Europe Veterinary Imaging Market - 2023-2030

Europe Veterinary Imaging Market - 2023-2030

Market Overview

The Europe veterinary imaging market size was valued at US$ XX million in 2022 and is estimated to reach US$ XX million by 2030, growing at a CAGR of XX% during the forecast period (2023-2030).

Using medical imaging, a diagnostic tool, veterinarians can scan a pet's inside to identify an illness. Its non-invasive nature, which eliminates the need for an incision to get a picture, is one of its main advantages. Medical imaging is typically advised when a veterinarian suspects a disease cannot be diagnosed with a routine physical examination or blood test. Radiography in veterinary medicine can perform four different types of medical imaging. They are CT, MRI, ultrasound, and X-rays. A veterinary radiologist may be required to correctly interpret the results because radiography in veterinary medicine can be very complex.

Market Dynamics

The major factors driving the Europe Veterinary Imaging market are the primary driving market expansion is the rising adoption of companion and livestock animals. Increased production of cutting-edge products that deliver quick and accurate results. Consumers' rising spending on veterinary care for animals impacts that growth.

The primary driving market expansion is the rising adoption of companion and livestock animals is expected to drive the market’s growth.

On a massive level, both the number of companion animals and their adoption rate have increased. According to numerous studies, having a companion animal has been associated with a number of health advantages, including fewer cardiac arrhythmias, stabilized blood pressure, less anxiety, increased psychological stability, and improved well-being. As the number of pets increases, there will likely be a greater demand for pet care goods and services, fuelling the growth of related industries like veterinary imaging.

For instance, the European Pet Food Federation (FEDIAF) 2021 has published the yearly review of the pet market and population in Europe. A stunning 88 million families (38%) profit from owning pets, and the pet food market has increased by 2.8% to reach $21.8 billion. With 21.2 billion spent on services and products, an increase of 7.6% over the previous year and 1.5 billion, pets also receive rewards for their company during the pandemic. This translates to $9.2 billion in accessories and $12,000 in services.

And there are around 145 million pet animals in the European Union, according to Cooper Pet Care 2022. (Including Norway and Switzerland). This is an increase of 5 million from 2021. (when there were around 140 million pets among us). About 66 million dogs and 79 million cats are included in this group of pets. Cooper Pet Care has gathered information regarding the number of cats and dogs in EU member states from various trustworthy sources.

High cost of imaging equipment will expected to hamper the market’s growth.

However, the high cost of imaging equipment will restrict the market's expansion. The cost of veterinary imaging equipment is high.

COVID-19 Impact Analysis

The COVID-19 pandemic has significantly impacted the worldwide economy. The primary outcome is a historically severe economic downturn, with a worldwide GDP fall bigger than that experienced during the Great Financial Crisis in 2009. Pet care has demonstrated to be a recession-proof industry during COVID-19, much like it did back then. Pet owners typically reduce their spending on themselves before reducing spending on their animals, indicating that the income elasticities of pet care are quite low. Pet care experienced a record-breaking year in 2020, and in 2021, business remained brisk and continued to expand.

The surge in pet ownership, particularly in Western markets, is the primary factor that accounts for this record performance. In Europe, dogs and cats increased by more than twice the historical CAGR in 2020. Many Europeans who work from home or are socially isolated have adopted pets as pets. The increasing demand for pets continued into 2021, which saw an increase in the number of pets.

The historical performance of the pet sector must be viewed with caution, though. Another sign that affected most FMCG businesses, particularly food and pet food, was supply chain disruption. Costs went up due to increasing demand brought on by the early stockpiling impact and the longer-term explosive growth of the pet population. Due to this, it might be difficult to accurately assess the record-breaking value rise of pet care both during and after the epidemic.

Segment Analysis

The ultrasound imaging Systems segment is expected to grow at the fastest CAGR during the forecast period (2022-2030)

The veterinary diagnostic imaging market share for ultrasound devices is anticipated to be high. Compared to other forms of technology, ultrasound machines are simple to operate and give veterinarians the knowledge they need to make swift decisions and diagnose animals. Veterinarians primarily choose them as a result. These tools can be used in point-of-care assessments, emergency departments, and ambulance services. In addition, they offer quick diagnosis and response compared to traditional ultrasound devices, which are expensive, immobile, and cumbersome.

Additionally, technological advancements are creating more accurate and effective ultrasound systems, and major players in the veterinary ultrasound devices market are consistently advancing their technologies and releasing new, cutting-edge ultrasound devices over time, which is anticipated to support the segment's growth.

For instance, in October 2021, The second-generation Butterfly iQ+ Vet Butterfly Network Inc. released a handheld ultrasound scanner. It features crisper imaging, a new procedural guiding tool, and hardware upgrades that make the system more potent, adaptable, and user-friendly. As a result of the factors mentioned earlier, the category is anticipated to rise strongly throughout the forecast period.

Geographical Analysis

U.K. holds the largest market share in the Europe Veterinary Imaging market.

U.K. dominates the Europe veterinary imaging market primarily due to its large population, excellent medical infrastructure, and high-income levels. Due to factors like expanding pet adoption and rising per capita spending on veterinary care, the U.K. is anticipated to maintain a sizeable market share. Additionally, the primary driver of market expansion has been recognized as the increase in the occurrence of numerous animal diseases and injuries. According to a People's Dispensary for Sick Animals survey, 50% of adults in the U.K. own a pet. A cat is owned by 24% of people, whereas a dog is owned by 26%. Additionally, a modest but significant proportion of people own a rabbit.

The number of pets has increased, which has increased spending on pet supplies and services. According to the Office for National Statistics, the total amount spent on pets in 2019 was GBP 6.9 billion, up from GBP 3.7 billion in 2013. Spending growth indicates a corresponding rise in demand for faster, more accurate methods of disease diagnosis, such as diagnostic imaging. The veterinary imaging market has expanded as a result of this rising demand.

Competitive Landscape

The veterinary imaging market is moderately competitive with local and Europe companies’ presence. Esaote, Minxray Inc, Agfa-Gevaert Group, Sound Technologies, Esaote SPA, General Electric, VetZ GmbH, Heska Corporation, Siemens Healthcare GmbH, Butterfly Network Inc and more. The key players are adopting various growth strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, contributing to the market’s growth. For instance, in May 2021, the MyLab X75 ultrasound system was introduced by Esaote, the top biomedical business in Italy. By simplifying ultrasound imaging, this device increased comfort and productivity on a regular basis.

Esaopte SpA.

Overview:Esaote SpA is an Italian business engaged in the design, manufacture, distribution, and maintenance of equipment for medical diagnostics. The company opened a new hub in Sesto Fiorentino, Italy, and a new Center of Excellence for the production of probes and transducers for ultrasound diagnostic systems in Florence in March 2017. (Florence). In May, Esaote relocated its dedicated magnetic resonance system manufacturing from its ""historic"" headquarters in Genoa's via Siffredi to a brand-new, cutting-edge facility constructed in Genoa Multedo.

Product Portfolio:

MyLab X8VET: A new era of ultrasound is here: new system software helps to accelerate the customer workflow by setting customizable options. Attain immediate results, and exploit all features of the vet-dedicated platform.

The Europe Veterinary Imaging market report would provide access to approx.: 45+market data table, 40+figures and 200 (approximate) pages.