Veterinary imaging market size & Opportunity

Veterinary imaging market

When diagnosing various diseases or problems in companion animals, including cats, dogs, horses, birds, rabbits, and goats, as well as livestock animals like cattle and pigs, veterinary imaging systems use non-invasive methods.

These animals are typically diagnosed using a variety of imaging techniques, including radiography, CT scanning, magnetic resonance imaging, and ultrasound imaging systems.

The market for veterinary imaging in 2021 was worth USD 1.58 billion, and by 2030 will be worth USD 3.0 billion, growing at a 7.3 CAGR.

Technology advancements and the significant rise in animal adoption, including dogs and cats as human companions and cattle and swine for various commercial purposes, are the main factors influencing the global veterinary imaging market, which is anticipated to drive market growth.

Market Drivers

The quality of human life and the lives of animals that people care about have improved due to technological improvements. Veterinarians can now make more precise diagnoses and save more animal lives because of the rapid advancements in veterinary medicine. In terms of care, technology has also improved outcomes for both pets and their owners. Technology in veterinary clinics is constantly being improved.

The way pets are treated has changed due to new technology incorporated into modern veterinary treatment. Although MRIs are common among humans, performing them on animals is significantly more challenging; as a result, ultrasonography is a reliable substitute. 4D photos can be produced thanks to contemporary technology.

The field of veterinary medicine is undergoing an ongoing change in order to accommodate the rising demand for high-quality pet care. For instance, the new Butterfly iQ+ Vet was introduced by Butterfly Network, Inc. on October 5th, 2021, signaling the beginning of the next significant change in veterinary medicine. The solution’s second generation is more potent, adaptable, and user-friendly thanks to sharper imaging, a new procedural guidance tool, and hardware upgrades.

In developing areas, market expansion needs to be improved by a lack of awareness, high maintenance costs, and a scarcity of skilled practitioners.

Market Opportunity 

The ownership of companion animals has dramatically increased across the globe, especially in developing nations like Asia and Latin America. Due to their rapid urbanization and rise in disposable income, these areas offer a wide range of opportunities. Additionally, as more people own pets, they have access to better animal care and greater purchasing power. 

Market Segmentation

On the basis of product, the market for veterinary imaging is segmented into veterinary software, veterinary imaging software, and veterinary reagents.

The veterinary imaging instruments segment held the largest position in the market and contributed 54% of the revenue share in 2021. 

On the basis of animal type, the market for veterinary imaging is segmented into large animals, small companion animals, and other animals. In 2021 small companion animals held the majority of the market and generated revenue of more than USD 823 million.

The market expansion for companion animals is primarily driven by rising pet adoption and a growing emphasis on offering the best veterinary care services.

On the basis of application, the market for veterinary imaging is segmented into cardiology, oncology, neurology, orthopedics & traumatology, and others. The orthopedics and traumatology segment recorded the largest market in 2021 and will grow rapidly at a CAGR of 6.2% throughout 2022-2030. The clinical and experimental aspects of dogs and cats are reflected in orthopedics and traumatology. Its main emphasis is on treating limb deformities, congenital disorders, degenerative diseases, fractures, and joint luxation, among other things.

On the basis of end-user, the market for veterinary imaging is segmented into clinics, hospitals, and others. In 2021, the largest market share was held by the hospital segment and will surpass USD 1.4 billion by 2030. Hospitals may more easily purchase, install, and maintain a variety of veterinary imaging equipment because they have a bigger spending capacity than clinics.

Another element influencing the segmental revenue is the growing government focus on building modern, well-equipped hospital infrastructure with high quality facilities.

Regionally, in 2021 North America held the largest market position and generated revenue of more than USD 712.1 million. The U.S. pet population is rising as a result of rising pet adoption.

Due to the strong need for veterinary services, there are also an increasing number of veterinarians, which adds to the demand.

Additionally, the prevalence of zoonotic diseases such as zoonotic influenza, the west Nile virus, plague, rabies, and brucellosis is rising among pets in the United States. Therefore, the factors mentioned above will drive regional market growth.

Key Players 

  • Koninklijke Philips N.V.
  • Hitachi Ltd.
  • Bruker
  • Shantou Institute of Ultrasonic Instruments Co., Ltd
  • Sonoscape Medical Corp. 
  • General Electric 
  • Siemens Healthcare GmbH
  • Clarius Mobile Health
  • Shenzhen Ricso Technology Co. Ltd.
  • ClearVet Digital Radiography Systems
  • MinXray Inc.
  • FUJIFILM Corporation 
  • PerkinElmer Inc. 
  • DRAMIÑSKI SA.
  • Epica Animal Health
  • Hallmarq Veterinary Imaging
  • Reproscan

Leave a Comment

Your email address will not be published. Required fields are marked *