CHICAGO, Dec. 21, 2023 /PRNewswire/ -- Veterinary Imaging Market in terms of revenue was estimated to be worth $1.9 billion in 2023 and is poised to reach $2.9 billion by 2029, growing at a CAGR of 7.2% from 2023 to 2029 according to a new report by MarketsandMarkets. The Veterinary Imaging Market is experiencing explosive growth, fueled by a confluence of factors. Rising pet ownership and increasing awareness of animal health are driving demand for diagnostic tools, with pet insurance penetration further fueling this trend. Technological advancements are fueling this growth, with digital radiography (DR) replacing traditional X-ray films, offering faster diagnosis and lower radiation doses.
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Veterinary Imaging Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $1.9 billion |
Estimated Value by 2029 | $2.9 billion |
Growth Rate | Poised to grow at a CAGR of 7.2% |
Market Size Available for | 2021 - 2029 |
Forecast Period | 2023 - 2029 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By product, modality, animal type, application end user and region |
Geographies Covered |
|
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Untapped potential of emerging markets |
Key Market Drivers | Growing prevalence of animal diseases |
Advancements in CT and ultrasound technology are also opening doors for more precise diagnoses and minimally invasive procedures. Specialization within veterinary medicine is creating a demand for imaging solutions tailored to specific needs, like equine or avian imaging. Remote patient monitoring and telemedicine are also creating new opportunities for veterinary imaging, particularly in rural areas.
Additionally, growing concerns about animal welfare and ethical considerations are driving the development of low-dose and animal-friendly imaging techniques. This dynamic market is attracting major players like GE Healthcare and Carestream, who are constantly innovating and investing in research and development.
The Veterinary Imaging Market is further segmented based on the product, modality, application, animal type, end-user, and region.
The veterinary imaging instruments segment holds the largest market share during the forecast period.
The veterinary imaging instruments market is surging, fueled by booming pet ownership, rising awareness of animal health, and increasing adoption of minimally invasive procedures. Technological advancements like low-dose X-ray systems, AI-powered image reconstruction, and mobile ultrasound solutions are democratizing access and enhancing diagnostic accuracy. Additionally, the growing focus on preventive care and early disease detection is driving demand for point-of-care tools like portable radiography systems.
Sustainability concerns are also influencing the market, with manufacturers developing eco-friendly options and focusing on reducing radiation exposure. The trend towards cloud-based image management and AI-powered analytics is further streamlining workflows and improving collaboration between veterinarians and specialists.
The portable instruments segment is expected to grow at the highest rate during the forecast period.
The increasing adoption of minimally invasive procedures and the demand for real-time diagnostics at the point-of-care are driving the need for smaller, mobile equipment. Advancements in technology, like miniaturization and wireless connectivity, are making portable X-ray, ultrasound, and even CT scanners more accessible and user-friendly for veterinarians. This shift towards portability also aligns with the growing popularity of decentralized animal care models, including mobile clinics and farm-based veterinary services.
Additionally, the rising prevalence of zoonotic diseases and the increasing focus on preventative care are further propelling the demand for accessible and rapid diagnostic tools. The rising adoption of artificial intelligence and machine learning in veterinary imaging is another exciting trend, offering faster analysis and improved diagnostic accuracy. Overall, the portable veterinary imaging instruments market is poised for continued growth, driven by technological advancements, evolving healthcare models, and a growing awareness of animal health and welfare.
In the end-user segment, veterinary clinics and diagnostic centers hold the largest market share in the Veterinary Imaging Market.
