Global Veterinary Imaging Market Definition
Veterinary imaging is originally from the branch of veterinary medicine that uses the technology of imaging of animals for diagnosis. The medical images produced through veterinary imaging is mainly used for treating diseases of companion animals, large animals, live-stock animals, and others. The most common equipment used in the process are radiography, X-ray, ultrasound imaging, MRI, CT imaging, endoscopy imaging, and others.
Global Veterinary Imaging Market: Key Insights
|
Base Year |
2022 |
|
Forecast Year |
2023-2033 |
|
CAGR |
~11% |
|
Base Year Market Size (2022) |
~ USD 2 Billion |
|
Forecast Year Market Size (2033) |
~ USD 4 Billion |
|
Regional Scope |
|
Global Veterinary Imaging Market Size, Forecast, and Trend Highlights Over 2023 - 2033
The global veterinary imaging market is estimated to garner a revenue of ~ USD 4 Billion by the end of 2033 by growing at a CAGR of ~11% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~ USD 2 Billion in the year 2022. The growth of the market is primarily attributed to the increasing technological advancement of veterinary imaging systems, and growing rate of pet adoption across the globe. For instance, it has been noted that by the end of 2022, nearly 17.5 million households are expected to own pets.
Get more information on this report:Request Sample PDF
Veterinary imaging is utilized to attain clinical images of animals in order to diagnose illness. Diseases in pets, large animals, live-stock animals, and other animals are diagnosed using imaging systems such as radiography, X-ray, ultrasound imaging, MRI, CT imaging, endoscopy imaging, and others. The increasing number of veterinary clinics along with rising count of veterinary practitioners are fueling up the demand of veterinary imaging over the forecast period. For instance, by 2022, there are closely 121,480 veterinarians in the United States.
Global Veterinary Imaging Market: Growth Drivers and Challenges
Growth Drivers
-
Advancement in Veterinary Science - From last few decades, Numerous improvements have been made in the veterinary field, particularly in the field of clinical diagnosis. Now clinical diagnosis of animals is hassle free, thanks to the integration of big data, and IoMT. Now veterinary imaging is more precise, accurate and helps a lot to give a proper treatment in emergency cases. As per a research, with the availability of 3D images in ultrasound and MRI scans, veterinarians are now able to collect more detailed results and thus deliver a more accurate diagnosis. Furthermore, the technology and image format make it simpler to swap information with clients, specialists, or reference centers. Furthermore, the technological innovation in animal implants is a boon for collecting required data and for monitoring diabetic animals.
-
Global Increase in Pet Insurance –As per a report, the total number of pets insured in the United States at the end of 2021 was 3.8 million, a 29% increase from the year 2020.
-
Escalation in the Livestock Population -The global cattle population is predicted to reach approximately 1 billion head in 2022, slightly higher compared from 998 million in 2021.
-
Rise in Zoonotic Diseases –According to the World Economic Forum, 60% of known infectious diseases are predicted to be caused by zoonotic diseases, and up to 75% of newly identified or emerging infectious diseases.
-
Worldwide Rise in Meat Consumption – As per the World Economic Forum, it is estimated that 50 billion chickens are killed annually for food. In contrast, over 1.5 billion pigs are butchered annually to meet the rising demand for sausages, bacon, ham, and pork in the world, which has tripled over the previous 50 years.
Challenges
- High Cost of Veterinary Imaging Systems – Although the latest technology has fostered manufacturing of high-quality veterinary imaging systems, however the expensive costs of the product is expected to lower its adoption rate.
- Lack of Animal Healthcare Awareness in Developing Nations
- Lack of Proficient Veterinarians
The global veterinary imaging market is segmented and analyzed for demand and supply by application segment into cardiology, orthopedics, traumatology, neurology, oncology, and others, out of which the oncology segment is estimated to grow over the forecast period owing to the rising prevalence of various type of cancer in animals, and increasing concern in individuals to provide best treatment to their pets. For instance, one of the most prevalent cancer in dogs is lymphoma, which accounts for nearly 12–25% of all cancer cases in dogs. The symptoms of the more than 30 known types of canine lymphoma are differing.
Global Veterinary Imaging Market Regional Synopsis
The North America veterinary imaging market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033, backed by the surge in adoption of advanced veterinary imaging systems, increasing disposable income, and significantly rising adoption of companion animals in the region. For instance, each year, approximately 3.4 million animals are adopted in the United States.
Market Segmentation
Our in-depth analysis of the global veterinary imaging market includes the following segments:
|
By Product Type |
|
|
By Animal Type |
|
|
By Applications |
|
|
By End-User |
|
Top Featured Companies Dominating the Global Veterinary Imaging Market
-
IDEXX Laboratories, Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Heska Corporation
- Carestream Health, Inc.
- IMV imaging (UK) Ltd
- Hallmarq Veterinary Imaging Ltd
- Universal Medical Systems, Inc.
- MinXray, Inc.
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
- Siemens Aktiengesellschaft
- Konica Minolta, Inc.
