Veterinary Imaging Market

Global Veterinary Imaging Market:

The global veterinary imaging market size reached US$ 1.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 3.1 Billion by 2032, exhibiting a growth rate (CAGR) of 5.4% during 2024-2032. The increasing pet ownership, rising prevalence of chronic and acute conditions, ongoing technological advancements, and expanding number of veterinary hospitals are primarily driving the market's growth.

Veterinary Imaging Market Analysis:

• Major Market Drivers: There is a considerable increase in the number of pet parents around the world. This, in confluence with rising expenditure on pet health and insurance, represents one of the key factors propelling the growth of the market. Additionally, the escalating number of dogs with orthopedic disorders is positively influencing the veterinary imaging market share.
• Key Market Trends: Advancements in veterinary MRI technology are enabling the scanning of soft tissue structures before surgery. This, along with the rapid expansion of veterinary hospitals worldwide and the increasing development of portable and battery-powered imaging instruments for point-of-care services, is driving the market. Furthermore, the rising focus on one health approach, which recognizes that the health of humans, animals, and ecosystems are interconnected, is fueling the veterinary imaging market growth.
• Competitive Landscape: Some of the prominent veterinary imaging market companies 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), among many others.
• Geographical Trends: According to the veterinary imaging market dynamics, North America dominates the overall market. The region has seen a steady increase in pet ownership, especially of dogs and cats. With more households treating pets as family members, the demand for advanced veterinary services, including diagnostic imaging, has increased.
• Challenges and Opportunities: The high cost of advanced imaging and lack of skilled workforce are hampering the veterinary imaging market share. However, the growing awareness of zoonotic diseases (diseases transmitted between animals and humans) and the importance of early diagnosis is encouraging investments in veterinary imaging.
   

Veterinary Imaging Market Trends:

Rising Pet Ownership

The increasing pet ownership across various countries is boosting the demand for veterinary services. For instance, according to an article published by Forbes, as of 2024, nearly 66% of U.S. households (86.9 million) own a pet. According to pet ownership statistics, the figure has increased from 56% in 1988. With the growing ownership of pets, there is a rising trend in pet insurance and expenditure on veterinary care, thereby driving the demand for diagnostic imaging. These factors are expected to propel the veterinary imaging market share in the coming years.

Increasing Incidence of Chronic Diseases

The rising incidence of chronic diseases like cancer, arthritis, and cardiac disorders in animals has increased the need for effective diagnostic solutions. For instance, according to an article published by CVCA, approximately 8 million dogs suffer from heart disease. Also, according to another article published by Canine Arthritis Management, osteoarthritis (OA) affects nearly 80% of dogs over the age of eight, and maybe up to 35% of dogs of all ages. This has fueled the demand for advanced imaging systems such as X-rays, MRI, ultrasound, and CT scans. These factors further positively influence the veterinary imaging market size.

Growth in Veterinary Clinics

The establishment of well-equipped animal hospitals and clinics and the expansion of veterinary hospital chains in developed and developing regions are fueling the demand for advanced imaging systems. For instance, in July 2024, Tata Trusts opened a small animal hospital in Mumbai. Its services include a 24-hour emergency room, triage and consultation, in-patient treatment, dermatology, cardiology, radiology (MRI, CT, and ultrasonography), as well as various laboratory services, thereby boosting the veterinary imaging market growth.

Global Veterinary Imaging Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global veterinary imaging market report, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on product type, animal type, application, and end user.

Breakup by Product Type:

• Instrument
• Reagents
• Others
   

Instruments exhibit a clear dominance in the market

The report has provided a detailed breakup and analysis of the veterinary imaging market based on the product type. This includes instrument, reagents, and others. According to the report, instruments exhibit a clear dominance in the market.

According to the veterinary imaging market outlook, as more people consider pets as family members, there is a rising inclination to invest in their healthcare. This has led to increased expenditure on diagnostic procedures, including advanced imaging instruments. Moreover, public awareness about animal health and well-being is increasing. Owners are becoming more proactive in seeking diagnostic imaging services for early disease detection, contributing to the demand for veterinary imaging instruments.

Breakup by Animal Type:

• Small Companion Animals
• Large Animals
   

Small companion animals hold the majority of the global market share

The report has provided a detailed breakup and analysis of the veterinary imaging market based on the animal type. This includes small companion animals, and large animals. According to the report, small companion animals hold the majority of the global market share.

