The latest report by IMARC Group, titled “Veterinary Imaging Market Report by Product Type (Instrument, Reagents, and Others), Animal Type (Small Companion Animals, Large Animals), Application (Orthopedics and Traumatology, Oncology, Cardiology, Neurology, and Others), End User (Hospitals and Clinics, Reference Laboratories, and Others), and Region 2024-2032”, offers a comprehensive analysis of the industry, which comprises insights on the market.
How big is the 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.
Factors Affecting the Growth of Veterinary Imaging Industry:
- Significant Technological Advancements in Veterinary Imaging:
Technological advancements have been a significant driving force behind the growth of the veterinary imaging market. Over the years, there has been a rapid evolution in imaging modalities, including X-ray, ultrasound, MRI (Magnetic Resonance Imaging), CT (Computed Tomography), and others. These advancements have led to improved image quality, faster scan times, enhanced resolution, and better diagnostic capabilities. One key aspect of technological advancement is the development of portable and handheld imaging devices. These devices allow veterinarians to perform imaging procedures directly in the field or at the point of care, eliminating the need for transportation of large animals or pets to imaging facilities. This saves time and also reduces stress for the animals and their owners.
- Growing Pet Adoption and Healthcare Expenditure:
The increasing adoption of pets and rising expenditure on veterinary healthcare have significantly contributed to the expansion of the veterinary imaging market. As more individuals choose to keep pets as companions, the demand for veterinary services, including diagnostic imaging, has increased. Pet owners today are more willing to invest in advanced diagnostic procedures to ensure the well-being of their animal companions. This willingness to spend on veterinary care has driven the adoption of imaging technologies in veterinary practices. Pet insurance coverage has also played a role in facilitating access to expensive diagnostic procedures, further fueling the demand for veterinary imaging services.
- Increasing Prevalence of Chronic Diseases in Animals:
The increasing prevalence of chronic diseases in animals has been a significant driver of growth in the veterinary imaging market. Just such as humans, animals are susceptible to a wide range of health conditions, including cancer, orthopedic disorders, neurological disorders, and cardiovascular diseases, among others. Diagnostic imaging plays a crucial role in the early detection, staging, and monitoring of these chronic diseases in animals. Advanced imaging modalities such as MRI, CT, and ultrasound enable veterinarians to visualize internal structures and identify abnormalities that may not be apparent during physical examinations alone. Furthermore, as the awareness about pet owners regarding the importance of preventive healthcare increases, there has been a growing emphasis on early disease detection and management in veterinary medicine. This has led to a higher demand for imaging services for routine health screenings and wellness exams in companion animals.
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Top 12 Companies in the Veterinary Imaging Industry:
- 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)
Veterinary Imaging Market Report Segmentation:
By Product Type:
- Instrument
- Reagents
- Others
Instruments dominate the market due to the wide range of imaging equipment, including X-ray machines, ultrasound devices, MRI scanners, and CT scanners, essential for diagnostic imaging in veterinary medicine.
By Animal Type:
- Small Companion Animals
- Large Animals
Small companion animals hold maximum number of shares due to the higher prevalence of pet ownership and increased expenditure on healthcare for companion animals such as dogs and cats.
By Application:
- Orthopedics and Traumatology
- Oncology
- Cardiology
- Neurology
- Others
Orthopedics and traumatology represent the largest segment due to the high frequency of musculoskeletal injuries and conditions in animals, necessitating frequent use of imaging modalities such as X-ray, MRI, and CT for accurate diagnosis and treatment planning.
By End User:
- Hospitals and Clinics
- Reference Laboratories
- Others
Hospitals and clinics dominate the market due to their role as primary centers for providing comprehensive veterinary care and diagnostic services to a wide range of animal patients.
Regional Insights:
- 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’s dominance in the veterinary imaging market is attributed to factors such as high pet ownership rates, increased expenditure on veterinary healthcare, and the presence of well-established veterinary imaging equipment manufacturers and healthcare infrastructure.
Global Veterinary Imaging Market Trends:
Another significant driver of the veterinary imaging market is the growing emphasis on preventive medicine and screening programs in veterinary care. Veterinarians and pet owners alike are increasingly recognizing the importance of early detection and prevention of diseases in animals. Additionally, the convergence of technologies between human and veterinary healthcare sectors is another driving force behind the growth of the veterinary imaging market. Advancements in medical imaging technology developed for human healthcare are increasingly being adapted and applied to veterinary medicine. Other than this, collaborations between veterinary and human medical researchers have led to the development of innovative imaging techniques and diagnostic tools with applications in both human and veterinary medicine. Shared advancements in areas such as imaging software, contrast agents, and imaging protocols benefit both human and animal patients, driving the adoption of advanced imaging technologies in veterinary practice.
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