The global veterinary imaging market is experiencing significant growth, driven by increasing pet ownership, rising prevalence of chronic and acute conditions in animals, and ongoing technological advancements. In 2024, the market reached a valuation of USD 2.0 billion and is projected to grow at a compound annual growth rate (CAGR) of 5.11%, reaching USD 3.2 billion by 2033. Factors such as the expanding number of veterinary hospitals and clinics, along with the development of portable and battery-powered imaging instruments, are contributing to this upward trend.
Study Assumption Years
- Base Year: 2024
- Historical Years: 2019–2024
- Forecast Years: 2025–2033
Veterinary Imaging Market Key Takeaways
- Market Size and Growth: The veterinary imaging market was valued at USD 2.0 billion in 2024 and is expected to reach USD 3.2 billion by 2033, growing at a CAGR of 5.11% during the forecast period.
- Dominant Product Type: Instruments hold a clear dominance in the market, driven by increased expenditure on diagnostic procedures and public awareness about animal health.
- Leading Animal Type: Small companion animals account for the majority of the market share, attributed to the growing number of such pets and increased awareness among owners regarding their health.
- Primary Application Area: Orthopedics and traumatology represent the largest market share, due to the rising prevalence of orthopedic disorders in companion animals.
- Major End Users: Hospitals and clinics constitute the majority of the market share, as they invest in advanced imaging systems to meet growing expectations for high-quality veterinary care.
- Regional Leader: North America currently dominates the global market, with a steady increase in pet ownership and demand for advanced veterinary services.
Market Growth Factors
1. Rising Pet Ownership and Health Expenditure
The rise in the number of pets worldwide is a major driving force behind the veterinary imaging market. With more families regarding pets as members of their household, there has been a growing trend of investing in their health care. This has resulted in a greater investment in diagnostic tests, including sophisticated imaging equipment. Increased public concern for animal welfare and health has also emerged, leading owners to request diagnostic imaging for disease detection at an early stage. All these factors put together create demand for veterinary imaging equipment.
2. Technological Advancements in Imaging Modalities
Technological advancements in veterinary imaging technologies are improving diagnostic potential and increasing the market. Technologies like the creation of portable and battery-powered imaging devices enable point-of-care services, increasing the availability of diagnostic imaging. The incorporation of artificial intelligence (AI) into imaging systems enhances the precision and speed of diagnostics. These technologies are making it possible to scan soft tissue structures prior to surgery and are driving the growth of the veterinary imaging market.
3. Expansion of Veterinary Hospitals and Clinics
Establishment and growth of well-equipped veterinary clinics and animal hospitals are driving the demand for sophisticated imaging systems. Pet ownership, particularly in urban regions, continues to rise, fueling demand for high-level veterinary services. This urge compels hospitals and clinics to invest in sophisticated imaging systems such as X-rays, ultrasound, MRI, and CT scanners to keep pace with increasing expectations. In addition, the veterinary industry is experiencing a rapid growth of clinics, specialty hospitals, and multi-disciplinary veterinary chains, which invest in state-of-the-art imaging equipment to offer a wider variety of diagnostic services.
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Market Segmentation
Breakup by Product Type:
- Instrument: Includes various imaging devices such as X-ray, ultrasound, MRI, and CT scanners used for diagnostic purposes in veterinary care.
- Reagents: Comprises contrast agents and other chemicals used to enhance the quality of imaging results.
- Others: Encompasses additional products related to veterinary imaging not classified under instruments or reagents.
Breakup by Animal Type:
- Small Companion Animals: Refers to pets like dogs and cats that are commonly kept for companionship and require regular veterinary care.
- Large Animals: Includes livestock and other large animals that are significant in agricultural and commercial contexts.
Breakup by Application:
- Orthopedics and Traumatology: Focuses on diagnosing and treating musculoskeletal disorders and injuries in animals.
- Oncology: Involves the detection and monitoring of tumors and cancers in veterinary patients.
- Cardiology: Pertains to the assessment and management of heart-related conditions in animals.
- Neurology: Deals with disorders of the nervous system, including the brain and spinal cord, in animals.
- Others: Covers additional applications of veterinary imaging not specified above.
Breakup by End User:
- Hospitals and Clinics: Veterinary facilities providing comprehensive medical services, including diagnostic imaging, for animals.
- Reference Laboratories: Specialized labs offering advanced diagnostic services, including imaging, often supporting veterinary practices.
- Others: Includes other entities utilizing veterinary imaging services not categorized under hospitals, clinics, or reference laboratories.
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Regional Insights
North America is at the forefront of the global veterinary imaging market today due to the steady rise in pet ownership, especially dogs and cats. As more homes treat pets as family members, the need for sophisticated veterinary care, including diagnostic imaging, rises. The growing incidence of age-related conditions in pets also requires the application of sophisticated imaging techniques for proper diagnosis and treatment planning.
Recent Developments & News
The veterinary imaging market has witnessed several notable developments:
- In July 2024, Virginia Equine Imaging, a renowned equine sports medicine clinic, acquired the cutting-edge Asto CT Equina® Standing CT Scanner, enhancing its diagnostic capabilities.
- In May 2024, Esaote North America Inc. unveiled the MyLab™FOX, a versatile and innovative veterinary ultrasound system, setting new standards in imaging quality.
- In April 2024, MiREYE Imaging launched its AI-powered veterinary X-ray scanners in the United States, aiming to improve diagnostic accuracy and efficiency in veterinary practices.
Key Players
Agfa-Gevaert N.V. (IG Farben), Canon Inc., Carestream Health Inc., Draminski S.A., Esaote SpA, Fujifilm holdings corp., Hallmarq Veterinary Imaging, Heska Corporation, IDEXX Laboratories Inc., IMV Technologies Group, MinXray Inc., Siemens Healthineers AG (Siemens AG), etc.
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