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Global Veterinary Imaging Market to Reach US$ 2.43 Billion by 2027, Propelled by Considerable Rise in Expenditures on Pet Health

Published on Nov 23, 2022

According to the latest report by IMARC Group, titled “Veterinary Imaging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global veterinary imaging market size reached US$ 1.66 Billion in 2021. Veterinary imaging procedure uses a non-invasive technique to acquire the images of an animal's body for the purpose of identifying, monitoring, and diagnosing chronic illnesses and injuries. Through the use of instruments, software, and consumables, it establishes normal anatomical, physiological, and functional parameters that can be utilized in clinical and research environments. MRIs, X-rays (high-energy radiation), ultrasounds (high-energy sound waves), radio waves, and radioactive chemicals are often used to produce detailed images of internal organs. In addition to the ability to identify problems in both soft and hard tissues in pets, it can also assist in detecting nerve damage and dysfunction. A powerful tool for tracking recovery progress, it assists in diagnosis, treatment planning, and evaluation of treatment effectiveness. Most veterinary imaging methods are useful in offering information efficiently without altering the illness process or inflicting discomfort on the animal.

Global Veterinary Imaging Market Trends:

The global market is majorly driven by a considerable rise in expenditure on pet health and insurance. This can be attributed to the growing rates of pet adoption, along with the pet humanization trend among the masses. In line with this, the increasing prevalence of numerous infectious diseases in animals is providing an impetus to the market. The rising need for appropriate treatment of small pets, such as cats and dogs, is propelling the demand for non-invasive veterinary diagnostic devices, which, in turn, is fueling the market. Moreover, the escalating demand for meat and dairy products is resulting in a higher product uptake for livestock management applications. Besides this, the rapid expansion of veterinary hospitals and point-of-care services is creating lucrative growth opportunities in the market. Furthermore, continual technological advancements, such as the incorporation of artificial intelligence (AI) in veterinary imaging, pre-surgery soft tissue scanning in veterinary MRI, and the advent of portable battery-powered imaging instruments, are creating a positive market outlook. Some of the other factors contributing to the market include rapid urbanization, inflating disposable income levels of consumers, continuous improvements in the healthcare infrastructure, and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 2.43 Billion by 2027, exhibiting a CAGR of 6.30% during 2022-2027.

Market Summary:

  • Based on the product type, the market has been segmented into instruments, reagents, and others.
  • On the basis of the animal type, the market has been divided into small companion animals and large animals.
  • Based on the application, the market has been categorized into orthopedics and traumatology, oncology, cardiology, neurology, and others.
  • On the basis of the end user, the market has been classified into hospitals and clinics, reference laboratories, and others.
  • On the geographical front, the market has been segregated into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico and others), and the Middle East and Africa.
  • The competitive landscape of the market has been studied in the report with detailed profiles of the key players. Some of these players include Agfa-Gevaert N.V. (IG Farben), Canon Inc., Carestream Health Inc., Draminski S.A., Esaote SpA, Fujifilm holdings corp., Hallmarq Veterinary Imaging, Heska Corporation, IDEXX Laboratories Inc., IMV Technologies Group, MinXray Inc., and Siemens Healthineers AG (Siemens AG).
     

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