The global veterinary imaging market is experiencing remarkable growth, driven by increasing demand for advanced animal healthcare services and rising pet ownership. According to recent projections, the market is expected to reach a value of USD 2,272.8 million in 2024 and expand significantly to USD 4,306.6 million by 2034. This growth represents a robust compound annual growth rate (CAGR) of 6.6% over the next decade.
This surge in the veterinary imaging sector is primarily fueled by three key factors:
- Rising Demand for Animal Healthcare Services: With the increasing emphasis on comprehensive veterinary care, there is a growing need for advanced imaging technologies that enhance diagnostic accuracy and treatment effectiveness.
- Growing Pet Ownership: The global rise in pet ownership is leading to higher demand for veterinary services, including sophisticated imaging solutions. Pet owners are increasingly seeking high-quality medical care for their pets, driving the adoption of advanced imaging technologies.
- Increasing Awareness About Animal Health: There is a growing awareness of the importance of animal health and well-being, which is contributing to the expansion of the veterinary imaging market. Veterinary professionals and pet owners alike are recognizing the value of early and accurate diagnostics in improving animal health outcomes.
As the veterinary imaging market continues to evolve, it is expected to witness advancements in technology and an increase in the availability of cutting-edge imaging solutions. This progress will further support the industry’s growth and enhance the quality of veterinary care globally.
“The adoption of digital imaging technologies has revolutionized the industry. It allows for efficient sharing and analysis of images, integration of AI, and miniaturization of devices, thereby speeding up the diagnosis and treatment process,” – opines an analyst at FMI.
Key Takeaways from the Market Study:
- Market share of 57.7% for 2024 has reported mass growth as pet owners seek specialized care in the veterinary imaging industry.
- Veterinarians encounter orthopedic applications as the most common practice, with a share of 30.9% for 2024.
- The veterinary imaging market in Canada is set to experience an exponential increase with a 10% CAGR through 2034.
- The veterinary imaging market in Malaysia is projected to grow at a CAGR of 7.8% through 2034.
- The veterinary imaging market in Indonesia is anticipated to develop at a CAGR of 7.1% through 2034.
- The veterinary imaging market in the United Kingdom is predicted to rise at a 6.1% CAGR through 2034.
- The veterinary imaging market in the United States is estimated to rise at a 5.4% CAGR through 2034.
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Competitive Landscape:
Growth initiatives taken in advancing the technologies are fueling market sales. Prominent players are collaborating with local companies to expand their distribution channels. Many key veterinary imaging manufacturers are inclined to invest significantly in innovation, research, and development practices to uncover increased applications in the veterinary imaging market.
Recent Developments:
- Antech introduced AIS RapidRead and Nu.Q® Canine Cancer Test to revolutionize veterinary diagnostics in April 2024.
- SK Telecom partnered with Vetology Innovations to bring X Caliber, an AI-powered diagnostic service for pets, to the U.S. market in January 2024.
- iCRco, Inc.’s CLARIS V Cone Beam Computed Tomography (CBCT) imaging device at Santa Barbara Zoo provided precise 3D imaging for enhanced veterinary diagnostics and treatment in June 2023.
Leading Veterinary Imaging Brands:
- Esaote
- IDEXX Laboratories, Inc.
- IMV Technologies group
- Carestream Health
- Hallmarq Veterinary Imaging Ltd.
- MinXray, Inc.
- Universal Medical Systems, Inc.
- Agfa- Gevaert N.V.
- Mindray Medical International Ltd.
- GE Healthcare
- Siemens AG
Key Segments of Market Report:
By Product Type:
Based on product type, the sector is primarily divided into equipment, software, and reagents. Veterinary imaging equipment is further categorized as radiography (X-ray), ultrasound imaging, magnetic resonance imaging, computed tomography, video endoscopy imaging, and other systems.
Radiography systems are also further bifurcated into computed and film-based radiography. Ultrasound imaging systems are divided into 2D and 3D US imaging. Computed tomography systems are also parted into two single and multi-slice CT.
By Animal Type:
Small and large animals are two categorized sections of animal type in this industry.
By Application:
Veterinary imaging is applied for cardiology, orthopedics, neurology, oncology, and others.
By End User:
Clinics, hospitals, institutes, and research centers are top end users of veterinary imaging.
By Region:
A regional analysis has been carried out in key countries of North America, Latin America, Asia Pacific, Middle East and Africa (MEA), and Europe.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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