Veterinary Imaging Market Synopsis
Veterinary Imaging Market Insights and Analysis by product type, animal type, therapeutic areas, end user - forecast till 2030. According to an assessment offered by Market Research Future (MRFR), The Veterinary Imaging Market Size was valued at USD 1.9 billion in 2022 and is projected to grow from USD 2.04 Billion in 2023 to USD 3.61 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.4% during the forecast period (2023 - 2032).
Increasing awareness about zoonotic diseases has led to a shift towards making animal healthcare accessible all around the world. The growth of animal healthcare has intensified the need for advanced global medical equipment supplies which is likely to generate demand for veterinary imaging devices.
The growth of the meat industry is also a prime factor responsible for the growth of the veterinary imaging market. The rising awareness about diseases in animals has led to a rising concern in the meat industry towards maintaining the health of the animals. It is projected to exhibit a similar influence on the growth pattern of the market in the foreseeable future.
The emergence of Covid-19 had an impact on the entire healthcare sector, including the veterinary imaging field. The Covid-19 was found to have slightly halted the market growth since several non-essential surgeries were restricted across the globe during the pandemic. Furthermore, strict restrictions on the transportation of individuals and goods led to a restricted patient influx in veterinary centers. Similarly, the shortage of skilled veterinarians combined with suspended/postponed elective surgeries significantly disrupted the activities of veterinary facilities having a slightly negative impact on market providers. However, the pandemic has risen pet ownership in some countries resulting in even more animal care delivery which relevantly increased the demand for veterinary imaging. For instance, one out of each five families had adopted a cat or dog in the early stages of the COVID-19 pandemic.
Market Segmentation
The veterinary imaging market is segmentation based on product, animal type, therapeutic area, and end-user.
By product, the global veterinary imaging market has been segmented into veterinary imaging reagents, instruments and veterinary software. Among these, the instruments segment holds a significant position in the marketplace owing to its cost-effectiveness and accuracy. The segment is anticipated to expand at a healthy growth pace over the next couple of years.
By animal type, the veterinary imaging market has been segmented into large companion animals, small animals, and others. The small animal’s segment is expected to exhibit substantial growth due to the rise observed in the pet culture.
By therapeutic area, the global veterinary imaging market has been segmented into cardiology, orthopaedics traumatology, oncology, neurology, and others. The orthopaedics traumatology segment is projected to scale a decent growth rate owing to the rising burden of orthopedic diseases in animals.
By end-user, the veterinary imaging market has been segmented into academic institutes, hospitals clinics, and others. The hospitals clinics segment is poised to retain its prominence in the years to come.
Regional Analysis
The global veterinary imaging market, by region, has been segmented into Americas, Europe, Asia Pacific, and the Middle East Africa. Americas hold the most significant share of the market and is expected to retain its dominance over the assessment period. Increasing inclusion of technological advancements in the pet healthcare industry is projected to drive the growth of the veterinary imaging market in the region. Europe is likely to maintain its second spot and flourish in developed country-level markets such as Germany and France. Meanwhile, the most rapid pace of development is anticipated to be exhibited by Asia Pacific. The ongoing trend of nuclear families, coupled with rising pet adoption, is projected to expedite the growth of the regional veterinary imaging market over the next couple of years.
Veterinary Imaging Market Players
The global key players listed in the veterinary imaging market outlook report are Heska Corporation, Fujifilm Holding Corporation, Idexx Laboratory Inc, Canon, Carestream Health, Hallmarq Veterinary Imaging Ltd. and General Electric among others.
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