Veterinary Imaging Market is Expected to Reach $2.9 Billion | MarketsandMarkets™

Chicago, Jan. 26, 2024 (GLOBE NEWSWIRE) -- Veterinary Imaging market in terms of revenue was estimated to be worth $1.9 Billion in 2023 and is poised to reach $2.9 Billion by 2029, growing at a CAGR of 7.2% from 2023 to 2029 according to a latest report published by MarketsandMarkets™. The veterinary imaging market encompasses the development, distribution, and utilization of diagnostic imaging technologies specifically designed for animal care. This includes a diverse range of modalities like X-ray, ultrasound, computed tomography (CT), and magnetic resonance imaging (MRI), each catering to different diagnostic needs. From high-resolution X-rays for bone fractures to advanced CT scans for visualizing internal organs, these technologies empower veterinarians with precise tools for accurate diagnosis, treatment planning, and monitoring in various animal species.

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Veterinary Imaging Market Scope:

Report Coverage	Details
Market Revenue in 2023	$1.9 Billion
Estimated Value by 2029	$2.9 Billion
Growth Rate	Poised to grow at a CAGR of 7.2%
Market Size Available for	2021 - 2029
Forecast Period	2023 - 2029
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By product, modality, animal type, application end user and region
Geographies Covered	North America US Canada Europe Germany France UK Italy Spain Benelux Rest of Europe Asia Pacific Japan China India Australia South Korea Rest of APAC Latin America Brazil Mexico Rest of LATAM Middle East and Africa GCC Countries
Report Highlights	Updated financial information / product portfolio of players
Key Market Opportunity	Untapped potential of emerging markets
Key Market Driver	Growing prevalence of animal diseases

The veterinary imaging market is poised for continued growth, driven by rising pet ownership, technological innovations, and growing awareness of the importance of preventative care for animals. This expanding landscape presents exciting opportunities for manufacturers, software developers, and veterinary professionals to collaborate in shaping the future of animal healthcare.

Based on the modality, the market is segmented into stationary and portable instruments. In 2022, the stationary segment accounted for the largest share of the veterinary imaging market. The stationary veterinary imaging instrument market is experiencing a dynamic shift, driven by a confluence of trends. Firstly, the rising adoption of advanced modalities like CT and MRI for detailed diagnosis in complex cases is propelling demand for high-resolution, animal-specific scanners. Secondly, the focus on minimally invasive procedures demands precise imaging for pre-surgical planning, bolstering the market for surgical navigation systems and image-guided intervention tools. Thirdly, the increasing prevalence of chronic diseases in pets, like cancer and neurological disorders, fuels the need for sophisticated imaging technologies for early detection and treatment monitoring.

However, cost remains a barrier for smaller clinics, leading to a growing demand for affordable, compact, and user-friendly solutions. This trend is manifested in the rising popularity of portable X-ray systems and cloud-based image management platforms that optimize workflow efficiency.

Based on product, the veterinary imaging market is broadly classified into instruments, reagents, and software. In 2022, the instruments segment accounted for the largest share of the veterinary imaging market. The veterinary imaging instrument market is pulsating with innovation and surging demand, driven by a confluence of trends. Rising pet ownership and growing awareness of preventative care fuel the need for accurate diagnoses, boosting adoption of X-ray, ultrasound, CT, and even MRI technologies. Advancements like AI-powered image reconstruction and cloud-based platforms are improving diagnostic accuracy, workflow efficiency, and affordability, making advanced imaging accessible to more clinics.

Minimalist surgery procedures necessitate high-resolution pre-operative planning, driving demand for advanced CT and ultrasound technology. Portability and affordability are key, with compact CT scanners and portable ultrasound machines finding favor in smaller clinics. Sustainability is gaining traction, with manufacturers emphasizing low-dose imaging and eco-friendly materials.

Based on the animal type, the market is segmented into small companion animals, large animals, and other animals. The veterinary imaging market for small companion animals is experiencing a dynamic shift, driven by the growing sophistication of pet care and the unique needs of different species. Dogs and cats, the dominant segment, see high demand for X-ray and ultrasound for musculoskeletal issues, abdominal diagnostics, and pregnancy monitoring. New trends include AI-powered radiograph analysis for faster and more accurate diagnoses, and portable ultrasound machines for in-home examinations. For smaller animals like rabbits and rodents, specialized CT scanners and high-resolution ultrasound probes are emerging to cater to their delicate anatomy.

Based on the application, the market is segmented into orthopedics & traumatology, obstetrics & gynecology, oncology, cardiology, neurology, dentistry, and other applications. In 2022, the orthopedics & traumatology segment accounted for the largest share of the veterinary imaging market.

The orthopedic and traumatology segment within the veterinary imaging market is experiencing explosive growth, propelled by several key trends. The increasing popularity of large and active breeds, along with the rise in pet insurance and disposable incomes, fuels demand for advanced diagnostics in managing bone and joint disorders. Early detection of fractures, joint luxations, and congenital malformations through high-resolution X-ray, CT, and MRI plays a crucial role in successful surgical intervention and pain management. Minimally invasive orthopedic procedures rely heavily on advanced imaging for precise pre-operative planning and post-operative monitoring, further driving demand. Additionally, the rise of veterinary sports medicine and rehabilitation centers is pushing the boundaries of imaging technology.

