Veterinary Imaging Market Analysis- Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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.

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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.

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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	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)

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.

veterinary imagining market share

Market Segmentation

Our in-depth analysis of the global veterinary imaging market includes the following segments:

By Product Type	Ultrasound 2D 3D Doppler X-Ray CR DR MRI CT Single Slice Multi-Slice Reagents Imaging Software Others
By Animal Type	Companion Animal Livestock Large Animals Others
By Applications	Cardiology Orthopedics Traumatology Neurology Oncology Others
By End-User	Veterinary Hospitals Clinics Research Centers Others

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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.

In The News

IDEXX Laboratories, Inc.,has announced new laboratory tests and services provided to veterinarians to assist them in wellness screenings, the development of treatment plans for cats with chronic kidney disease, and finding fast, definitive answers to critical cases.
Hallmarq Veterinary Imaging Ltd, revealed that its award-winning 1.5T Small Animal MRI is now installed at the Hawaii-based Veterinary Emergency and Referral Center (VERC). Since January 2022, Hallmarq's 1.5T MRI has been used on small animal patients at VERC to diagnose neurological conditions.

Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

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

Ans: Advancement in veterinary science, global increase in pet insurance, escalation in the livestock population, and rise in zoonotic diseasesare some major factors driving the growth of the market.

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

Ans: The market is anticipated to attain a CAGR of ~11% over the forecast period, i.e., 2023 – 2033.

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

Ans: High cost of veterinary imaging systems, lack of animal healthcare awareness in developing nations, and lack of proficient veterinariansare estimated to hamper the market growth.

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

Ans: The market in North Americais projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

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

Ans: The major players in the market areIDEXX Laboratories, Inc., Heska Corporation, Carestream Health, Inc.,IMV imaging (UK) Ltd, Hallmarq Veterinary Imaging Ltd, Universal Medical Systems, Inc., MinXray, Inc., and others.

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 veterinary imaging market?

Ans: The market is segmented by product type, animal type, application, end-user, and by region.

8) Which segment captures the largest market size in application segment in the veterinary imaging market?

Ans: The oncology segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.