The end users market in 2022 was dominated by veterinary clinics and diagnostic centers. The Veterinary Imaging Market for clinics and diagnostic centers is booming, fueled by rising pet ownership, increased awareness of preventative care, and technological advancements. The growing popularity of pet insurance and higher disposable incomes are enabling clinics to invest in X-ray, CT, and ultrasound technologies, leading to earlier disease detection and improved patient care. The rise of minimally invasive surgeries further demands high-resolution imaging for precise planning, while AI-powered tools and cloud-based platforms are enhancing diagnostic accuracy and streamlining workflows. Ultimately, the desire to provide pets with the best possible care and the growing focus on animal welfare are driving a surge in advanced imaging adoption, transforming veterinary clinics and diagnostic centers into sophisticated centers of animal healthcare.
North America will continue to dominate the Veterinary Imaging Market in 2029.
On the basis of region, the Veterinary Imaging Market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa and GCC countries. North America has various advantages-an advanced healthcare system, high public and private healthcare spending, a rise in the companion animal population, and the significant presence of prominent players in the region are the major factors contributing to the growth of North America and the largest share of the Veterinary Imaging Market APAC is known to grow at the highest rate. The growth in the market can be attributed to increasing R&D activities, and high growth in the veterinary healthcare industries.
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Veterinary Imaging Market Dynamics:
Drivers:
1. Growing prevalence of animal diseases
Restraints:
1. High cost of veterinary imaging instruments
Opportunities:
1. Untapped potential of emerging markets
Challenge:
1. Shortage of veterinary practitioners in developed markets
Key Market Players of Veterinary Imaging Industry:
The global Veterinary Imaging Market is consolidated in nature, with the top players, namely, GE Healthcare (US), Carestream Health (US), IDEXX Laboratories, Inc. (US), Agfa-Gevaert N.V. (Belgium), and Esaote S.p.A (Italy) accounting for a larger share of the market.
A breakdown of the primary participants (supply-side) for the Veterinary Imaging Market referred to for this report is provided below:
- By Company Type: Tier 1: 42%, Tier 2: 35%, and Tier 3: 23%
- By Designation: C-level Executives: 28%, Directors: 35%, and Others: 37%
- By Region: North America: 33%, Europe: 24%, Asia Pacific: 18%, Latin America: 10%; Middle East: 10%; Africa: 5%
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Recent Developments:
- In October 2023, Carestream Health Inc. partnered with EXAMION, a provider and servicer of medical imaging solutions in Germany for more than 30 years. The alliance strengthens Carestream's commitment to providing healthcare organizations in Germany and throughout Europe with innovative diagnostic imaging solutions.
- In June 2023, Esaote North America, Inc. launched new veterinary MyLab X90VET Ultrasound system in North America. An extension of the popular MyLab family, the MyLab X90VET comes equipped with intelligent proprietary Augmented Insight technology.
- In January 2023, GE HealthCare and Sound Technologies collaborated to distribute the Vscan Air, a wireless pocket-sized ultrasound that provides crystal clear image quality, whole patient scanning capabilities, and intuitive software to veterinary practices in the United States.
Veterinary Imaging Market - Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall Veterinary Imaging Market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
This report provides insights into the following pointers:
- Analysis of key drivers (increasing rate of companion animal population, growing number of veterinary practitioners and their rising income levels in developed economies, growing prevalence of animal diseases), restraints (high cost of veterinary imaging instruments, rising rate of pet care costs), opportunities (untapped emerging markets) and challenges (lack of animal healthcare awareness in emerging countries.
- Shortage of veterinary practitioners, especially in developing markets) influencing the growth of the Veterinary Imaging Market
- Market Penetration: Comprehensive information on product portfolios offered by the top players in the global Veterinary Imaging Market. The report analyzes this market by product, application, animal type, end user, and region.
- Product Enhancement/Innovation: Detailed insights on upcoming trends and product launches in the global Veterinary Imaging Market.
- Market Development: Comprehensive information on the lucrative emerging markets by product, application, animal type, end user, and region.
- Market Diversification: Exhaustive information about new products and services, growing geographies, recent developments, and investments in the global Veterinary Imaging Market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, product and service offerings, and capabilities of leading players in the global Veterinary Imaging Market.
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