Veterinary Imaging Market Size By Product (Veterinary Imaging Instruments {Radiography (X-ray) Systems, Ultrasound Systems, Computed Tomography Systems, Magnetic Resonance Imaging Systems, Video Endoscopy Imaging Systems, Nuclear Imaging Scanners}, Veteri

Veterinary Imaging Market Size By Product (Veterinary Imaging Instruments {Radiography (X-ray) Systems, Ultrasound Systems, Computed Tomography Systems, Magnetic Resonance Imaging Systems, Video Endoscopy Imaging Systems, Nuclear Imaging Scanners}, Veterinary Software, Veterinary Imaging Reagents {Ultrasound Contrast Reagents, MRI Contrast Reagents, X-Ray/CT Contrast Reagents, Nuclear Imaging Reagents}), By Animal Type (Small Companion Animals, Large Animals), By Application (Orthopedics and Traumatology, Oncology, Cardiology, Neurology), By End-use (Hospitals, Clinics) Industry Analysis Report, Regional Outlook, Application Potential, Covid-19 Impact Analysis, Price Trends, Competitive Market Share & Forecast, 2022 - 2030

The veterinary imaging market is speculated to grow massively by 2030 owing to soaring animal health expenditure. In addition, prominent technological advancements in the field, along with increasing instances of zoonotic diseases, are likely to promote market growth further over the forecast period.

Due to restrictions on movement and a halt in manufacturing activities, coupled with considerably low demand for imaging products, the COVID-19 pandemic significantly impeded industry growth. However, various technological advancements in the veterinary imaging sector and growing awareness pertaining to veterinary insurance have boosted market demand in recent years.

Moreover, major market players have been focusing on several growth strategies, such as acquisitions, partnerships, and product innovations, to extend their consumer reach, thereby fueling veterinary imaging market growth. For instance, in July 2021, Epica International, a developer of advanced medical imaging systems, unveiled its new headquarters & operation facility situated in The Spark Center, Duncan. The facility was designed to be a warehousing and assembly space for Epica Animal Health and Epica Human Health medical imaging systems, along with Roboticom, an Epica company specializing in robotic manufacturing.

In another instance, in September 2021, Esaote North America, a subsidiary of the Italian diagnostic equipment manufacturer Esaote SpA, extended its veterinary ultrasound portfolio with the addition of the MyLAb X75VET Ultrasound System. The product is equipped with Esaote’s veterinary software and aims to accommodate demanding imaging requirements.

To cite another instance, in March 2022, Canon Medical Systems Corporation, a medical equipment manufacturer, announced the acquisition of Nordisk Rontgen Teknik A/S, a Danish diagnostic X-ray specialist. The acquisition was purposed to enable Canon Medical to fortify its X-ray business across the globe, which includes veterinary imaging, liver imaging, MRIs, and more.

The veterinary imaging market has been bifurcated based on end-use, product, application, animal type, and region.

In terms of product, the veterinary imaging industry has been divided into veterinary software, veterinary imaging reagents, and veterinary imaging instruments. The veterinary imaging reagents market registered around $569.9 million in revenue in 2021.

With regards to animal type, the industry has been categorized into large animals, small companion animals, and other animals. In 2021, the other animals segment accounted for nearly 13.0% market share.

The veterinary imaging market has been segregated from the application perspective into neurology, oncology, orthopedics and traumatology, cardiology, and others. The neurology segment is estimated to grow at around 6.1% CAGR over the analysis period.

Based on end-use, the market has been split into clinics, hospitals, and others. The others segment is expected to reach approximately $459.8 million in valuation by the end of 2030.

In the regional frame of reference, the Latin America veterinary imaging industry contributed to above 6.0% of the overall market revenue in 2021. Meanwhile, the veterinary imaging market in Middle East & Africa is set to exhibit strong growth at more than 5.1% CAGR through the review timeframe.