Global Veterinary Imaging Market, By Product(Veterinary Imaging Instruments, Veterinary Software, Veterinary Imaging Reagents), Animal Type (Small Companion Animals, Large Animals), Application (Orthopaedics and Traumatology, Oncology, Cardiology, Neurology), End-Use (Hospitals, Clinics) – Industry Trends and Forecast to 2030.
Veterinary Imaging Market Analysis and Size
The market for veterinary imaging is estimated to increase rapidly over the forecast period. With an increase in the number of veterinary practitioners and a considerable increase in pet insurance purchases, animal healthcare spending has surged in recent years. Veterinary imaging tools are in high demand for properly caring for pets such as dogs and cats. They aid in detecting sinus/nasal disorders by distinguishing neoplasia from rhinitis. This also aids in the interpretation of biopsy test results. These devices have a higher sensitivity for detecting brain bleeding and skull fractures. Over the last few years, veterinary imaging systems have seen a number of technological advancements.
Data Bridge Market Research analyses that the veterinary imaging market was valued at USD 1,986.24 billion in 2022 and is expected to reach USD 4,128.38 billion by 2030, registering a CAGR of 10.9% during the forecast period of 2023 to 2030. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Billion, Pricing in USD
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Segments Covered
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Product (Veterinary Imaging Instruments, Veterinary Software, Veterinary Imaging Reagents), Animal Type (Small Companion Animals, Large Animals), Application (Orthopaedics and Traumatology, Oncology, Cardiology, Neurology), End-Use (Hospitals, Clinics).
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Countries Covered
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U.S., Canada and Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina and Rest of South America
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Market Players Covered
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Bruker (U.S.), General Electric (U.S.), Koninklijke Philips N.V. (Netherlands), Hitachi Ltd. (Japan), Siemens Healthcare GmbH (Germany), FUJIFILM Corporation (Japan), PerkinElmer Inc. (U.S.), Clarius Mobile Health (Canada), Shenzhen Ricso Technology Co. Ltd. (China), DRAMIÑSKI S.A. (Poland), Epica Animal Health (U.S.), ClearVet Digital Radiography Systems (U.S.), MinXray Inc. (U.S.), Hallmarq Veterinary Imaging (U.K.), Shantou Institute of Ultrasonic Instruments Co., Ltd (China), Sonoscape Medical Corp. (China), Reproscan (U.S.)
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Market Opportunities
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Market Definition
Veterinary imaging is a non-invasive means of identifying and monitoring diseases and injuries among animals. It relies on X-radiation (ray) imaging/radiography, ultrasonography, computed tomography (CT), magnetic resonance imaging (MRI), and nuclear medicine imaging. It helps establish a standard database of normal anatomical, physiological, and functional parameters that can be used for clinical and research purposes. At present, there is a widespread prevalence of cardiovascular diseases (CVDs) among animals, which is catalyzing the demand for veterinary imaging across the globe.
Global Veterinary Imaging Market Dynamics
Drivers
- Growing rate of companion animal population
Over the projected period, rising use of multimodal imaging instruments expected to increase the market. There has been a spike in the overall companion animal population and adoption rate on a global basis. According to multiple studies, having a companion animal has been linked to a variety of health benefits, including fewer cardiac arrhythmias, normalized blood pressure, lower anxiety, greater psychological stability, and improved well-being. Demand for pet care products and services is predicted to rise as the pet population grows, supporting the expansion of dependent businesses such as the veterinary imaging market.
- Increasing pet healthcare expenditure
Moreover, the rising level of expenditure for pet healthcare will enhance the veterinary imaging market growth. People are progressively spending large sums on pet food, pet insurance coverage, veterinarian care, supplies/over-the-counter drugs, and companion animal diagnostic services, among other things.
Furthermore, increasing demand for animal-derived food products projected to propel the market forward. Along with this, increasing demand for pet adoption in developing nations and rising level of disposable income are the driving factors accelerating the growth of the veterinary imaging market. Also, increasing prevalence of animal diseases the major market drivers that will further escalate the growth of veterinary imaging market. The increasing number of veterinary practitioners is likely to boost the global small animal imaging market's growth in the cardiology application area.
