New York, July 19, 2023 (GLOBE NEWSWIRE) -- The global Veterinary Diagnostic Imaging Market is expected to witness significant growth at a remarkable CAGR of 6.3% during the forecast period of 2023-2030. The factors such as the increasing development of new veterinary facilities, growth in deployment of artificial intelligence-enabled AI technology, and others are accelerating the demand for veterinary diagnostic imaging, which, in turn, is benefiting the market growth. In addition, the rising development of a new range of veterinary diagnostic imaging product categories will further boost the market growth during the forecast period.
According to a recent report by Consegic Business Intelligence, the veterinary diagnostic imaging market is poised for strong expansion and is expected to reach USD 2,023.16 Million by 2030. The market, which was valued at USD 1,250.20 Million in 2022, is predicted to grow at a compound annual growth rate of 6.3% during the period 2023-2030. The report highlights the increasing adoption of veterinary diagnostic imaging for the diagnosis of small animals, which is proliferating global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the veterinary diagnostic imaging market.
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Artificial intelligence (AI)-enabled x-ray systems for veterinary applications enhance image resolution. As a result, the improved images can be fed to other artificial intelligence (AI) tools for conducting the radiology workflow. The prominent advantages related to veterinary artificial intelligence (AI)-enabled x-ray systems include enhanced analysis, rapid results, superior accuracy in classifications, generating 3D models, and others. For illustration, in 2022, Bristol which operated more than 2,300 veterinary centers in Europe and Canada utilized artificial intelligence (AI)-enabled x-ray systems for veterinary applications in its clinic. Thus, the increasing deployment of artificial intelligence (AI)-enabled x-ray systems for veterinary applications to increase the accuracy in imagining is favoring the market growth.
Veterinary diagnostic imaging product manufacturers at the global level are increasingly investing in the technological innovations of veterinary diagnostic imaging, which are ideal for small and big animals. As a result of this, veterinary diagnostic imaging manufacturers are substantially leveraging their technological potential to develop new products with updated technological advancements. Therefore, the launch of new products with upgraded technology will create a potential opportunity for the expansion of the global veterinary diagnostic imaging market in the upcoming years.
Global Veterinary Diagnostic Imaging Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Million) | USD 2,023.16 Million |
| CAGR (2023-2030) | 6.3% |
| By Product Type | Radiography (X-ray) Systems, Ultrasound Imaging Systems, Computed Tomography Imaging Systems, Magnetic Resonance Imaging Systems, Video Endoscopy Imaging Systems, and Others |
| By Application | Cardiology, Oncology, Neurology, Orthopedics, and Others |
| By Animal Type | Small Animals and Large Animals |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | Molecular Devices, LLC., Thermo Fisher Scientific, Inc., Esaote SPA, IDEXX Laboratories Inc., Epica Animal Health, Canon Medical Systems Corporation, Fujifilm Holdings Corporation, IMV Imaging, Carestream Health, Hallmarq Veterinary Imaging, Heska Corporation, and Shenzhen Mindray Animal Medical Technology Co., LTD. |
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Global Veterinary Diagnostic Imaging Market Segmentation Details:
Based on Product Type, the radiography (X-ray) systems segment contributed the largest shares to the market growth in 2022. Radiography (X-ray) systems have various performance features, including zoom, pan, brightness adjustments, and contrast on a single exposure. As a result, radiography (X-ray) systems provide aid to veterinarians to diagnose diseases in animals. Also, radiography (X-ray) systems provide veterinarians to take accurate pictures of internal organs and bones. Hence, the vets can accurately locate foreign ingredients that the animal might have swallowed. Therefore, the above benefits associated with radiography (X-ray) ensure accurate analysis of results. This factor is driving the segmental growth of the market.
Based on Application, the orthopedics segment accounted for the largest market share in the year 2022. Veterinary diagnostic imaging is employed in orthopedics applications due to its superior features such as dynamic range, spatial resolution, real-time analysis, and others. The increase in the prevalence of bone fractures due to the rise in the cases of road traffic accidents is accelerating the adoption of veterinary diagnostic imaging in orthopedics to increase the accuracy in the detection of bone fractures. Thus, due to the above-mentioned aspects the deployment of veterinary diagnostic imaging in orthopedics to ensure high-resolution imaging, which, in turn, is driving the market growth.
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Based on Animal Type, the small animals segment is anticipated to offer substantial shares in the global veterinary diagnostic imaging market growth during the forecast period. Veterinary diagnostic imaging is employed for small animals to diagnose diseases in the chest, abdomen, and musculoskeletal system. This ensures accurate imaging of the disease. Therefore, the increasing adoption of veterinary diagnostic imaging for small animals is prompting manufacturers to launch a new range of products aimed at imaging small animals to ensure the accurate location of tumors, diseases, and others. This, in turn, is favoring the growth of the veterinary diagnostic imaging market.
