Global Animal Imaging Market Size, Forecast, and Trend Highlights Over 2021 - 2031
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Base Year |
2021 |
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Forecast Year |
2022-2031 |
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CAGR |
6.78% |
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Base Year Market Size (2021) |
USD 1881.8 Million |
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Forecast Year Market Size (2031) |
USD 3606.8 Million |
​​​​​​The global animal imaging market is estimated to garner a revenue of USD 3,606.8 Million by the end of 2031 by growing at a CAGR of 6.78% over the forecast period, i.e., 2022 - 2031. Further, the market generated a revenue of USD 1,881.8 Million in the year 2021. The growth of the market can be attributed to the increase in population of pet all around the globe. Over half a billion dogs and cats are owned by families in the U.S., Brazil, EU, and China alone, and it is believed that more than half of people worldwide have a pet at home.
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Animal imaging involves collecting images of animals in order to diagnose disease. Hence pet owners are expected to spend more on animal imaging. Further, growing expenditure on pet insurance and animal health is also expected to boost the growth of the market in the forecast period. According to the North American Pet Health Insurance Association, the adoption rate of pet health insurance in the United States is 2.3% for dogs and 0.4% for cats (NAPHIA).
Global Animal Imaging Market: Growth Drivers and Challenges
Growth Drivers
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Rise in Zoonotic Diseases Across the Globe: About two million individuals each year, primarily in low- and middle-income nations, die from neglected zoonotic illnesses. For the prevention and protection of agronomic health, effective management and control of infectious diseases have become essential. Hence a favourable environment for the expansion of the global animal imaging market would be created by the growing demand for early detection of these zoonotic illnesses through suitable diagnostic tests.
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Rapid Urbanization & an Increase in Disposable Incomes: China's urbanisation has grown quickly over the past ten years, from 32.93% in 2007 to 60.6% in 2019 and 65.5% in 2025, respectively.
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Growing Number of Pet Owners: The United States ranks fifth in terms of pet ownership and third in terms of cat ownership. 70 percent of US customers own at least one pet, with 50 percent owning dogs and 39 percent owning cats.
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Surge in Demand for Veterinary Services: Comparing January to June 2022 to the same period in 2021, Joii Pet Care observed an approximate 14% rise in veterinarian consultations.
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Technology Advancement in Animal Imaging: Clinical and preclinical imaging have benefitted greatly from the use of multimodality imaging, particularly PET/CT. According to clinical examples, combining anatomical features revealed by CT scans and functional data from PET scans into a single image with high fusion accuracy creates a sophisticated diagnosis tool and research platform.
Challenges
- High Cost of Imaging Services
- Inadequate Reimbursement Policies
- Stringent Government Regulations for the Use of Animals in Research
The high-resolution imaging services, such ultrasound, X-rays, MRI, or CT scans, that are utilised to identify minor issues in the animals are typically very expensive. The diagnostic technology also requires large installation and operational costs, which drives up the price of services. Hence this factor is expected to hinder the growth of the market.
The global animal imaging market is segmented and analysed for demand and supply by animal type into small animal, and large animal. Out of which the small animal segment is anticipated to hold the largest revenue by the end of 2031, backed by increasing adoption of animals. Every year, almost 4.1 million animals from shelters are adopted, of whom 2 million are dogs and 2.1 million are cats. Also, to rise in spending on medication of animals in order to improve their health is also expected to boost the growth of the market. However, the large animal segment is estimated to grow with a highest CAGR of 6.81% over the forecast period.
Global Animal Imaging Market Regional Synopsis
Regionally, the global animal imaging market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share of USD 1,239.6 Million by the end of 2031, up from a revenue of USD 660.5 Million in the year 2021. However, the market in Asia Pacific region is anticipated to grow with a highest CAGR of 7.70% during the forecast period.
Further, the market in Europe region is projected to garner the second highest revenue of USD 1,049.0 Million by the end of 2031, backed by growing pet population in this region. According to the FEDIAF data, 46% of European homes owned pets as of the end of 2021. Moreover, the Europe region is segmented into countries including UK, Germany, France, Italy, and others. Out of these countries, the market in France is anticipated to garner the largest revenue of USD 169.6 Million in the year 2031.
The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Market Segmentation
Our in-depth analysis of the global animal imaging market includes the following segments:
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By Type |
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By Animal Type |
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Key Companies Dominating the Global Animal Imaging Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global animal imaging market that are included in our report are IDEXX Laboratories, Inc., Esaotae SPA, Carestream Health, Inc., GE Healthcare, Virbac Group, Elanco Animal Health, Merck Animal Health, Heska Corporation, MXR Imaging Inc., VCA Animal Hospitals, Kyoritsu Seiyaku Corporation, and SHIMA laboratories Co., Ltd. The market research report also covers an in-depth analysis of the reagent manufactures who are associated with animal imaging, the profiling of which includes organizations such as Promega Corporation, PerkinElmer Inc., Bayer AG, Merck & Co., Inc., and Thermo Fisher Scientific.
