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Inflation and Looming Recession to Haunt Businesses:

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.

In The News

June 8, 2021: MXR Imaging, Inc., the biggest independent provider of imaging sales and service in the United States, has teamed with Konica Minolta for the Imaging Excellence Program, which provides a complete approach to medical imaging solutions for healthcare institutions across numerous departments, modalities, and imaging applications.
April 7, 2022: PerkinElmer, Inc., a global leader devoted to innovating for a healthier society, today announced the launch of the Vega imaging system, a first-of-its-kind ultrasound platform that combines hands-free, automated technology with high-throughput capability to expedite non-invasive research and drug development investigations of cancer, liver and kidney disease, cardiology, and other diseases.

Global Animal Imaging Market Size, Forecast, and Trend Highlights Over 2021 - 2031

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.

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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

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.
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.
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.
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.
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).

Key Questions Answered in the Report

1) What are the major factors driving the growth of the animal imaging market?

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.

2) What would be the CAGR of animal imaging market over the forecast period?

Ans: The market is anticipated to attain a CAGR of 6.78% over the forecast period, i.e., 2022 – 2031.

3) What are the challenges affecting the animal imaging market growth?

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.

4) Which region will provide more business opportunities for growth of animal imaging market in future?

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.

5) Who are the major players dominating the animal imaging market?

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.

6) How are the company profiles selected?

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.

7) What are the segments in the animal imaging market?

Ans: The market is segmented by type, animal type, and by region.

8) Which segment captures the largest market size in animal type in the animal imaging market?

Ans: The small animal segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.

Healthcare & Pharmaceutical