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: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.
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 |
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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
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.
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.
Our in-depth analysis of the global veterinary imaging market includes the following segments:
By Product Type |
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By Animal Type |
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By Applications |
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By End-User |
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IDEXX Laboratories, Inc.
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.
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.
Author Credits: Radhika Gupta, Shivam Bhutani
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.
Ans: The market is anticipated to attain a CAGR of ~11% over the forecast period, i.e., 2023 – 2033.
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.
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.
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.
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 product type, animal type, application, end-user, and by region.
Ans: The oncology segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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