consumption, and the increasing veterinary healthcare expenditure in the region. Moreover, the rising disposable incomes of people and favorable pet insurance schemes are also largely attributed to the large share and high growth of the market in the region. The U.S. and Canada stand as the leading contributors to the growth of the market in the region.

The Asia Pacific region is poised to emerge as the fastest-growing regional market for veterinary imaging during the forecast period. The interest of players present in the developed regions to establish new veterinary imaging centers in the emerging countries of the Asia Pacific is growing. Moreover, due to the surge in the overall companion and livestock animal population and the increasing disposable incomes of people, awareness regarding veterinary imaging is rapidly augmenting in the region. All these factors are significantly fueling the growth of the market in the region. The increasing number of veterinary hospitals with advanced imaging systems and the easy availability of low-cost animal health products in the region are expected to further drive growth of the veterinary imaging market in the near future, especially during the forecast period. India, China, and Japan are the major contributors to the market's growth in the region.

The European region is expected to experience robust growth in the market during the forecast period, mainly due to the high presence of skilled veterinaries, the rapid growth in the prevalence of zoonotic disease, and the increasing adoption of advanced technologies for animal healthcare in the region.

The report also identifies the country market outlook for veterinary imaging, covering country-wise market size, growth rate, market share, segmentation, leading players, current trends, and opportunities.

Key Companies in Veterinary Imaging Market:

The research report offers a competitive analysis of prominent companies operating in the global veterinary imaging market. Some of the leading players profiled in the market research report include:

·         Samsung Electronics Co., Ltd.

·         E.I. Medical Imaging

·         IMV imaging

·         GE Healthcare

·         Agfa-Gevaert N.V.

·         Carestream Health

·         Esaote S.p.A

·         IDEXX Laboratories Inc.

·         Mindray Medical International Limited

·         Canon Inc.

·         Heska Corporation

·         Siemens Healthineers

·         FUJIFILM Holdings Corporation

·         Konica Minolta Inc.

·         Clarius Mobile Health

·         MinXray Inc.

·         Hallmarq Veterinary Imaging

·         Sonoscape Medical Corp.

·         Reproscan

·         Other Players