Global Veterinary Imaging Market By Type (Instruments, Reagents, and Software), By Application (Oncology, Cardiology, Orthopedic, Neurology, and Other Applications), By End-User, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

The Global Veterinary Imaging Market size is expected to be worth around USD 3.3 Billion by 2032 from USD 1.8 Billion in 2022, growing at a CAGR of 6.50% during the forecast period from 2023 to 2032.

Veterinary imaging is termed as the use of various imaging techniques as well as modalities in veterinary medicine to visualize organs and internal structures of animals for diagnostic purposes and to decide further treatment. It plays a vital role in the diagnosis, detection, and monitoring of medical conditions in animals, which enables veterinarians to deliver the appropriate treatment.

The expansion of the global veterinary imaging market can be highly attributed to the growing awareness about animal health and increasing rates of pet ownership. In addition, the market growth is also influenced due to the advances in imaging technology.

Driving Factors

Rising prevalence of animal diseases

The rising incidence of various diseases in animals and conditions, including orthopedic disorders, cancer, and cardiovascular diseases, is expected to boost the demand for veterinary imaging. Precise diagnosis with imaging techniques allows timely intervention as well as proper treatment planning, which highly contributes to improved outcomes for animals.

Ongoing advancements in technologies of imaging have significantly enhanced the quality and capabilities of veterinary imaging systems. The development related to advanced imaging modalities, such as ultrasound, computed tomography (CT), digital radiography, magnetic resonance imaging (MRI), and positron emission tomography (PET), has significantly revolutionized veterinary diagnostics, which led to more accurate and better diagnoses.

Restraining Factors

High Cost of Advanced Imaging Equipment

The higher price of acquiring and keeping the maintenance of advanced veterinary imaging equipment, such as MRI machines, ultrasound systems, and CT scanners, can pose a financial barrier for smaller veterinary practices.

It can also limit their ability to invest in advanced imaging technologies, thereby restraining the market growth. In addition, a lack of skilled veterinary imaging professionals is also expected to hamper the market growth as these imaging studies necessitate expertise and specialized training.

Growth Opportunities

Technological advancement in veterinary imaging and emerging markets offer significant growth opportunities

Continuous advancements in veterinary imaging technology, such as faster scanning times, higher image resolution, and improved portability, offer significant opportunities for veterinary imaging companies to focus on the development and marketing of innovative products. These technological advancements improve the efficiency and accuracy of diagnosis and make imaging an essential tool in veterinary practices.

In addition, an increase in demand and rising awareness for veterinary services in developing markets such as Asia-Pacific and Latin America, as well as prominent market players entering these regions to cater to these demands, are likely expected to offer several growth opportunities.

Latest Trends

Increasing minimally invasive procedures and rising R & D activities boost the market growth

Minimally invasive procedures, such as endoscopy and laparoscopy, are becoming increasingly popular in veterinary medicine. These procedures often need guidance for real-time imaging, driving the demand for advanced imaging technologies.

Moreover, research and development activities are evolving in the veterinary field. The companies involved in the development of new imaging techniques, contrast reagents, and software solutions tailored to several veterinary applications are likely expected to support the growth of the veterinary imaging market.

By Type Analysis

The instruments segment accounted for the largest revenue share in 2022

Based on type, the veterinary imaging market is divided into instruments, reagents, and software. Among these types, the instruments segment dominated the global market with the highest revenue share in 2022. The instrument segment further includes MRI systems, CT scanners, X-ray equipment, and ultrasound scanners.

The segment growth is mainly influenced by several factors, such as increasing demand for advanced veterinary care, technological advancements in veterinary imaging, and the rising prevalence of animal diseases. Ongoing technological advancements are expected to offer enhanced diagnostic capabilities and higher resolution. In addition, growing awareness about the benefits of early diagnosis has fueled the demand for veterinary imaging instruments, thereby driving segment growth.

By Application Analysis

The orthopedic segment held the largest market share in 2022

Based on application, the veterinary imaging market is segmented into oncology, cardiology, orthopedics, neurology, and other applications. Out of these, the orthopedic segment accounted for the largest market share in 2022. Increasing bone and joint injuries in animals, a growing number of animal care facilities, and high demand for accurate diagnostics are the key factors contributing to the segment growth.

