Global Veterinary Imaging Market - 2022-2029

Global Veterinary Imaging Market - 2022-2029

Market Overview

The global veterinary imaging market size was valued at US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX % during the forecast period (2022-2029).

Veterinary diagnostic imaging is the non-invasive method of taking medical images of animals to diagnose a disease. It includes a thorough examination of imaging equipment, applications, and animal types, as well as the environments in which they are used.

Market Dynamics

The factors influencing the global veterinary imaging market are the technological advancements and the significant increase in animal adoption, including dogs and cats as human companions and cattle and swine for various commercial purposes, which is expected to drive the market growth.

The technological advancements in veterinary imaging are expected to drive market growth in the forecast period

Technological advancements have aided in improving the quality of human life and the lives of animals that people care about. Veterinary medicine has advanced by leaps and bounds, allowing veterinarians to make more accurate diagnoses and, ultimately, save animal lives. Technology has also resulted in better outcomes for both pets and their owners in terms of care. Veterinary clinics are constantly being upgraded in terms of technology.

Modern veterinary medicine has incorporated so many new technological innovations that it has altered the way pets are treated. While MRIs are popular among humans, they are much more difficult to perform on animals. As a result, ultrasound has proven to be a viable alternative. The most recent technology allows for the creation of 4D images. In contrast to how MRIs are used on animals, ultrasound does not require anesthesia. To meet the ever-increasing demand for high-quality pet care, the world of veterinary medicine is constantly changing. For instance, On October 5th, 2021, Butterfly Network, Inc., launched the new Butterfly iQ+ Vet, ushering in the next big shift in veterinary medicine. Sharper imaging, a new procedural guidance tool, and hardware improvements make the solution more powerful, versatile, and simple to use in its second generation.

The problems associated with the imaging procedures is expected to hamper the market growth

To obtain high-quality radiographic images, animals must be properly restrained and positioned. Manual restraint may be used by people dressed in appropriate protective clothing; however, manual restraint should be used sparingly. It is frequently possible to complete the radiographic examination roughly the same amount of time that could have been performed with some practice.

Radiographic images are complex, two-dimensional representations of three-dimensional subjects generated in a format unfamiliar to the average person. To become proficient in interpretation, significant experience and attention to detail are required. A properly positioned and exposed study is the starting point for radiographic interpretation. Poorly or inconsistently positioned studies are difficult to interpret, and poor technique reduces the amount of information interpretable from the radiograph even further.

COVID-19 Impact Analysis

During the first half of 2020, government measures such as the issuance of stay-at-home guidelines and social distancing protocols caused market participants to adjust, reduce, or suspend operating activities. Low patient volumes were reported by veterinary clinics and hospitals in various key geographies, with some directing resources solely to emergency cases. On the other hand, animal owners continued to provide veterinary care because it was widely regarded as an ""essential"" service. Stay-at-home policies reduced companion animal clinical visits, including the postponement of wellness visits and imaging procedures, resulting in decreased demand for diagnostic testing services. Demand gradually recovered in the second and third quarters of 2020 as governments relaxed stay-at-home policies.

Segment Analysis

The radiography (X-ray) Systems segment is expected to dominate the market growth in the forecast period

Digital radiography is a type of radiography in which x-ray–sensitive plates are used to directly capture data during patient examination and immediately transfer it to a computer system. As an alternative to X-ray film, digital radiography employs a digital image capture device. Veterinary radiography systems are now widely used to understand better the complex conditions that animals face. This provides the benefits of immediate image preview and availability, elimination of costly film processing steps, and a wider dynamic range, which is more forgiving of over and under-exposure and allows for the use of special image processing techniques that improve overall image display quality. Furthermore, less radiation can produce an image with the same contrast as conventional radiography.

In veterinary medicine, radiography is a common diagnostic tool. A basic understanding of how radiographs are created allows the user to select the most appropriate exposure factor settings during radiograph production to achieve optimal image quality. In veterinary practice, three types of radiography systems are currently available: conventional film-screen radiography, computed radiography (CR), and direct digital radiography (DR). Digital radiography systems, including CR and DR, have several distinct advantages over traditional film-screen radiography systems. Radiography is an important diagnostic tool for veterinarians. Although the technology for producing X-rays has remained relatively unchanged since its discovery, the process of producing radiographs has evolved significantly. The introduction of digital radiography systems, in particular, has transformed the efficiency of radiograph production and distribution. The factors expected to dominate the market growth of this segment are the consistently high quality of images provided by X-ray imaging, cost-effectiveness, and veterinarians' growing preference for this technology.

Geographical Analysis

North America region is expected to hold the largest market share in the global veterinary imaging market

The increased prevalence of various animal diseases and injuries has been a major factor driving market growth. According to the American Pet Products Association's (APPA) 2017-2018 National Pet Owners Survey, 68 percent of U.S. households own a pet or approximately 85 million families. Not only has pet ownership increased in recent years, but the livestock population has also increased steadily since 2014. According to the U.S. Department of Agriculture's National Agricultural Statistics Service, the number of cattle and calves in the United States increased from 93.7 million in 2017 to 94.4 million in 2018. With increased pet and livestock ownership, Americans have become more concerned about the health of these animals. According to the American Pet Products Association, the U.S. spent USD 72.56 billion on pets in 2018. As a result, increased pet and livestock ownership and increased awareness about their health are factors driving the market's growth in this region.

Competitive Landscape

With mergers, collaborations, and product launches, the global veterinary imaging market is moderately competitive. Some of the key players in the market are Canon Medical Systems Corporation, Carestream Health, Epica Animal Health, Esaote SPA, Fujifilm Holdings, Hallmarq Veterinary Imaging, IDEXX Laboratories Inc., IMV Imaging, and Sound, GE Healthcare, Konica Minolta Inc.,

Fujifilm Holdings

Overview: The Americas' regional headquarters is FUJIFILM Holdings America Corporation. It has 21 affiliate companies spread across North and Latin America. The company produces, markets, and services various industries, including photographic, medical imaging and informatics, pharmaceutical, regenerative medicine, and biopharmaceutical contract manufacturing. Data storage, electronic materials, chemicals, industrial testing products, and graphic arts products and services are examples of industrial segments. The company was founded in 1934.

Product Portfolio: VXR is a complete all-in-one veterinary digital x-ray solution designed with ease of installation and uses in mind, all while producing brilliant images at the low dose users have come to expect from Fujifilm.

Key Developments: On February 10th, 2021, FUJIFILM Medical Systems U.S.A., Inc. launched its first fully equipped VXR Veterinary X-Ray Room. This new X-ray room's innovative design is aimed at veterinarians who want to transition to high-quality, low-dose X-rays with an affordable, versatile, easy-to-use, and simple-to-install system.

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Visualize the composition of the global veterinary imaging market segmentation by equipment, by application, and end-user highlighting the key commercial assets and players.

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Target Audience

Service Providers/ Buyers

Industry Investors/Investment Bankers

Education & Research Institutes

Research Professionals

Emerging Companies

Manufacturers

Market Segmentation

Global Veterinary Imaging Market- By Equipment

Radiography (X-ray) Systems

Ultrasound Imaging Systems

Computed Tomography Imaging Systems

Magnetic Resonance Imaging Systems

Video Endoscopy Imaging Systems

Other

Global Veterinary Imaging Market-By Application

Cardiology

Oncology

Neurology

Orthopedics

Other

Global Veterinary Imaging Market- By End User

Veterinary Hospitals & Clinics

Diagnostic Centre

Other

Global Veterinary Imaging Market- By Region

North America

Europe

South America

Asia Pacific

Middle East and Africa