Veterinary Imaging Market

The global 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 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. Rising pet ownership, increased pet insurance penetration, and growing awareness of animal health are driving demand for accurate diagnoses. Innovation is key, with advancements like AI-powered image analysis, portable ultrasound machines, and cloud-based storage improving accessibility and affordability. Telemedicine is also gaining traction, enabling remote consultations and expert collaboration. However, challenges remain, including high equipment costs and limited access to specialists in rural areas. By addressing these barriers and embracing technological advancements, the veterinary imaging market has the potential to revolutionize animal healthcare and improve countless animal lives.

Veterinary Imaging Market Size, Dynamics & Ecosystem

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Veterinary Imaging Market Dynamics

Driver: Growing prevalence of animal diseases

The rising tide of animal disease is fueling a surge in the veterinary imaging market. According to the World Organisation for Animal Health (OIE), global outbreaks of zoonotic diseases like rabies and avian influenza rise annually, threatening public health and economies. This has sparked heightened awareness and preventive measures, including early disease detection through imaging technologies. For instance, the American Veterinary Medical Association (AVMA) reports a 25% increase in ultrasound and CT scans for livestock due to concerns about bovine tuberculosis and Johne's disease.

Similarly, governments are also playing a crucial role in this market expansion. The US Department of Agriculture (USDA) allocated USD 30 million in 2023 to develop advanced imaging tools for early detection of animal diseases, while the European Union invested USD 25 million in research on portable X-ray systems for rural areas. These initiatives, coupled with rising pet ownership and increasing disposable income in developing countries, create a fertile ground for innovation in veterinary imaging.

Companies are responding with exciting developments like AI-powered image analysis for faster diagnoses, cloud-based platforms for remote consultations, and portable, affordable imaging systems. This confluence of factors paints a clear picture: the growing prevalence of animal disease is not just a concerning trend, but a powerful driver for the veterinary imaging market, promising advancements that will ultimately benefit both animal health and human well-being.

Restraint: High cost of veterinary imaging instruments

The high cost of veterinary imaging instruments constitutes a significant impediment to the growth of the veterinary imaging market. The steep initial investment required for state-of-the-art imaging equipment, such as digital radiography, computed tomography (CT) scanners, and magnetic resonance imaging (MRI) machines, places a considerable financial burden on veterinary clinics and hospitals. According to a report by the American Veterinary Medical Association (AVMA), the average annual income for veterinarians in private practice is approximately USD 100,000, making it challenging for many facilities to afford cutting-edge imaging technologies.

Furthermore, government data indicates a widening gap between the increasing demand for advanced veterinary care and the financial constraints faced by practitioners. The lack of accessible financing options and subsidies exacerbates the issue, hindering smaller veterinary practices from acquiring sophisticated imaging instruments.

While ongoing technological advancements promise improved diagnostic capabilities and enhanced patient care, their adoption is impeded by the prohibitive costs involved. Efforts to address this challenge include collaborations between industry stakeholders, regulatory bodies, and financial institutions to explore innovative funding models, tax incentives, or grants that can alleviate the financial burden on veterinary clinics, thereby fostering the broader adoption of advanced imaging technologies in veterinary medicine.

Opportunity: Untapped potential of emerging markets

The untapped potential of emerging markets is presenting a significant opportunity for the veterinary imaging market to expand and thrive. According to a study by the World Health Organization (WHO), regions with emerging economies are witnessing a notable rise in pet ownership and an increased awareness of the importance of veterinary care. With a growing middle class in countries like India, China, Brazil, and Southeast Asian nations, there is a notable surge in disposable income dedicated to companion animal healthcare. The demand for advanced veterinary imaging services is consequently on the rise, driven by a desire for higher standards of care and diagnosis.

Governments and regulatory bodies in these markets are also recognizing the importance of strengthening veterinary infrastructure, reflected in increased funding for veterinary healthcare initiatives. For instance, India's National Livestock Mission allocates substantial funds for the development of veterinary healthcare services, including diagnostic facilities. Additionally, collaborations between global veterinary imaging companies and local stakeholders are facilitating technology transfer and knowledge exchange, addressing specific healthcare needs in these regions.

This confluence of factors creates a fertile ground for market expansion, and companies are strategically entering these untapped markets to capitalize on the growing demand for veterinary imaging services, thereby fostering the overall development of the veterinary healthcare sector in emerging economies.

Challenge: Shortage of veterinary practitioners in developed markets

The shortage of veterinary practitioners in developed markets poses a formidable challenge to the veterinary imaging market. According to data from the American Veterinary Medical Association (AVMA), the demand for veterinary services has been consistently outpacing the growth in the number of veterinarians in the United States. This trend is mirrored in other developed countries. The limited availability of skilled veterinary professionals not only strains the existing workforce but also hampers the efficient utilization of veterinary imaging technologies. With fewer practitioners available to operate and interpret results from advanced imaging equipment, there is an inevitable bottleneck in the adoption of these technologies. The shortage is particularly pronounced in specialized fields like veterinary radiology, where the expertise required for optimal utilization of imaging tools is highly specialized.

The ramifications extend beyond delayed diagnoses and treatment, impacting the overall efficiency and effectiveness of veterinary healthcare systems. Initiatives to address this challenge include educational programs to attract more individuals to the veterinary profession, government incentives to support training and development, and collaborations between veterinary schools and industry stakeholders to enhance access to specialized training in veterinary imaging.

As the shortage persists, the veterinary imaging market faces the imperative to not only innovate in technology but also to actively contribute to solutions addressing the broader systemic issues affecting the availability of skilled veterinary professionals in developed markets.