Furthermore, the high incidence of bone fractures in companion animals due to a rise in road accidents is anticipated to surge the market growth during the forecast period. On the other hand, the oncology segment is expected to grow at the fastest CAGR, owing to the rising prevalence of cancer in animals, which has led to an increase in research and development activities in the area of oncology.

By End-User Analysis

Veterinary hospitals are projected to dominate the global schizophrenia market during the forecast period

Based on end-users, the global veterinary imaging market is divided into veterinary hospitals, diagnostic imaging centers, and other end-users. Among these, veterinary hospitals are expected to dominate the global market with the largest revenue share.

This significant growth can be attributed to the rising demand for veterinary imaging equipment in animal healthcare facilities. This demand is driven by the need for precise, quick, and cost-effective diagnostic tools in veterinary hospitals.

Moreover, an increase in the collaborations among veterinary hospitals and manufacturers to provide innovative veterinary diagnostic solutions and higher adoption of advanced veterinary imaging technologies are the major factors expected to fuel the segment’s growth. In addition, highly trained veterinary technicians and radiologists in emerging countries are also expected to surge the segment growth.

Veterinary Imaging Market Segments:

By Type

• Instruments
  • MRI Systems
  • CT Scanners
  • X-ray Equipment
  • Ultrasound Scanner
• Reagents
• Software

By Application

• Oncology
• Cardiology
• Orthopedic
• Neurology
• Other Applications

By End-User

• Veterinary Hospitals
• Diagnostic Imaging Centers
• Other End-Users

Regional Analysis

North America dominated the global veterinary imaging market with the highest revenue share of 52% in 2022

Based on region, the market is classified into North America, Europe, Asia Pacific, Latin America, And Middle East & Africa. Among these regions, North America accounted for the highest revenue share of 52% in 2022. The market growth of this region is mainly influenced by the implementation of strategic initiatives by major key manufacturers and rising pet ownership.

Moreover, this significant market share can be highly attributed to the increasing disease burden in animals. As more pet owners are opting for the purchase of premium pet insurance plans, there is a rising demand for advanced healthcare services. This is anticipated to fuel the market growth of veterinary imaging.

Asia Pacific is projected to expand at the highest CAGR during the forecast period

The global market for veterinary imaging in the Asia Pacific is expanding as a result of the rising disposable income of individuals, increase in veterinary R&D investments, and rising trends of pet humanization. Moreover, the market growth of this region is also expected to be fueled by an increase in advanced veterinary imaging systems and strategic initiatives by key players.

Key Regions and Countries Covered in this Report:

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America

• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Market Share & Key Players Analysis:

The prominent players in the global veterinary imaging market are currently focused on the implementation of strategic initiatives such as technological advancements, collaborations, partnerships, mergers & acquisitions, and competitive pricing.

Moreover, they are increasing R&D investments and are concentrating on marketing their targeted products to capture a significant market share. In addition, the key players are focused on geographic expansions and new product launches. This forms the competitive landscape in the global veterinary imaging market and is likely to boost market growth.

Top Key Players in Veterinary Imaging Market

• FUJIFILM Holdings America Corporation
• IDEXX Laboratories, Inc.
• Hallmarq Veterinary Imaging Ltd.
• Siemens Healthineers AG
• ESAOTE SPA
• GE Healthcare
• MinXray Inc.
• Heska Corporation
• Canon Inc.
• Carestream Health
• Other Key Players

Recent Developments:

• In January 2022, ClariusMobile Health announced the introduction of the third-generation product line of high-performance wireless handheld ultrasound scanners for veterinarians, which is 30% lighter as well as smaller and is available in pocket size. Such compact and handheld ultrasound devices are increasing the interest of veterinary professionals owing to their ease of use and cost efficiency.
• In 2021, IDEXX launched the IDEXX Telemedicine Consultants service, which provides remote access to board-certified veterinary radiologists for the interpretation of imaging studies.
• In 2021, Fujifilm developed the FDR D-EVO III, a wireless flat-panel digital X-ray detector with improved image quality and enhanced workflow efficiency.

Report Scope: