Veterinary Diagnostic Imaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Veterinary Diagnostic Imaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Veterinary Diagnostic Imaging Market Size is expected to register a CAGR of 7.31%, during the period (2022-2027).

The COVID-19 pandemic has had a strong impact on overall veterinary healthcare, which is majorly attributed to the restrictions on non-essential procedures or hospital visits. The pandemic led to delayed or missed care for pets in many countries, causing some veterinarians to worry that pet health may suffer. However, veterinarians are attempting to combat this by implementing strict COVID-19 safety measures in their clinics and vastly expanding the use of telemedicine for their patients. The pandemic increased pet adoption in some countries, resulting in more animal health care, which boosted the market for veterinary diagnostic imaging. For instance, in May 2021, the American Society for the Prevention of Cruelty to Animals (ASPCA) released new data which reported that nearly one in five households acquired a cat or dog since the beginning of the COVID-19 crisis. Such adoptions amid the pandemic increased the focus on pet health. Thus, it had a positive impact on the growth of the veterinary diagnostic imaging market.

The increasing adoption of companion and livestock animals was observed in recent years. This is expected to be one of the major drivers in the growth of the studied market. As of February 2021, the Canadian Animal Health Institute (CAHI) shared the results of its 2020 Pet Population Survey. As per the survey, from 2018 to 2020, the Canadian dog population continued to grow, increasing from 7.6 million to 7.7 million, while the population of cats stabilized. As per the same source, cats continue to outnumber dogs, with 8.1 million cats considered household pets in 2020. Additionally, according to the report by Agriculture and Agri-Food Canada, as of January 2021, Canadian farmers had 11.2 million cattle on their farms. This high number of adopted animals indicates the market opportunity for diagnostic imaging.

Similarly, People's Dispensary for Sick Animals, 2021, findings revealed that 51% of the United Kingdom adults own a pet, 26% of United Kingdom (UK) adults have a dog with an estimated population of 9.6 million pet dogs, 24% of the UK adult population have a cat with an estimated population of 10.7 million pet cats and 2% of the UK adult population have a rabbit with an estimated population of 900 thousand pet rabbits.

Hence, owing to the above-mentioned factors, the market studied is expected to witness healthy growth over the forecast period.

Key Market TrendsUltrasound Imaging Systems is Expected to Hold Significant Share in the Market

Ultrasound devices are expected to hold a significant share of the veterinary diagnostic imaging market across the globe. The ultrasound devices are easy to use and provide veterinarians with the information needed to make quick decisions and diagnose animals more quickly than other types of equipment. Therefore, they are mostly preferred by veterinarians. Thus, this segment is expected to grow during the forecast period.​

These devices can be used in ambulance services, emergency rooms, and point-of-care examinations. Also, they provide rapid response and immediate diagnostics compared to conventional ultrasound machines, which are fixed, bulky, and expensive. Thus, the ultrasound scanner segment is expected to grow in the market studied.​ Furthermore, technological innovation is leading to the development of more precise and efficient ultrasound systems, and key manufacturers in the veterinary ultrasound devices market are continually improving their technologies and launching new and advanced ultrasound devices over time, which is expected to boost the growth of this segment. For instance, there has been an increasing focus of key companies on developing hand-held ultrasound devices for veterinary uses. With the ease of use, doctors are preferring hand-held ultrasound devices which are believed to propel the market growth.

For instance, in October 2021, Butterfly Network Inc. launched its latest handheld ultrasound scanner called Butterfly iQ+ Vet, which is a second-generation device and brings sharper imaging, a new procedural guidance tool, and hardware improvements that make the solution more powerful, versatile, and easy-to-use.​

Hence, with the above-mentioned factors, the segment is expected to witness a healthy growth over the forecast period.

North America is Expected to Hold Largest Market Share over the Forecast Period

The United States is expected to retain its significant market share, owing to factors, such as rising pet adoption and the increasing per capita animal healthcare expenditure. In addition, the rise in the prevalence of various animal diseases and injuries has been identified as the major factor, fueling market growth.

As per the 2021 statistics by the North American Pet Health Insurance Association (NAPHIA), the total number of pets insured was 3.1 million by the end of 2020 in the United States. This indicates the growing number of diagnostic examinations of pets in healthcare facilities across the country. According to the 2021-2022 National Pet Owners Survey, conducted by the American Pet Products Association (APPA), around 70% of United States households own a pet, which equates to 90.5 million homes, including 45.3 million cats and 69 million dogs. As per the same source, the number of United States households with small animals is 6.2 million. High pet ownership in the country is one of the major factors for the growth of the market studied.

According to the 2021-2022 National Pet Owners Survey, conducted by the American Pet Products Association (APPA), an annual routine visit for dogs costs USD 242, while it costs USD 178 for cats in the country. As the cost for imaging is insured in the country, it is acting as a beneficial factor for the market studied. The expenditure on pets is increasing in the United States. For instance, as per the American Pet Products Association Inc., in 2020, USD 99 billion was spent on pets in the United States. This high spending on pets coupled with growing diseases among animals is responsible for the growth of the market studied in the country.

Hence, owing to the above-mentioned factors, the market studied is expected to witness significant growth during the forecast period.

Competitive Landscape

The market studied is a fragmented market owing to the presence of various market players. Some of the market players are Canon Medical Systems Corporation, Carestream Health, Epica Animal Health, Esaote SPA, Fujifilm Holdings, Hallmarq Veterinary Imaging, IDEXX Laboratories Inc., IMV Imaging, and Sound

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