Opportunity
- Increase in pharmaceutical industry and R&D expenditure
Increase in pharmaceutical industry and R&D expenditure will provide beneficial opportunities for the veterinary imaging market growth. The creation and usage of multimodal imaging devices has seen remarkable expansion in the ongoing evolution of imaging technology. Pharmaceutical businesses' increased R&D spending is a direct result of changing industry structure, particularly the rise of the biotechnology section.
Moreover, growing focus of manufacturers on the adoption of advanced technologies in field of healthcare and increase in the number of emerging markets will further provide beneficial opportunities for the veterinary imaging market growth during the forecast period.
Restraint/Challenge
- High cost associated imaging instruments
The high cost associated imaging instruments will impede the market’s growth rate. Veterinary imaging equipment is an expensive item. Entry-level console (portable) ultrasound systems cost between USD 22,000 and USD 75,000 in developed countries including the Germany, U.S., Japan and the U.K.
On the other hand, the lack of animal healthcare awareness in emerging economies will challenge the veterinary imaging market. In adddition, shortage of veterinary practitioners in developing markets and increasing rate of care costs will act as restrain and further impede the growth rate of market during the forecast period of 2023-2030.
This veterinary imaging market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyzes opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the veterinary imaging market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Development
- In February 2021, Fujifilm had announced the launch of VXR Veterinary X-ray room, a digital radiography system dedicated to veterinary. This new X-ray room's revolutionary design is aimed at veterinarians who wish to migrate to high-quality, low-dose X-rays using a system that is economical, versatile, easy to use, and easy to install
Global Veterinary Imaging Market Scope
The veterinary imaging market is segmented on the basis of product, animal type, application and end use. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Veterinary Imaging Instruments
- Veterinary Software
- Veterinary Imaging Reagents
Animal Type
- Small Companion Animals
- Large Animals
Application
- Orthopaedics and Traumatology
- Oncology
- Cardiology
- Neurology
End-Use
- Hospitals
- Clinics
Global Veterinary Imaging Market Regional Analysis/Insights
The veterinary imaging market is analyzed and market size insights and trends are provided by country, product, animal type, application and end use as referenced above.
The countries covered in the veterinary imaging market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, rest of Middle East and Africa, Brazil, Argentina and rest of South America.
North America is expected to dominate the veterinary imaging market due to the growing adoption of companion animals in this region. In addition, enhancement in animal health expenditure and rising importance of livestock animals along with emerging need for protein-rich animal food will enhance the market’s growth rate in this region.
Asia-Pacific is expected to grow during the forecast period because of the rising awareness about veterinary imaging in this region. Also, growing awareness about animal health and rising level of disposable income will further flourish the market’s growth rate in this region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The veterinary imaging market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for veterinary imaging market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the veterinary imaging market. The data is available for historic period 2010-2020.
Competitive Landscape and Global Veterinary Imaging Market Share Analysis
The Veterinary imaging market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to veterinary imaging market.
Some of the major players operating in the veterinary imaging market are:
- Bruker (U.S.)
- General Electric (U.S.)
- Koninklijke Philips N.V. (Netherlands)
- Hitachi Ltd. (Japan)
- Siemens Healthcare GmbH (Germany)
- FUJIFILM Corporation (Japan)
- PerkinElmer Inc. (U.S.)
- ClariU.S. Mobile Health (Canada)
- Shenzhen Ricso Technology Co. Ltd. (China)
- DRAMIÑSKI S.A. (Poland)
- Epica Animal Health (U.S.)
- ClearVet Digital Radiography Systems (U.S.)
- MinXray Inc. (U.S.)
- Hallmarq Veterinary Imaging (U.K.)
- Shantou Institute of Ultrasonic Instruments Co., Ltd (China)
- Sonoscape Medical Corp. (China)
- Reproscan (U.S.)
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