Based on the end user, the market is segmented into veterinary clinics & diagnostic centers and veterinary hospitals & academic institutions. In 2022, the veterinary clinics & diagnostic centers segment accounted for the largest share of the veterinary imaging market. Veterinary clinics and diagnostic centers are experiencing a wave of innovation in the imaging market, driven by the rise of pet ownership, technological advancements, and evolving patient needs. Clinics are increasingly adopting cloud-based image management platforms, streamlining workflows and collaboration with specialists. AI-powered tools are enhancing diagnostic accuracy, while low-dose imaging technologies are gaining traction for improved animal welfare. The trend towards minimally invasive procedures fuels demand for high-resolution imaging, with advancements like cone-beam CT enabling detailed visualization of internal structures.

Based on region, the veterinary imaging market is further divided into North America, Europe, Asia Pacific, Latin America, and Middle East & and Africa and GCC Countries. In 2022, North America accounted for the largest share. The presence of high-quality resources for research and clinical studies and the presence of veterinary imaging manufacturers in this region have also influenced regional growth. However, the APAC market is witnessing large growth due to a rise in research and development activities, manufacturing companies making veterinary imaging, and growth in the medical device industries.

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Veterinary Imaging market major players covered in the report, such as:

• 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)
• SEDECAL (Spain)
• Clarius Mobile Health (Canada)
• Shenzhen Ricso Technology Co. Ltd. (China)
• DRAMIŃSKI S.A. (Poland)
• Epica Animal Health (US)
• and ClearVet Digital Radiography Systems (US)
• MinXray Inc. (US)
• Hallmarq Veterinary Imaging (UK)
• Shantou Institute of Ultrasonic Instruments Co., Ltd (China)
• Sonoscape Medical Corp. (China)
• Reproscan (US)
• and Among Others

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The research report categorizes the veterinary imaging market into the following segments and sub-segments:

Global Veterinary imaging market, by Product

• Veterinary Imaging Instruments               
  • Radiography (X-RAY) Imaging Systems   
    • Computed Radiography Systems
    • Direct Radiography Systems
    • Film-based Radiography Systems
  • Ultrasound Imaging Systems      
    • 2D Ultrasound Imaging Systems
    • 3D/4D Ultrasound Imaging Systems
    • Doppler Ultrasound Imaging Systems
  • Computed Tomography Imaging Systems             
    • Stationary Multi-slice Computed Tomography Systems
    • Portable Computed Tomography Systems
  • Video Endoscopy Imaging Systems          
  • Magnetic Resonance Imaging Systems   
  • Other Imaging Systems
• Veterinary Imaging Reagents                     
  • X-RAY and CT Contrast Reagents              
  • MRI Contrast Reagents 
  • Ultrasound Contrast Reagents   
• Veterinary Imaging Software                     

Global Veterinary imaging market, by Modality

• Stationary Instruments
• Portable Instruments

Global Veterinary imaging Market, by Animal Type
Small Companion Animals
Large Animals
Other Animals

Global Veterinary imaging Market, by Application

• Orthopedics and Traumatology
• Obstetrics & Gynecology
• Oncology
• Cardiology
• Neurology
• Dentistry
• Other Applications

Global Veterinary imaging Market, by End User

• Veterinary Clinics and Diagnostic Centers
• Veterinary Hospitals and Academic Institutions

By Country

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Benelux
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of LATAM
• Middle East and Africa
• GCC Countries

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Key Market Stakeholders:

• Veterinary imaging equipment manufacturers
• Veterinary imaging equipment distributors
• Animal health research & development (R&D) companies
• Veterinary reference laboratories
• Veterinary hospitals and diagnostic imaging laboratories
• Veterinary clinics and diagnostic centers
• Market research and consulting firms
• Government associations
• Venture capitalists and investors

Report Objectives:

• To define, describe, and forecast the global veterinary imaging market on the basis of product, modality, application, animal type end user and region.
• To provide detailed information regarding the major factors influencing the market growth (drivers, restraints, opportunities, and challenges)
• To analyze micro markets with respect to individual growth trends, future prospects, and contributions to the overall market
• To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
• To forecast the size of the veterinary imaging market with respect to six main regions (along with countries), namely, North America, Europe, Asia Pacific, Latin America, The Middle East and Africa and GCC Countries.
• To profile the key players in the global veterinary imaging market and comprehensively analyze their core competencies and market shares
• To track and analyze competitive developments such as acquisitions, product launches, regulatory approvals, and R&D activities of the leading players in the global veterinary imaging market

Related Reports:

Veterinary Diagnostic Market

Veterinary Equipment and Supplies Market

Veterinary Ultrasound Market

Animal Wound Care Market

Veterinary Infectious Disease Diagnostics Market

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