The veterinary imaging market value is expected to reach USD 3 billion by 2030, according to a new research report by Global Market Insights Inc.
The recent advancements in veterinary imaging and treatment technologies have resulted in less painful, more accurate, and faster disease detection, resulting in better outcomes for pets. The new veterinary tools and equipment are being added to veterinarians’ therapeutic arsenals to help them find the best treatment options for their clients, with the end purpose of avoiding invasive treatments like surgery wherever possible. Magnetic Resonance Imaging (MRI) is a promising technological breakthrough being implemented in veterinary care. The ease of access of ultrasound and the growing presence of computed tomography have been rapid and probably surprising innovations a few decades ago.
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Veterinary imaging market from veterinary software segment surpassed USD 207 million in 2021. Veterinary software has brought huge revolution in the animal treatment. Doctors can now access protocols and views based on body parts and diagnostic requirements using veterinary software, and they are also able to customize certain settings. The advanced software designed to perform multiple functions like analysis, viewer, reporting, diagnostic, measurement, sharing, simulation etc. Due to growing demand for advanced pet treatments, custom veterinary tools, and high-tech software requirements such as NNT clinical software, radiology software like ARGO, Smart DR, PICOXIA and veterinary dental software like scil DDX-R are likely to increase to answer the practice needs of veterinarian.
Some major findings of the veterinary imaging market report include:
- Increasing demand for advanced treatment for animals is driving the market expansion.
- Growing requirement of veterinary software for practice needs of veterinarians is fueling the industry landscape.
- Increasing demand for medical treatment of companion animals is facilitating the market growth.
- The necessity of veterinary imaging for accurate diagnosis and staging in oncology is accelerating the market trends.
- Growing usage of veterinary imaging products in hospitals is boosting the market size.
- Increased zoonotic disease prevalence growing pet adoption rate, R&D activities, innovation of novel products are the key factors driving the Asia Pacific market expansion.
Browse key industry insights spread across 170 pages with 361 market data tables & 18 figures & charts from the report, “Veterinary Imaging Market Analysis By Product (Veterinary Imaging Instruments, Veterinary Software, Veterinary Imaging Reagents), Animal Type (Small Companion Animals, Large Animals, Other Animals), Application (Orthopedics and Traumatology, Oncology, Cardiology, Neurology, Others), End-use (Hospitals, Clinics, Others) Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Small companion animal segment is expected to witness 6.3% CAGR during the forecast period. The increased adoption rate of companion animals and their medical and emergency care needs had significant impact on the demand for medical treatment of companion animals. The statistics show that pet parents are showing increased awareness about pet health issues, thereby accelerating the demand for advanced treatments and diagnostics.
Veterinary imaging market from oncology segment is anticipated to grow at a healthy CAGR of 6.5% to surpass USD 900 million by 2030. Dealing with veterinary oncology situations is often a major difficulty for veterinarians. The wide range of symptoms and cancer forms demand ongoing vigilance on the part of a veterinarian, and the high prevalence rates of some cancers make the fight against cancer in animals appear to be never-ending. In veterinary oncology, imaging technology is crucial for accurate diagnosis and staging. To find optimal systemic or local treatment and to assess therapeutic results, sensitive detection of tumors and abnormalities is required.
Hospitals segment accounted for 47.5% business share in 202 and is set to register a significant CAGR through 2030. The veterinary imaging at hospitals is maintained with latest technology to obtain quality medical images and diagnose standard and complicated diseases in animals. The veterinarians are required to perform and interpret imaging examinations on a variety of animal species. The hospitals give image interpretation by utilizing modern imaging equipment including CT, MRI, digital radiography, fluoroscopy, ultrasound etc. for all animals in hospital.
Asia-Pacific veterinary imaging market is estimated to show robust CAGR of 7.1% during the forecast period attributable to the growing prevalence of zoonotic diseases, increasing focus on producing high quality and affordable imaging products to cater the developing economies. The rising government support for the establishment of veterinary healthcare practices is also contributing towards driving the regional market progression. Also, in countries such as China, India, and Australia, the rising pet adoption and increasing spending on treatment of pets by their owners is surging the APAC market growth.
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A few notable companies operating in the veterinary imaging market include Agfa-Gevaert, BCF, Canon Medical Systems, Carestream Health, Epica International, Esaote SpA, Fujifilm, GE Healthcare, Idexx Laboratories, Shenzhen Mindray Bio-Medical Electronics, and Siemens Healthineers. among others. Industry players are focusing on various strategies such as acquisitions, collaborations, and novel product launches to consolidate their market presence.