Veterinary Imaging Market Expected To Witness A Substantial Growth Of $2.94 Billion By 2030: Grand View Research Inc.

 

San Francisco, 31 July 2023: The Report Veterinary Imaging Market Size, Share & Trends Analysis Report By Product (X-ray, Ultrasound, MRI, CT Imaging, Video Endoscopy), By Solutions, By Animal Type, By Application, By End-use, By Region, And Segment Forecasts, 2023 - 2030

The global veterinary imaging market size is expected to reach USD 2.9 billion by 2030, according to expand at a lucrative CAGR of 6.84% from 2023 to 2030 according to a new report by Grand View Research, Inc. The key factors driving the market growth include a growing pet population, increased animal health spending, high pet insurance, and the availability of advanced veterinary imaging devices. The veterinary diagnostic field has experienced immense technological developments in recent years. Imaging modalities used in human medical practices are being highly adopted for veterinary usage, with specific modifications. Such advancements in technologies are expected to fuel market growth. For instance, the launch of portable imaging equipment, such as ultrasound, with chargeable batteries, is anticipated to fuel the market growth in the coming years.

The COVID-19 pandemic had a slightly negative impact on the market across the globe, owing to the discontinuation or postponement of non-essential services. In the second quarter of the financial year, several key players also reported a revenue drop in their veterinary imaging segment. For instance, IDEXX Laboratories, Inc., has reported a decline in its revenue of 3-4% during the year 2020. Moreover, the pandemic has also decreased veterinary hospital visits, negatively affecting the market. For instance, the American Veterinary Medical Association reported that pet patient visits had dropped sharply in about half of all veterinarian practices.

Another key factor that is expected to drive market growth is the rise in pet ownership. For instance, according to the European Pet Food Industry (FEDIAF) report from 2022, countries like Germany, UK, and Russia have the biggest pet populations in Europe. Similarly, according to the 2021 to 2022 National Pet Owners Survey by the American Pet Products Association, dogs are the most popular companion in the U. S. This is expected to contribute to the demand for veterinary imaging devices for small animals in the coming years.

Moreover, to gain a larger market share, some players are focusing on providing innovative products. These advanced products, which have built-in detector connections, faster and safer technology, and are simple to use and install, are gaining popularity over traditional systems. For instance, in February 2021, Fujifilm introduced VXR Veterinary X-Ray Room, a Veterinary Imaging Digital Radiography System. This new X-ray room's advanced design is intended for vets who wish to transfer to high-quality, minimal radiation with a cost-effective, flexible, easy-to-use, and simple-to-install system.

The demand for veterinary imaging has increased due to a greater emphasis on animal health innovation, the rising need for timely diagnosis of chronic conditions, increased adoption of imaging technologies in veterinary orthopedics, dentistry, and several other indications, and increased pet adoption & ownership rates. Furthermore, the growing incidence of zoonotic diseases has increased the demand for effective diagnostic solutions, which is expected to drive the market growth. Zoonotic diseases are very common in the U.S. and across the world, according to data published in July 2021 by the National Center for Emerging and Zoonotic Infectious Diseases (NCEZID) and CDC. Researchers estimate that more than six out of ten known infections and three out of four emerging infections in humans are transmitted by animals.

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The emergence of Covid-19 had an impact on the entire healthcare sector, including the veterinary imaging field. The Covid-19 was found to have slightly halted the market growth since several non-essential surgeries were restricted across the globe during the pandemic. Furthermore, strict restrictions on the transportation of individuals and goods led to a restricted patient influx in veterinary centers. Similarly, the shortage of skilled veterinarians, combined with suspended/postponed elective surgeries, significantly disrupted the activities of veterinary facilities, having a slightly negative impact on market providers.

Veterinary Imaging Market Report Highlights

• Based on animal type, the small animals segment accounted for the largest revenue share in 2022. This can be attributed to the increasing adoption of pet animals, the rise in animal expenditure, and the high adoption rate of pet insurance.
• Based on product, The X-ray segments dominated the global veterinary imaging market by product in 2022 with a share of over 35% since X-ray is one of the most common diagnostic tests covered by pet insurance.
• Among solutions equipment segment dominated the market with a market share of around 56% in 2022 owing to rising demand for advanced imaging systems in veterinary hospitals. The PACS segment is the fastest-growing segment, with a CAGR of 8.4% during the forecast period. This is due to several benefits obtained by incorporating PACS software into veterinary imaging platforms, such as efficient accessing, storing, and sharing, among others, creating direct and cascading advantages.
• Based on application, the orthopedic and traumatology segment dominated the global market in 2022, owing to high incidences of bone fractures in small animals.
• On the basis of end-use, veterinary clinics & hospitals accounted for the largest revenue share in 2022. The Key factor driving segment growth is the increasing government focus on establishing advanced, well-equipped medical infrastructure for optimal facilities.
• North America attributed the largest share of about 50% of the market by region in 2022, owing to increased pet ownership, rising animal health expenditure, and high adoption of pet insurance. While Asia pacific is expected to grow at the fastest CAGR of about 8.1% due to increasing disposable income and raising awareness of animal health.

However, the pandemic has risen pet ownership in some countries, resulting in even more animal care delivery, which relevantly increased the demand for veterinary imaging. For instance, the American Society for the Prevention of Cruelty to Animals (ASPCA) reported in May 2021 that one out of each five families had adopted a cat or dog in the early stages of the COVID-19 pandemic. Adoptions during the pandemic brought more attention to companion animal diagnosis and treatment. As a result, it is expected that pet adoptions will boost the demand for the veterinary imaging services in a long run.

Veterinary Imaging Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 1.85 billion
Revenue forecast in 2030	USD 2.94 billion
Growth rate	CAGR of 6.84% from 2023 to 2030
Base year for estimation	2022
Actual estimates/Historical data	2018 - 2021
Forecast period	2023 - 2030

List of Key Players of Veterinary Imaging Market

• IDEXX Laboratories, Inc.
• ESAOTE SPA
• SOUND
• General Electric Company
• Universal Medical Systems, Inc.
• FUJIFILM Holdings America Corporation
• Hallmarq Veterinary Imaging Ltd.
• VetZ GmbH
• Shenzhen Mindray Animal Medical Technology Co., LTD.
• Heska Corporation

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