In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Base Year |
2021 |
Forecast Year |
2022-2031 |
CAGR |
6.78% |
Base Year Market Size (2021) |
USD 1881.8 Million |
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.
Get more information on this report: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).
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.
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).
Our in-depth analysis of the global animal imaging market includes the following segments:
By Type |
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By Animal Type |
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Ans: The major factors driving the growth of the market are rise in zoonotic disease across the globe, rapid urbanization & an increase in disposable income, increase in number of fractures and surgeries in animals, and others.
Ans: The market is anticipated to attain a CAGR of 6.78% over the forecast period, i.e., 2022 – 2031.
Ans: High cost of imaging services, inadequate reimbursement policies, and stringent government regulation for the use of animals in the research ane some of major factors expected to hinder the growth of the market.
Ans: The market in North America is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
Ans: The major players in the market are IDEXX Laboratories, Inc., Esaotae SPA, Carestream Health, Inc., GE Healthcare, Virbac Group, Elanco Animal Health, Merck Animal Health, Heska Corporation, and more.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, animal type, and by region.
Ans: The small animal segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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