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Home » Healthcare » Veterinary Imaging Market Size, Growth Forecast 2030

Veterinary Imaging Market By Product (Instrument, Reagents, Services), By Animal (Large Animals, Small Companion Animals, Others (Exotic Animals & Birds)), By Applications (Oncology, Orthopaedics and Traumatology, Neurology, Cardiology, Other (ophthalmology & dentistry)), By End-user (Reference Laboratories, Clinics, Hospitals, Others), By Geography, Size, Share, Growth, Global Report, Forecast, 2021-2030

Published On: Jun-2022   |   Base Year: 2021   |   No Of Pages: 135   |   Historical Data: 2017 - 2020   |   Formats: PDF   |   Report ID: 26413096

Report DescriptionTable of Contents

Industry Report and Statistics

The global veterinary imaging market will witness a robust CAGR of 7.3%, valued at $1.58 billion in 2021, expected to appreciate and reach $3.0 billion by 2030, confirms Strategic Market Research. North America acquired almost 45.5 % of the global market and is expected to retain its dominance as the largest industry from 2020-2030. Imagining is a kind of test that produces detailed images of internal organs. X-rays (high-energy radiation), ultrasound (high-energy sound waves), radio waves, and radioactive chemicals are used in imaging processes. They may aid in the diagnosis of disease, the planning of treatment, or the evaluation of treatment effectiveness. Many imaging technologies have been developed to diagnose human diseases, and many have been modified for use in animals. Veterinary imaging is a process for obtaining diagnostic pictures of an animal's body to diagnose chronic illnesses. According to Countryside Veterinary Clinic, diabetes affects 1 in every 500 dogs and 1 in every 200 cats in their lifespan, and the numbers are rising. Over ten years, the prevalence of the condition increased by about 80% in dogs and 18% in cats, according to the State of Pet Health Report. Furthermore, according to the American Veterinary Medical Association, diabetes can pound dogs and cats at any age. Diabetic dogs are typically 4 to 14 years old, most diagnosed between the ages of 7 and 10. The majority of diabetic cats are over the age of six. Female dogs are more prone to get diabetes as compared to male dogs. 

Most imaging modalities provide a wealth of information in a non-invasive and cost-effective way while ensuring that the illness process is not altered or that the pet is not in any discomfort. However, some of these treatments are carried out in facilities constructed specifically for their usage due to the complexity and cost of the equipment and instruments. A hike in the adoption rate for pets, a rise in the breakout of various infectious diseases, increasing demand for various diagnostic devices, and an increase in pet care spending are some of the prominent drivers of the market. 

 

Key Drivers - Growing Demand for Diagnostic Devices and a Rise in the Healthcare Expenditure

  • The rising demand for diagnostic devices for the appropriate treatment of small pets such as cats and dogs drives the veterinary imaging industry. Obesity is a common problem among pets in the United States, according to the Association for Pet Obesity Prevention, with 60 % of all cats and 56 % of all dogs classed as obese or overweight. These imaging devices aid in diagnosing nasal/sinus disorders by distinguishing between neoplasia and rhinitis and directing biopsy test findings.

 

  • Furthermore, the growing level of pet healthcare expenditure would boost the growth of the veterinary imaging market. A pet insurance plan generally inculcates all the diagnostic tests like CT and MRIs to detect neurological or musculoskeletal conditions and others. According to the American Pet Products Association (APPA), Americans spent $4.3 billion more on pet items in 2020 than in 2019. Pet food, pet insurance, veterinarian care, supplies/over-the-counter medications, companion animal diagnostic services, etc., are gaining popularity as people are spending more and more in these days. The North American Pet Health Insurance Association (NAPHIA) reported that gross written premiums for pet health insurance in the US reached $1.99 billion in 2020, up 27.5 % from $1.56 billion in 2019. The market grew at an annual pace of roughly 24.2 % from 2016 to 2020. The total number of insured pets had climbed to 3.1 million by 2020. The market has been growing at around 24.2 % each year on average.

 

Restraints - High Maintenance Costs of Equipment, Lesser Number of Skilled Professionals, and Lack of Awareness

  • Lack of awareness, high maintenance costs, and shortage of skilled practitioners in developing areas limit the market expansion.

 

Opportunities - The Rise in the Number of Pet Owners, Rapid Urbanization, Increase in Disposable Income, and Improved R&D

  • There has been a spectacular surge in companion animal ownership worldwide, particularly in emerging countries such as Asia and Latin America. These areas provide a plethora of prospects due to rapid urbanization and an increase in disposable income, and increasing pet ownership has resulted in greater access to improved animal treatment and increased spending capacity on the part of owners. According to a survey by Rakuten Insight, 59% of people in Asia (China, India, Hong Kong, Indonesia, South Korea, Japan, Malaysia, Singapore, Thailand, Taiwan & Vietnam) own a pet, yet there are significant disparities. On the one hand, Hong Kong has a dog ownership rate of 16%, compared to 47% in Thailand, and the Philippines has the highest rate of 67%. On average, one-third of the population (32%) believes that dogs are man's best friend. Cats came in second with 26% of pet ownership, except for Indonesia and Malaysia, where cat ownership (47% and 34%, respectively) outpaced dog ownership (10% and 20%, respectively). Fish were the 3rd most popular pet, with 15% of respondents owning one, and 41% of respondents said they are not currently raising any pets.

