Global Veterinary Diagnostic Imaging Market Insights Forecasts to 2030

• The Veterinary Diagnostic Imaging Market Size was valued at USD 1.90 Billion in 2021.
• The Market is Growing at a CAGR of 7.5% from 2022 to 2030
• The Worldwide Veterinary Diagnostic Imaging Market is expected to reach USD 3.15 Billion by 2030
• Asia Pacific is expected to Grow the fastest during the forecast period

The Global Veterinary Diagnostic Imaging Market is expected to reach USD 3.15 Billion by 2030, at a CAGR of 7.5% during the forecast period 2022 to 2030.

A subspecialty of veterinary medicine called veterinary imaging is used to acquire medical images of animals in order to diagnose illness. Imaging systems like radiography, X-ray, ultrasound imaging, MRI, CT imaging, endoscopic imaging, and others are used to identify diseases in companion animals, large animals, live-stock animals, and others. In companion animals including cats, dogs, horses, birds, rabbits, and goats as well as farm animals like cattle and pigs, non-invasive veterinary imaging technologies are frequently used to identify a variety of diseases or problems. To diagnose these animals, many imaging techniques including as radiography, CT scan, magnetic resonance imaging, and ultra sound imaging systems are routinely applied. These systems are frequently combined to help in disease diagnosis.

COVID 19 Impact on Veterinary Diagnostic Imaging Market

The introduction of Covid-19 had an effect on every aspect of the healthcare industry, including veterinary imaging. When numerous non-essential procedures were prohibited worldwide during the pandemic, it was discovered that the Covid-19 had marginally slowed market growth. In addition, there were severe limitations on the movement of people and products, which limited the number of patients who could visit veterinary hospitals. Similar to the lack of qualified veterinarians, the suspension or postponement of elective surgery severely impacted the operations of veterinary facilities, marginally harming market suppliers. Yet, the pandemic has increased pet ownership in several nations, leading to more animal care delivery and, consequently, a rise in the need for veterinary imaging. For instance, one in every five families adopted a cat or dog during the early stages of the COVID-19 epidemic, according to a May 2021 study from the American Society for the Prevention of Cruelty to Animals (ASPCA). Adoptions during the epidemic increased awareness of companion animal diagnosis and care. As a result, it is anticipated that long-term demand for veterinary imaging services will increase as a result of pet adoptions.

Key Market Drivers

Increasing number of companion animals to propel the market growth

The market is anticipated to grow over the forecasted period as multimodal imaging equipment is used more frequently. On a global scale, both the number of companion animals and their adoption rate have increased. Many studies have connected keeping a companion animal to a number of health advantages, including fewer cardiac arrhythmias, stabilised blood pressure, less anxiety, increased psychological stability, and improved well-being. As the number of pets increases, there will likely be a greater demand for pet care goods and services. This will help fuel the growth of related industries like veterinary imaging.

Growth of pharmaceutical industry to drive the market growth

Opportunities for the expansion of the veterinary imaging market will be created by an increase in pharmaceutical sector and R&D spending. In the ongoing development of imaging technology, the development and application of multimodal imaging equipment have significantly increased. Increased R&D spending by pharmaceutical companies is directly related to the restructuring of the industry, particularly the expansion of the biotechnology sector.

Key Challenges

Expensive imaging instruments to hamper the market

The high cost of imaging instruments will slow the market's expansion. The cost of veterinary imaging equipment is high. In wealthy nations like Germany, the United States, Japan, and the United Kingdom, entry-level console (portable) ultrasound systems range in price from USD 22,000 to USD 75,000.

Market Segmentation

Product Insights

X-Ray segment is dominating the market with the largest market share over the forecast period.

On the basis of product, the global veterinary imaging market is segmented into X-ray, Ultrasound, MRI, CT Imaging, Video Endoscopy. Among these, the X-Ray segment is dominating the market with the largest market share over the forecast period. Due to an increase in the prevalence of orthopaedic problems in animals, X-rays are one of the most often used diagnostic procedures in veterinary clinics. Pet insurance also covers the various teleradiology and radiographic diagnosis principles. Hence, higher pet insurance acceptance and greater knowledge of the numerous radiographic imaging options for pets are some of the reasons influencing the segment's growth.

While in the upcoming years, the video endoscopy segment is anticipated to increase at the fastest rate. Over the projected period, the segment is anticipated to be significantly driven by the growing development and introduction of innovative diagnostic solutions in veterinary care. In order to improve their competitive environment, major market competitors are also introducing modern veterinary video endoscopy. For instance, OmniVision introduced its OH02B image sensor with a 2-megapixel resolution for reusable and disposable endoscopes in November 2022.

Animal Type Insights

Small animal segment is dominating the market with the highest market share over the forecast period.