Based on Region, in the year 2022, North America accounted for the largest share contribution to the market growth. This is due to recent innovations in veterinary diagnostic imaging in the North America region. For instance, in January 2023, Esaote North America, Inc. launched a new range of veterinary MRIs named Magnifico Vet open MRI system. The product is designed for vets to ensure multiple users. Furthermore, veterinary diagnostic imaging is an efficient vet-centric scanning product range consisting of imaging animals of various sizes quickly and easily. Thus, the latest technological innovations in veterinary diagnostic imaging to ensure streamlined data for animals are favoring the growth of veterinary diagnostic imaging in the region.
Competitive Landscape
Esaote SPA, IDEXX Laboratories Inc., Epica Animal Health, and Canon Medical Systems Corporation are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of veterinary diagnostic imaging. Further, the veterinary diagnostic imaging market is expected to grow steadily due to rising demand for accurate diagnosis in animals, especially in the regions such as Asia Pacific, North America, and Europe regions are estimated to boost the market statistics in the coming years. Additionally, the trend toward increasing the development of new veterinary facilities will boost the demand for veterinary diagnostic imaging in the upcoming years, thereby anticipating increasing competition in the market.
Recent Developments
- In February 2022, aycan Medical Systems, a medical equipment manufacturer in the United States, expanded into the veterinary imaging industry with the addition of MedDream VET DICOM ViewerMedDream VET DICOM Viewer. Thus, the expansion of the veterinary diagnostic imaging portfolio is fostering market growth.
- In January 2022, ClariusMobile Health, based in Canada, launched a third-generation product line of high-performance handheld wireless ultrasound scanners ideal for veterinary applications. The product is 30% lighter and smaller as compared with traditional imaging systems. Thus, the introduction of a new range of compact ultrasound devices is benefiting the market growth.
- In November 2021, Adaptix, a leading manufacturer in the United Kingdom introduced a 3D Veterinary Imaging System. The product has the potential to transform dental and orthopedic imaging. Thus, the introduction of new technologies will accelerate the growth of the market in the upcoming years.
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Key Market Takeaways
- The global veterinary diagnostic imaging market size is estimated to exceed USD 2,023.16 million by 2030 with an astonishing CAGR of 6.3% during the forecast period (2023-2030).
- North America accounted for the highest market share at 38.12% and was valued at USD 476.58 million in 2022 and is expected to reach USD 774.47 million in 2030. Moreover, in North America, the U.S. accounted for the highest market share of 68.50% during the base year of 2022.
- Based on product type, the radiography (X-ray) systems segment accounted for the highest share contribution to the veterinary diagnostic imaging market statistics in 2022.
- In the context of application, the orthopedics segment is expected to contribute significant shares to the growth of veterinary diagnostic imaging market statistics during the forecast period.
- By animal type, the small animal segment is anticipated to contribute the largest shares to the market growth in 2022.
- Asia Pacific is expected to boost the market demand for veterinary diagnostic imaging with the highest CAGR due to the increasing investments in the new veterinary center in countries such as India, China, and others.
List of Major Global Veterinary Diagnostic Imaging Market:
- Esaote SPA
- IDEXX Laboratories Inc.
- Epica Animal Health
- Canon Medical Systems Corporation
- Fujifilm Holdings Corporation
- IMV Imaging, Carestream Health
- Hallmarq
- Veterinary Imaging
- Heska Corporation
- Shenzhen Mindray Animal Medical Technology Co., LTD.
Global Veterinary Diagnostic Imaging Market Segmentation:
- By Product Type
- Radiography (X-ray) Systems
- Ultrasound Imaging Systems
- Computed Tomography Imaging System
- Magnetic Resonance Imaging Systems
- Video Endoscopy Imaging Systems
- Others
- By Application
- Cardiology
- Oncology
- Neurology
- Orthopedics
- Others
- By Animal Type
- Small Animals
- Large Animals
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Frequently Asked Questions in the Veterinary Diagnostic Imaging Market Report
- What was the market size of the veterinary diagnostic imaging industry in 2022?
- In 2022, the market size of veterinary diagnostic imaging was USD 1,250.20 million
- What will be the potential market valuation for the veterinary diagnostic imaging industry by 2030?
- In 2030, the market size of veterinary diagnostic imaging will be expected to reach USD 2,023.16 million.
- What are the key factors driving the growth of the veterinary diagnostic imaging market?
- Increasing adoption of artificial intelligence (AI) enabled X-ray systems in vet care facilities is driving the global veterinary diagnostic imaging market growth.
- What is the dominant segment in the veterinary diagnostic imaging market by product type?
- In 2022, the radiography (X-ray) systems segment accounted for the highest market share of 26.50% in the overall veterinary diagnostic imaging market.
- Based on current market trends and future predictions, which geographical region is the dominating region in the veterinary diagnostic imaging market?
- North America accounted for the highest market share in the overall veterinary diagnostic imaging market.
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