 

  • Many of the region's veterinary clinics embrace technologically advanced solutions (fluoroscopy, ultrasonography, echocardiography in veterinary medicine) common among veterinarians in emerging countries. The livestock industry's need for veterinary services and growing animal health spending will likely drive market expansion. Requests for World Bank assistance for livestock operations have increased dramatically in the last three years, from an average of US$150 million in annual funding commitments at the beginning of the decade to about US$700 million in new lending yearly. The most developed regions include Africa, South Asia, and Central Asia. The World Bank now has active livestock investments worth $1.9 billion. As a result, these variables are predicted to bring up profitable business prospects for big firms and new market entrants. For example, companies like Antech imaging services, boulder veterinary imaging, boneyard veterinary imaging, bush advanced veterinary imaging, and BCF ultrasound provide next-gen technologies for advanced imaging, ultrasonic imaging, etc. Apart from that, rapid technological advancements are going on for mobile veterinary imaging and nuclear medicine imaging to examine the condition of tissue functioning and organs like the heart, abdominal wall, heart valves, blood vessels, lungs, liver, thyroid, etc.

 

Market Analysis Of Different Segments Covered in the Report

Based on Product

  • Instrument

  •     X-ray Imaging (Radiography)

  •           Computed Radiography

  •           Direct (Capture) Radiography

  •           Film-based Radiography

  •     Ultrasound Imaging

  •            3D/4D Ultrasound Imaging

  •            2D Ultrasound Imaging

  •            Doppler Imaging

  •     Computed Tomography Imaging

  •            Video Endoscopy Imaging

  •            Single-slice CT

  •            Multi-slice CT

  •      MRI

  •     Other instruments

 

  • Reagents

  •     X-Ray/CT  Contrast Reagents

  •     MRI Contrast Regents

  •     Ultrasound Contrast Regents

  •     Nuclear Imaging 

 

  • Services

  •     Teleradiology

  •      Interventional Radiology & Endoscopy

  •      Advanced Imaging Services

 

  • Veterinary PACS

  •      CVIS PACS 

  •       RIS PACS

 

Based on the Type of Animal

  • Large Animals

  • Small Companion Animals

  • Others (Exotic Animals & Birds)

 

Based on Applications

  • Oncology

  • Orthopedics and Traumatology

  • Neurology

  • Cardiology

  • Other (ophthalmology & dentistry)

 

Based on End-user

  • Reference Laboratories

  • Clinics

  • Hospitals

  • Others

 

Regional Coverage Analysis

North America

  • The United States.

  • Mexico

  • Canada

  • Rest of Northern America

 

Europe

  • The Netherlands

  • France

  • United Kingdom

  • Italy

  • Germany

  • Russian Federation

  • Spain

  • Poland

  • Rest of the European Countries

 

AsiaPacific

  • Japan

  • Taiwan

  • Australia

  • China

  • Republic of India

  • Rest of Asia-Pacific (APAC)

 

Latin America, Middle East, and Africa

  • Brazil

  • Argentina

  • South Africa

  • UAE

  • Other parts of LAMEA

 

Product Analysis & Insights

The instruments category accounted for the greatest veterinary imaging market share because of its expansion of demand. Imaging instruments are essential items; therefore, their usage is likely to rise. This equipment help veterinarians diagnose fractures, tumors, abscesses due to infections, deformities, kidneys, and hemorrhages in animals. Periodontal disease (12.52 %), otitis externa (7.30 %), and obesity (7.07 %) are the most commonly diagnosed diseases in dogs in India, according to an article published in BMC Veterinary Research 2021. The most prevalent diseases in dogs in India were dental disorders (14.10 %), skin problems (12.58 %), and enteropathy (10.43 %). Because of their enhanced sensitivity and lower operating costs, demand for these devices is expected to rise. Because of their widespread use in clinical settings, veterinary picture archiving and communication systems (PACS) are expected to grow rapidly.

 

Animal Type Analysis & Insights

The small companion animal category led in 2020 owing to rising pet adoption as evidence of individuals obtaining favorable health advantages from their pets grew. Animals provide companionship, and this is especially advantageous for single persons. Pet ownership surged by 17 % among singles over six years but only 1.37 % among families. Pet ownership increased by 27.7% among unmarried men who live alone. According to a poll conducted by the Human-Animal Bond Research Institute, 74% of pet owners stated their pet improved their mental health. Researchers of Michigan State University discovered that dog owners are 34 % more likely than non-dog owners to walk 150 minutes weekly. The rising ownership of companions has increased the necessity for highly accurate and effective diagnostic solutions, which is projected to drive the market for imaging systems in the next years.