According to the veterinary imaging market overview, the growing number of small companion animals and increased awareness among pet owners regarding their health and well-being have led to a rise in spending on advanced diagnostic services. This has created a higher demand for veterinary imaging instruments such as X-rays, ultrasound, and CT scanners, which are essential for accurate diagnosis and treatment. Moreover, small companion animals are increasingly suffering from age-related conditions like arthritis, cardiovascular diseases, and cancer, as well as chronic diseases like diabetes and kidney disorders. This rise in disease prevalence necessitates the use of diagnostic imaging tools for early and accurate diagnosis.

Breakup by Application:

• Orthopedics and Traumatology
• Oncology
• Cardiology
• Neurology
• Others
   

Orthopedics and traumatology segment currently represents the largest market share

The report has provided a detailed breakup and analysis of the veterinary imaging market based on the application. This includes orthopedics and traumatology, oncology, cardiology, neurology, and others.  According to the report, the orthopedics and traumatology segment currently represents the largest market share.

The prevalence of orthopedic disorders such as hip dysplasia, arthritis, and spinal problems in companion animals is on the rise. This increase is attributed to factors like aging pet population, obesity, and genetic predispositions. With higher instances of fractures, dislocations, and musculoskeletal injuries in animals, the need for precise imaging solutions is expanding. Moreover, with the growing number of small companion animals and the expansion of urban environments, the incidence of road accidents, falls, and other traumatic injuries in pets is rising. Traumatology cases involving fractures, dislocations, and ligament tears necessitate precise diagnostic imaging to determine the extent of injuries and plan surgical interventions effectively.

Breakup by End User:

• Hospitals and Clinics
• Reference Laboratories
• Others
   

Hospitals and clinics account for the majority of the total market share

The report has provided a detailed breakup and analysis of the veterinary imaging market based on the end user. This includes hospitals and clinics, reference laboratories, and others. According to the report, hospitals and clinics account for the majority of the total market share.

As pet ownership grows, especially in urban areas, the demand for high-quality veterinary care has increased. Pet owners are more willing to spend on their pets' health, leading to a higher demand for diagnostic services, including imaging. This trend drives hospitals and clinics to invest in advanced imaging systems like X-rays, ultrasound, MRI, and CT scanners to meet growing expectations. Moreover, the veterinary sector is seeing a rapid expansion of clinics, specialty hospitals, and multi-disciplinary veterinary chains. As these facilities grow and offer specialized services, they invest in modern imaging equipment to provide a broader range of diagnostic services, thus catering to a larger clientele.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America currently dominates the global market

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America currently dominates the global market.

According to the veterinary imaging market statistics, the rise in pet ownership, particularly in the U.S. and Canada, has been a significant driver of the veterinary market. For instance, according to Statista, in 2023, over 66% of people in the United States (about 87 million houses) reported owning a pet, a 10% rise from 1988. With more people owning pets, the demand for advanced veterinary care, including imaging services, has grown. Additionally, pet owners in North America are increasingly willing to spend more on their pets’ health and well-being, including diagnostic services. Moreover, the increasing prevalence of age-related diseases such as arthritis, cancer, diabetes, and cardiovascular conditions among pets is driving the need for advanced diagnostic solutions. As pets live longer due to improved veterinary care and nutrition, there is a greater demand for imaging modalities like X-rays, ultrasound, MRI, and CT scans to diagnose and monitor chronic and degenerative conditions.

Competitive Landscape:

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major market companies have also been provided. Some of the key players in the market 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.
• Siemens Healthineers AG (Siemens AG)
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Veterinary Imaging Market Recent Developments:

• July 2024: Virginia Equine Imaging, an exceptional Equine sports medicine clinic known for providing high-quality diagnosis and treatments, acquired the cutting-edge Asto CT Equina® Standing CT Scanner.
• May 2024: Esaote North America Inc., a diagnostic imaging solution, unveiled the MyLab™FOX, the latest innovation in veterinary ultrasound technology. The MyLab™FOX is a versatile scanning system that sets a new level for veterinary ultrasound imaging.
• April 2024: MiREYE Imaging launched its cutting-edge line of AI-powered veterinary X-ray scanners in the United States. MiREYE's unique technology incorporates Artificial Intelligence (AI) to improve the accuracy and efficiency of veterinary diagnostic imaging, with the goal of redefining diagnostic imaging in veterinary practice.

Veterinary Imaging Market Report Scope:

Key Benefits for Stakeholders:

• IMARC's report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the veterinary imaging market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global veterinary imaging market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the veterinary imaging industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.