Veterinary Imaging Market Analysis and Forecast till 2031: By Product Type (Instrument, Reagents), Animal Type (Companion Animals, Large Animals), Application (Orthopedics & Traumatology, Oncology, Cardiology, Neurology), End-use (Clinics & Hospitals, Ref

Veterinary Imaging Market Analysis and Forecast till 2031: By Product Type (Instrument, Reagents), Animal Type (Companion Animals, Large Animals), Application (Orthopedics & Traumatology, Oncology, Cardiology, Neurology), End-use (Clinics & Hospitals, Reference Labs) and Region

The global Veterinary imaging market was valued at USD 1.8 billion in 2021 and it is anticipated to grow up to USD 3.5 billion by 2031, at a CAGR of 6.8% during the forecast period.

Veterinary imaging is a branch of veterinary medicine that obtains medical images of animals to aid in disease diagnosis. Radiography, X-ray, ultrasound imaging, MRI, CT imaging, endoscopy imaging, and other imaging systems are used to diagnose diseases in companion animals, large animals, livestock animals, and others.

Market Trends and Drivers

Globally, there is increase in the overall companion animal population and adoption rate. Having a companion animal is associated with positive health benefits such as reduced cardiac arrhythmias, normalised blood pressure, reduced anxiety, increased psychological stability, and improved well-being, according to several studies. Due to the COVID-19 pandemic's loneliness and need for companionship, the ownership of companion animals has increased significantly. The growing pet population is expected to fuel demand for pet care products and services, supporting the growth of dependent industries such as the veterinary imaging market.

Market Restraints and Challenges

Veterinary imaging equipment is an expensive product. Entry-level console (portable) ultrasound systems cost between USD 22,000 and USD 75,000 in developed countries like the United States, Germany, the United Kingdom, and Japan. Depending on the number of probes, the price of these systems could rise by USD 30,000 to USD 40,000. (if multiple probes are considered). Esaote and GE Healthcare both charge a premium for advanced ultrasound systems. Small portable machines start around USD 2,000-3,000 and can go up to USD 50,000, with backup transducer probes costing up to USD 1,000 and printers costing up to USD 2,000 on average. Fully digital portable handheld ultrasound systems are more expensive than basic ultrasound systems, Hence, high cost of imaging systems and treatment in developing countries coupled with less awareness regarding advanced imaging system for diseases diagnosis is expected to restrict the business expansion.

Global Veterinary Imaging Market Segmental Overview

The report analyses the Global Veterinary Imaging market based on product type, animal type, application, end use, and region.

Global Veterinary Imaging Market by Product Type

Based on product type, it is segmented into the instrument, reagents and others. The instrument segment is likely to account for the significant market share during the forecast period. The key factors attributing the growth of the market is growing demand for instruments in veterinary hospitals and clinics. These instruments aid in the detection of diseases, fractures, and hemorrhages in animals. Other factors such as increased sensitivity and low cost of operations will fuel the market growth. Additionally, for full-body imaging, veterinarians are looking for digital radiography devices. Increased demand for a specialized digital scanner to capture high-resolution dental images is expected to drive the market's growth.

Global Veterinary Imaging Market by Animal Type

Based on animal type, it is segmented into companion animals, large animals, other. The large animals segment is likely to dominate the market during the forecast period. The largest share of the segment is attributed to the as the demand for diagnostic imaging is increasing. Furthermore, demand for noninvasive diagnostic imaging systems coupled with an increase in the number of veterinary practitioners is some of the factors contributing to the segment share.

Global Veterinary Imaging Market by Application

Based on application, it is segmented into orthopedics traumatology, oncology, cardiology, neurology, others. The orthopedic traumatology segment is likely to dominate the market during the forecast period. The largest share of the segment is attributed to the rise in prevalence of orthopedic diseases, and availability of advanced imaging systems for diagnosis of orthopedic disease in animals, which are the key drivers of the orthopedics traumatology segment. Similarly, increase in injuries among animals, growing demand for accurate diagnostic solutions, and availability of animal care facilities are contributing to the segmental growth.