Veterinary Imaging Market Segmentation & Geographical Spread

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Prominent companies in this market include 3M Company (US), Scapa Healthcare (Mativ Holdings, Inc.) (UK), Johnson & Johnson (US), Avery Dennison Corporation (US), Smith & Nephew PLC (UK), Nitto Denko Corporation (Japan), DuPont de Nemours, Inc. (US), Medtronic Plc (Ireland), B. Braun Melsungen AG (Germany), and Henkel AG & Co. KGaA (Germany).

The Radiography (X-Ray) Imaging Systems segment accounted for the largest share of the veterinary imaging industry.

The veterinary imaging market in veterinary imaging is undergoing a digital transformation, with trends like flat panel detectors replacing traditional film for faster image acquisition and reduced radiation dose for pets. AI-powered image analysis tools are automating bone fracture and lung disease detection, improving diagnostic accuracy while reducing workload for veterinarians.

Cloud-based image sharing platforms are enabling remote consultations and specialist collaboration, overcoming geographical barriers to care. Additionally, portable and miniaturized X-ray systems are increasing accessibility, particularly in rural areas. Companies developing advanced AI algorithms, user-friendly cloud platforms, and compact, rugged X-ray systems can capitalize on this evolving market, ensuring efficient, accurate, and accessible X-ray imaging for all animals..

The orthopedics and traumatology segment accounted for the largest share in the veterinary imaging industry.

The veterinary imaging market for orthopedics and traumatology is experiencing growth, driven by rising pet obesity, active lifestyles, and increased awareness of early intervention in musculoskeletal issues. Miniaturized and portable X-ray systems are enabling on-site diagnoses at agility events and rural areas, while advanced 3D CT and MRI scans are revealing intricate bone fractures and ligament tears with unparalleled accuracy. AI-powered image analysis is further streamlining workflows, automating fracture detection, and predicting fracture healing potential. These advancements are paving the way for minimally invasive surgical techniques, reducing recovery times for pets. Companies offering mobile imaging solutions, AI-integrated fracture analysis platforms, and specialized orthopedic imaging software can capture this lucrative market, ensuring faster, more accurate diagnoses and improved treatment outcomes for furry athletes and accident victims alike.

The Stationary Instruments segment accounted for the largest share of the veterinary imaging industry.

The stationary veterinary imaging market, though facing competition from portable options, is evolving to offer enhanced precision and in-depth diagnostics. Advancements like dual-energy X-ray systems for differentiating soft tissues and bone, and cone-beam CT (CBCT) for detailed 3D dental and spinal imaging, are driving demand for specialized stationary instruments. AI-powered image analysis is further streamlining diagnoses by automating lesion detection and tumor segmentation, improving accuracy and workflow efficiency.

Additionally, remote image sharing and cloud-based data storage are facilitating specialist consultations and collaborative care, overcoming geographical limitations. Companies developing AI-integrated analysis tools, user-friendly cloud platforms, and advanced stationary imaging systems with increased affordability and automation can capture this evolving market, ensuring accurate, in-depth diagnoses and improved patient care even in resource-constrained settings.

North America is expected to account for the largest share of the veterinary imaging industry.

The veterinary imaging market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East & and Africa and GCC countries. In 2022, the North American region accounted for the largest share of the market. Government initiative to boost the adoption of advanced technology like veterinary imaging, increased healthcare expenditure, and a rise in veterinary healthcare research, is expected to boost the market in this region. Additionally, North America's strong research and development capabilities foster innovation in the sector.

The prominent players in the veterinary imaging market are GE Healthcare (US), Agfa-Gevaert N.V. (Belgium), Carestream Health (US), Esaote S.p.A (Italy), IDEXX Laboratories, Inc. (US), Mindray Medical International Limited (China), Canon Inc. (Japan), Heska Corporation (US), Siemens Healthineers (Germany), FUJIFILM Holdings Corporation (Japan), Konica Minolta Inc. (Japan), Samsung Electronics Co., Ltd. (South Korea), E.I. Medical Imaging (US), IMV imaging (UK), SEDECAL (Spain). These players include high shares in the market due to strategic mergers, acquisitions, partnerships, and large distribution channels adopted by them. This also leads to an increase in their geographic reach.

Scope of the Veterinary Imaging Industry

The research report categorizes the veterinary imaging market to forecast revenue and analyze trends in each of the following submarkets:

By Product

• Veterinary Imaging Instruments
  • Radiography (X-RAY) Imaging Systems
    • Computed Radiography Systems
    • Direct Radiography Systems
    • Film-based Radiography Systems
  • Ultrasound Imaging Systems
    • 2D Ultrasound Imaging Systems
    • 3D/4D Ultrasound Imaging Systems
    • Doppler Ultrasound Imaging Systems
  • Computed Tomography Imaging Systems
    • Stationary Multi-slice Computed Tomography Systems
    • Portable Computed Tomography Systems
  • Video Endoscopy Imaging Systems
  • Magnetic Resonance Imaging Systems
  • Other Imaging Systems
• Veterinary Imaging Reagents
  • X-RAY and CT Contrast Reagents
  • MRI Contrast Reagents
  • Ultrasound Contrast Reagents
• Veterinary Imaging Software

By Modality

• Stationary Instruments
• Portable Instruments

By Animal Type

• Small Companion Animals
• Large Animals
• Other Animals

By Application

• Orthopedics and Traumatology
• Obstetrics & Gynecology
• Oncology
• Cardiology
• Neurology
• Dentistry
• Other Applications

By End User

• Veterinary Clinics and Diagnostic Centers
• Veterinary Hospitals and Academic Institutions

By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Benelux
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of LATAM
• Middle East and Africa
• GCC Countries

Recent Developments of Veterinary Imaging Industry

• 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.

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