Dublin, April 10, 2024 (GLOBE NEWSWIRE) -- The "Global Veterinary Imaging Market by Product (Ultrasound (2D, 3D, Doppler), CT, X-Ray, MRI; Contrast Reagent; Software), Modality (Stationary, Portable), Application (Ortho, OB/GYN, Cancer), Animal (Small, Large), End User (Clinic, Hospital) - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global veterinary imaging market is valued at an estimated USD 1.9 billion in 2023 and is projected to reach USD 2.9 billion by 2029, at a CAGR of 7.2% during the forecast period. Key trends include AI-powered image analysis for faster diagnoses, portable and affordable ultrasound machines for wider accessibility, cloud-based image sharing for specialist consultations, and minimally invasive imaging options for improved pet welfare. Rising pet ownership, increasing pet insurance penetration, and growing veterinary healthcare budgets are fueling this growth. Opportunities abound for companies developing AI-integrated imaging systems, mobile imaging solutions, and telemedicine platforms to cater to this expanding demand for advanced, accessible, and affordable veterinary imaging solutions. 
The veterinary imaging software segment is projected to witness the highest growth in the veterinary imaging market, by products, during the forecast period
The veterinary imaging market can be broadly classified into veterinary imaging instruments, veterinary imaging reagents and veterinary imaging software, depending on the product. The veterinary imaging market by product was dominated by the software segment in 2022. The veterinary imaging software market is galloping ahead, spurred by AI-powered image analysis tools that automate diagnoses and improve accuracy, cloud-based platforms enabling remote consultations and collaboration, and advanced 3D visualization software for surgical planning. These advancements tackle rising pet healthcare costs and specialist shortages. Pet owners, empowered by growing insurance coverage, demand better diagnostics and care, creating fertile ground for solutions like integrated practice management systems with seamless image integration and mobile apps for real-time patient monitoring.
The small companion animals segment, by animal type, has the highest market share
Small companion animals, large animals and other animals make up the veterinary imaging market by animal type. In 2022, the market for veterinary imaging was dominated by the small companion animals category. The small companion animal segment of the veterinary imaging market is sprinting ahead, fueled by a booming pet population, rising insurance penetration, and increasing demand for minimally invasive procedures. Miniaturized and portable ultrasound machines are democratizing access, while AI-powered tools for image analysis are speeding up diagnoses and improving accuracy. Cloud-based image sharing platforms and telemedicine solutions are bridging geographical and specialist gaps, enhancing care for pets in remote areas.
Additionally, advancements in low-dose CT and MRI scans are minimizing radiation exposure, aligning with pet owner concerns for animal welfare. Companies offering mobile imaging solutions, AI-integrated platforms, and cloud-based image management systems can capitalize on this fertile ground, ensuring accessible, advanced, and pet-friendly imaging for our furry companions.
Asia Pacific market to witness the highest growth during the forecast period
During the forecast period, APAC is anticipated to grow at the fastest rate. The major factors promoting the growth of the veterinary imaging market in this region are the growing number of animal population, rising per capita income, growing investments in the animal healthcare industry by key players, increasing demands for advanced technologies, and expansion of private sector veterinary hospitals in various countries in the Asia Pacific.
Research Coverage
The market study covers the veterinary imaging market across various segments. It aims to estimate the market size and the growth potential of this market across different segments by product, modality, application, animal type, end-user, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments, and key market strategies.
The prominent players operating in the veterinary imaging market are GE Healthcare (US), Agfa-Gevaert N.V. (Belgium), Carestream Health (US), Esaote S.p.A (Italy), IDEXX Laboratories, Inc. (US), Mindray Medical International Limited (China), Canon Inc. (Japan), Heska Corporation (US), Siemens Healthineers (Germany), FUJIFILM Holdings Corporation (Japan), Konica Minolta Inc. (Japan), Samsung Electronics Co. Ltd. (South Korea), E.I. Medical Imaging (US), IMV imaging (UK), and SEDECAL (Spain).
Key Attributes
| Report Attribute | Details |
| No. of Pages | 388 |
| Forecast Period | 2023-2029 |
| Estimated Market Value (USD) in 2023 | $1.9 Billion |
| Forecasted Market Value (USD) by 2029 | $2.9 Billion |
| Compound Annual Growth Rate | 7.2% |
| Regions Covered | Global |
Premium Insights
- Growth in Companion Animal Population to Drive Market During Forecast Period
- Instruments Segment Accounted for Largest Market Share in 2022
- China to Register Highest Growth Rate During Forecast Period
- Asia-Pacific Market to Register Highest Growth Rate During Forecast Period
- Emerging Economies to Register Higher Growth Rates During Forecast Period
Market Dynamics
- Drivers
- Growth in Companion Animal Population
- Rising Demand for Pet Insurance and Increasing Animal Health Expenditure
- Growing Number of Veterinarians in Developed Countries
- Increasing Demand for Animal-Derived Food Products
- Rising Prevalence of Zoonotic Diseases
- Restraints
- High Cost of Veterinary Imaging Instruments
- Rising Cost of Pet Care
- Opportunities
- High Growth Potential of Emerging Economies
- Challenges
- Lack of Animal Healthcare Awareness in Emerging Markets
- Shortage of Veterinary Practitioners in Underserved Areas
- Industry Trends
- Portable & Battery-Powered Imaging Instruments for Point-of-Care Services
- Growth in Veterinary Businesses
Case Studies
- Case Study 1: Estimating Market Size of Veterinary Ultrasound and Market Share Analysis for Key Products
- Case Study 2: Estimating Market Size of Veterinary X-Ray Technologies and Market Share Analysis for Key Products
- Case Study 3: Butterfly Network and American Veterinary Group
- Case Study 4: Life-Saver Ultrasound
Companies Profiled
- GE Healthcare
- Agfa-Gevaert Group
- Carestream Health, Inc.
- Esaote S.p.A.
- IDEXX Laboratories, Inc.
- Mindray Medical International Limited
- Canon Inc.
- Heska Corporation
- Siemens Healthineers
- FUJIFILM Holdings Corporation
- Konica Minolta, Inc.
- Samsung Electronics Co. Ltd.
- E.I. Medical Imaging
- IMV Imaging
- SEDECAL
- Clarius
- Shenzhen Ricso Technology Co. Ltd.
- Draminski SA
- Epica Animal Health
- Clearvet Digital Radiography Inc.
- Minxray, Inc.
- Hallmarq Veterinary Imaging
- Shantou Institute of Ultrasonic Instruments Co. Ltd.
- Sonoscape Medical Corp.
- Reproscan
For more information about this report visit https://www.researchandmarkets.com/r/u7u48i
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