Based on the animal type, the global veterinary diagnostic imaging market is segmented into small animals and large animals. Among these, small animal segment is dominating the market with the highest market share over the forecast period. This market is expanding as a result of factors including the rising number of companion animals, rising pet care costs, increasing adoption of pet insurance, rising rates of acute and chronic illnesses, and technological advancements in imaging modalities for small animals.

Apart from this, the advancement in the field of technology in veterinary diagnostic imaging tools has resulted into fast, precise as well as less painful diagnosis of health issues among small animals. This is driving overall segmental growth over the forecast period.

Solution Insights

Equipment segment accounted the largest market share over the forecast period.

On the basis of solution, the global veterinary diagnostic imaging market is segmented into equipment, accessories/ consumables, PACS. Among these, equipment segment accounted the largest market share over the forecast period. The main reason behind the growth is the increasing demand for veterinary diagnostic imaging equipment that have advanced features and are easy to use. In addition, the increasing requirement and installation of advanced diagnostic equipment in veterinary clinics and hospitals  are propelling the segmental growth.

On the other hand, PACS segment is witnessing the fastest market growth over the predicted timeframe owing to its multiple benefits obtained by the integration of PACS software in veterinary imaging tools like storing and sharing, efficient accessing, creating direct and cascading benefits. Not only this but also increasing awareness of PACS imaging tools in veterinary technicians and practitioners has resulted in the increase in the demand of the market, thus increasing the market growth.

Application Insights

Orthopedic and traumatology segment is dominating the market with the largest market share over the forecast period.

Based on the application, the global veterinary diagnostic imaging market is segmented into orthopedics and traumatology, oncology, cardiology, neurology, respiratory, dental application, others. Among these, the orthopedics and traumatology segment is dominating the market and will continue its dominance over the forecast period. The increasing cases of bone fractures  in small animals are contributing the segmental growth. Apart from this, the number of road traffic accidents play the key role in the bone fractures among small animals. In addition, the increasing number of joint and bone injuries in animals, rising demand for accurate diagnosis, as well as increasing number of animal care facilities are contributing towards the segmental growth.

End Use Insights

Veterinary clinics and hospitals accounted the largest market share over the forecast period.

On the basis of end use, the global veterinary diagnostic imaging market is segmented into veterinary clinics and hospitals, others. Among these, the veterinary clinics and hospitals accounted the largest market share over the forecast period owing to the increasing demand for veterinary diagnostic imaging tool in animal healthcare facilities. Apart from this, the rise in the number of collaborations between hospitals and key companies with an aim to offer innovative veterinary diagnostic imaging tools and high usage of novel veterinary imaging technologies are boosting the segmental growth.

Regional Insights

North America is dominating the market with the largest market share over the forecast period.

North America has registered the highest market share over the forecast period due to the increasing number of pet adoption, adopting strategic initiatives by the market leaders, as well as the increasing number of health issues among animals. As per the North American Pet Health Insurance Association’s report, the total number of pet insurance purchased in the US is 3.1 million as of 2020. Due to the rise in the purchase of premium pet insurance plans, the demand for the advanced healthcare services has also increased.

Asia Pacific, on the other hand, is witnessing the fastest market growth owing to the increasing investment in the research and development activities of veterinary diagnostic imaging equipment, increasing household disposable income, increasing animal healthcare expenses, rising demand for advanced veterinary imaging systems, and rising pet humanization.

Recent Developments

• In January 2023, SingalPET which is the manufacturer of veterinary diagnostic imaging system have started implementing AI and ML to expand its presence in the Asia Pacific region.

List of Key Companies

• Agfa- Gevaert N.V.
• Esaote SpA
• Fujifilm holdings corp. (Sonosite, Inc.)
• General Electric (GE Healthcare)
• IMV Technologies group, (IMV imaging)
• IDEXX Laboratories, Inc.
• Mindray Medical International Ltd.
• MinXray, Inc.
• Siemens AG
• Toshiba Corporation (Canon Medical Systems Corporation)

Market Segment

This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global Veterinary Diagnostic Imaging Market based on the below-mentioned segments:

Veterinary Diagnostic Imaging Market, Product Analysis

• X-Ray
• Ultrasound
• MRI
• CT Imaging
• Video Endoscopy

Veterinary Diagnostic Imaging Market, Animal Analysis

• Small Animals
• Large Animals

Veterinary Diagnostic Imaging Market, Solutions Analysis

• Equipment
• Accessories/ Consumables
• PACS

Veterinary Diagnostic Imaging Market, Application Analysis

• Orthipedics and Traumatology
• Oncology
• Neurology
• Cardiology
• Dental Application
• Respiratory
• Others

Veterinary Diagnostic Imaging Market, End Use Analysis

• Veterinary Clinics and Hospitals
• Others

Veterinary Diagnostic Imaging Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa