June 20, 2024
Veterinary Diagnostic Imaging Market

Veterinary Diagnostic Imaging Market is Expected to be Driven by growing Pet Companionship Worldwide

Veterinary diagnostic imaging plays a vital role in veterinary diagnosis and treatment planning. Imaging modalities such as X-ray, ultrasound, CT, MRI, and endoscopy are used to capture the anatomical details of pets and aid doctors in examining internal injuries, bone fractures, tumors and other abnormalities. X-ray remains the most commonly used imaging technique due to its affordability and ability to image bones and soft tissues. Ultrasound is also gaining popularity for cost-effective, non-invasive evaluation of internal organs and cavities. The global veterinary diagnostic imaging market is driven by the growing pet population worldwide and increased spending on pet healthcare. Rising cases of zoonotic and chronic diseases in pets have boosted the adoption of advanced imaging solutions to efficiently diagnose and monitor disease progress.

The global veterinary diagnostic imaging Market is estimated to be valued at US$ 962.7 Mn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
The veterinary diagnostic imaging market is expected to be driven by growing pet companionship worldwide. According to the 2019-2020 APPA National Pet Owners Survey, around 85 million households in the U.S. own pets. Rising pet adoption during the pandemic has further strengthened human-animal bonds and driven higher spending on advanced veterinary care, including diagnostic imaging. Growing awareness about early disease diagnosis is another key factor promoting the uptake of veterinary imaging modalities. Companion animal owners are increasingly electing diagnostic tests like X-rays and ultrasounds to enable timely treatment intervention. Advancing veterinary healthcare infrastructure and rising veterinary practitioner base are also contributing to market growth.

Segment Analysis
The veterinary diagnostic imaging market is divided into different product segments including X-ray imaging systems, ultrasound imaging systems, computed tomography systems, magnetic resonance imaging systems, video endoscopy imaging systems and other modalities. Among these, X-ray imaging systems dominate the market owing to high adoption and low cost. X-ray provides high resolution images of bones and other internal organs. Its non-invasive nature and ability to identify fractures and anomalies easily has resulted in widespread adoption among veterinarians.

PEST Analysis
Political: Regulations around veterinary care and animal welfare are becoming more stringent globally which is positively impacting the market. Growing oversight on animal testing and research is benefiting non-invasive diagnostic modalities.
Economic: Rising pet adoption and increasing spending on pet care is a key driver. Growing animal food production is augmenting diagnostic needs. High costs associated with certain speciality modalities limit full potential.
Social: Humanization of pets is ongoing trend. Owners demonstrate willingness to pay for advanced care. Rising awareness about animal health rights favors diagnostic technologies.
Technological: Innovation is led by software advancements enabling faster scans and improved imaging quality. Portable devices are gaining favor. Integration of AI and VR based solutions will enhance capabilities in future.

Key Takeaways
The Global Veterinary Diagnostic Imaging Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global veterinary diagnostic imaging Market is estimated to be valued at US$ 962.7 Mn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030.

North America currently dominates market owing to large pet population, advanced veterinary infrastructure and greater adoption of advanced diagnostic methods among veterinarians in the region. Europe follow North America closely and presence of leading industry players have propelled regional market growth. Asia Pacific is expected to witness fastest growth due to rising pet spending, increasing livestock industry and growing number of veterinary practitioners in the region.

Key players operating in the veterinary diagnostic imaging market are Esaote SPA, Epica Animal Health, IDEXX Laboratories, Carestream Health, IMV Imaging, Fujifilm Holdings Corp., Hallmarq Veterinary Imaging, and Canon Medical Systems Corporation, among others. Key players are focusing on new product launches with innovative features to gain competitive edge. For instance, IDEXX recently launched ProCyte One Hematology Analyzer tailored for veterinary practice with enhanced workflow. Industry players are expanding their geographic presence through strategic collaborations to capture untapped growth opportunities in emerging markets.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it