Global Veterinary Imaging Market by End-use

Based on end-use, it is segmented into clinics hospitals, reference labs and others. The clinics hospital segment is likely to dominate the veterinary imaging market during the forecast period. Factors such as the need for cost-effective, quick, and accurate diagnostic devices in animal healthcare is driving the adoption of imaging devices. Moreover, advances in imaging technologies such as mobile technologies for pet owners and cloud-based information management systems are expected to drive the segment's growth.

Geographical Analysis of Global Veterinary Imaging Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North American region is accounted for the majority of market share during the forecast period. The largest share of the region is primarily attributed to the favorable reimbursement policies for imaging procedures in the US, Moreover, increased prevalence of orthopedic disease among animals, high investment by hospitals to purchase advanced imaging devices, strong focus on research activities to improve imaging techniques as well as the presence of major market players will augment the market expansion.

Major Players in the Global Veterinary Imaging MarketCOVID-19 Impact:

A worldwide emergency has been caused by the COVID-19 pandemic. The COVID-19 pandemic may negatively impact the veterinary imaging market growth. The development of this sector is being hampered by unfavorable modifications to legislation and guidelines. The closure of production facilities because of lockdowns, disturbances in supply chains, and difficulties with recruiting for clinical trials have all impeded the expansion of the veterinary imaging market as a whole. Furthermore, it is anticipated that trade restrictions in several places may impede market expansion.

Moreover, the impact of the COVID-19 pandemic and the lockdowns it triggered is clearly visible on various markets, including the veterinary imaging market. In 2020 and early 2021, the overall growth of various sectors was heavily impacted, specifically in countries with a high incidence rate of COVID-19, such as India, Brazil, China, the US, and several European countries (including Russia, Italy, the UK, and Spain).

Recent Developments:

• September 2021, Mindray acquired HyTest Invest Oy and its subsidiaries for an undisclosed amount. With this acquisition, HyTest company enables Mindray to have top-notch raw material RD and innovation capabilities and also help in investing in RD as well as strengthen and improve its competitive edge.
• September 2021, Canon Inc. (Japan) has announced an agreement with Redlen Technologies Inc (Canada) to make Redlen a wholly-owned subsidiary. Canon will obtain advanced radiation detection and imaging technology to accelerate the development of Photon Counting CT systems to strengthen the Medical Systems Business.
• September 2021, Heska Corporation (US) announced that the company had acquired majority ownership of Biotech Laboratories USA LLC which will increase the company’s owned global products line and intellectual property portfolio.
• August 2021, Esaote S. p. A (Italy) North America Announced a three-year contract with Magnet Group, which provides Magnet Group (US) members full access to Esaote North Americas Comprehensive imaging portfolio and services. This partnership helped Esaote to increase its customer base and reach

Frequently Asked Questions

Q1. How big is the Veterinary Imaging market?Ans. The global Veterinary Imaging market size was USD 1.8 Billion in 2021 and is anticipated to reach USD 3.5 Billion in 2031, growing at a rate of 6.8% from 2022 to 2031.Q2. What is the Veterinary Imaging market growth rate?Ans. The growth rate of the Veterinary Imaging market is 6.8%.Q3. Which region holds a major market share for the Veterinary Imaging market?Ans. North America holds a major market share of the Veterinary Imaging market in 2021.Q4. Which segment accounted for the largest Veterinary Imaging market share?Ans. By end user, the hospitals segment accounted for the largest Veterinary Imaging market share.Q5. Who are the key players in the Veterinary Imaging market?Q6. What are the factors driving the Veterinary Imaging market growth?Ans. The major factors driving the growth of the market are the increasing incidence of chronic disease among animals across the globe.Q7. What are the key growth strategies of Veterinary Imaging market players?Ans. The key growth strategies of Veterinary Imaging market players are product launch and product approval.Q8. Which region will provide more business opportunities for the Veterinary Imaging market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the Veterinary Imaging market during the forecast period.

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