Wilmington, Delaware, United States, Feb. 08, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The veterinary MRI systems market was worth US$ 106.6 million in 2022. A CAGR of 6.6% is forecast from 2023 to 2031, resulting in a market value of US$ 193.0 million in 2031. Veterinary MRI systems are likely to be influenced by continued advancements in MRI technology. Image resolution can be improved, scan times can be reduced, and overall imaging efficiency can be enhanced. With the integration of artificial intelligence (AI), veterinarians can make faster and more accurate diagnoses by analyzing and interpreting images.
A variety of veterinary practices may be able to access veterinary MRI systems as technology evolves. MRI could be incorporated into the diagnostic capabilities of small clinics and even mobile veterinary services if compact and cost-effective systems are developed. Veterinary MRI systems may include imaging protocols tailored to specific anatomical areas or conditions. By using this technology, veterinarians may be able to acquire more targeted information and diagnose diseases and injuries more accurately.
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Telemedicine platforms could be more commonly integrated with veterinary MRI systems. This technology allows veterinarians to share imaging data remotely, consult with specialists, and make real-time collaborative decisions, especially when immediate expertise is needed. High-end veterinary MRI systems are in high demand due to well-equipped veterinary facilities and the cooperative approach between veterinary specialists and imaging equipment makers. The general market expansion is aided by the tendency towards centralizing advanced veterinary services in specialty centers.
Global Veterinary MRI Systems Market: Key Players
A few leading players dominate the global veterinary MRI systems market. Key strategies implemented by leading players include product portfolio expansion and mergers and acquisitions.
A number of market players are strengthening their market presence and diversifying their product portfolios through strategic collaborations, partnerships, and mergers. Some key market players are mentioned below:
- Esaote SpA
- Hallmarq Veterinary Imaging
- Mediso Medical Imaging Systems
- Shenzhen Anke High-tech Co. Ltd.
- Other Prominent Players
Key Developments
- On May 31, 2023, the University of Milano-Bicocca officially opened its state-of-the-art 7T MRI. An advanced cryogen-free superconducting magnet is used in the nanoScan® MRI 7T. Cryocoolers mounted behind the pulse tube minimize vibrations, thereby providing ghost-free images. In-vivo applications like DTI or MR Spectroscopy using 7T have excellent SNR due to the high magnetic field and the robust low-noise gradients. The patented SmartMagnetTM technology allows the magnet to recover very quickly even after a day-long maintenance interval.
- On January 11, 2023, Esaote North America, Inc. launched the MagnificoTM Vet MRI system, providing vet hospitals with the ideal imaging tool for diagnostic efficacy.
Key Findings of the Market Report
- North America will continue to dominate the region in 2022, with the United States leading the way.
- The neurology segment is expected to account for the majority of the market during the forecast period.
- The small animals segment held the largest market share in 2022.
- Diagnostics are becoming more precise and efficient with the integration of digital imaging and artificial intelligence.
Global Veterinary MRI Systems Market: Growth Drivers
- Veterinary diagnostic imaging technology continues to evolve, and more sophisticated and precise imaging modalities are being developed. The capability of MRI systems to produce high-resolution and detailed images of soft tissues makes them extremely valuable for diagnosing various conditions in animals.
- A constant research and development effort contributes to developing veterinary MRI systems, including hardware and software improvements. With the advent of advanced diagnostic tools, veterinarians and pet owners are seeking better ways to care for their animals.
- Soft tissue abnormalities, orthopedic injuries, and neurological illnesses are among the most prevalent diseases in animals that drive the market for veterinary MRI systems. An image of the brain using magnetic resonance imaging (MRI) can provide accurate diagnosis as well as treatment planning.
- Veterinary physicians are becoming more aware of the benefits of accurate and early diagnosis due to the increasing popularity of MRI devices. In addition, pet owners are becoming more interested in providing cutting-edge medical care to their pets, which is driving the market for veterinary MRI systems.
Global Veterinary MRI Systems Market: Regional Landscape
- Veterinary MRI systems have experienced steady growth in North America. North American veterinarians are experiencing ongoing advances in veterinary MRI technology.
- Throughout manufacturing, manufacturers strive to improve image quality, decrease scan times, and enhance user-friendliness. MRI systems are becoming increasingly attractive for veterinary diagnostics due to these improvements.
- Rising adoption of pets and consumer awareness is expected to drive demand for veterinary MRI systems in the market. A significant factor influencing MRI adoption in North America is the proliferation of specialized veterinary centers and referral hospitals. Neurological, orthopedic, and oncology centers invest in state-of-the-art equipment to offer specialized services.
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Global Veterinary MRI Systems Market: Segmentation
By Animal Type
- Small Animals
- Large Animals
By Application
- Oncology
- Orthopedics
- Neurology
- Cardiology
- Others
By End User
- Veterinary Clinics
- Veterinary Hospitals
- Veterinary Institutes & Research Centers
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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