 

Application Analysis & Insights

The orthopedic and traumatology veterinary imaging applications made up most income. Growth in animal injuries, growing demand for precise diagnostic solutions, and the availability of animal care facilities all contribute to this segment's domination. In cancer, veterinary diagnostic imaging technologies offer a wide range of uses. According to the findings of the American Veterinary Medical Association, one out of every four dogs will acquire neoplasia at some point in their lives. Cancer affects about half of all dogs over the age of ten. Cancer affects dogs at a similar rate as it does people, but there is less data on cancer incidence in cats. In the United States, nearly 4.2 million dogs and 412 out of 100,000 cats are diagnosed with cancer yearly. This market is predicted to develop at a promising CAGR of roughly 7.0 % in the next years, owing to an increase in the frequency of cancer in animals and increased R&D activity in oncology.

 

End-User Analysis & Insights

As of 2020, veterinary hospitals had the highest revenue share. The demand for cost-effective, quick, and reliable diagnostic tools in animal healthcare drives the development of imaging technologies. According to a national pet owners poll done by finance website LendEDU, nearly half of all Americans spend the same amount or more on their pets' healthcare as they do on their own. Twenty % of respondents have gone into debt to care for their pets, with an average debt of $1,567. Advances in imaging technology like mobile technology for pet owners and cloud-based information management systems are examples of these improvements. The reference laboratory market is expected to grow at a 7.2 % CAGR. These laboratories provide thorough diagnostic testing to provide accurate findings and professional consulting services.

 

Region Analysis & Insights

North America and Europe dominated the veterinary imaging market. North America acquired almost 45.5 % of the global industry and is expected to retain its dominance as the largest industry over the speculated period. This dominant market position may be attributable to increased pet adoption and healthcare expenditure in the animal health segment. As per the National Pet Owners Survey conducted in 2021-2022, around 70% (or around 90.5 million) of families own a pet, which is an increase of nearly 67% compared to 2019. The United States pet expenditure market in 2021, summed up around USD 123.71 billion, a whopping 19% increase as compared to last year (USD 103.78 billion).

In one of its studies, the American Society for the Prevention of Cruelty says that the pet adoption rate in North America has grown significantly. The Asia Pacific is predicted to be veterinary imaging's fastest-growing market due to increased healthcare expenditures and major companies' interest in investing in this industry.

 

Veterinary Imaging Market Report Coverage

Report Attribute

Details

Forecast Period

2021 - 2030

Market worth in 2021

USD 1.58 billion

Forecasted revenue in 2030

USD 3.0 billion

Growth rate

CAGR of 7.3 %

The base year for estimation

2021

Historical data

2017 – 2020

Unit

USD Billion, CAGR (2021 - 2030)

Segmentation

By Product, By Animal Type, By Application, By End User, By Region.

By Product

Instruments, Reagents, Services, Veterinary PACS

By Animal Type

Small Companion Animals, Large Animals, Others (Including Exotic Animals and Birds)

By Application

Orthopaedics and Traumatology, Oncology, Cardiology, Neurology, Other (dentistry & ophthalmology)

By End-User

Hospitals/Clinics, Reference Laboratories, Others

By Region

European countries, Northern America, Latin America, Asia Pacific, MEA

Country Scope

US, Mexico, Canada, Germany, UK, France, China, Japan, India etc.

Company Usability Profiles

Koninklijke Philips N.V., Hitachi Ltd., Siemens Healthcare GmbH, FUJIFILM Corporation, PerkinElmer Inc., Clarius Mobile Health, Shenzhen Ricso Technology Co. Ltd., DRAMIÑSKI SA., Epica Animal Health

 

Global Veterinary Imaging Market Competitive Landscape Analysis

The competitive landscape analysis gives an overview of some prominent players operating in the industry. Product innovation and persistent R&D operations to create state-of-the-art technologies have catalyzed the market's growth. In the target market, there are many significant companies, and some of the industries are:

 

Recent Developments:

  • On 18th Jan 2022, Clarius launched its 3rd generation wireless ultrasound scanner for veterinary professionals. The Artificial Intelligence enabled scanners with -powered imaging is equipped with various animal pre-sets to provide better care to an animal regardless of its size.

 

  • On 24th November 2021, Adaptix released the 3D Veterinary Imaging System, which the business claims can revolutionize dentistry and orthopedic imaging from both a clinical and cost standpoint. Adaptix's system fires very low-flux X-rays from many distinct points in a series, unlike a traditional 2D X-ray system, and this enables the system to reconstruct a stack of slices across the veterinary animals that can be viewed in the same way that coronal slices from a CT scan can be, with only a slight increase in dose over a single 2D X-ray. Adaptix allows each jaw side to be seen separately and clearly, making the process easier than obtaining many intraoral 2D X-ray images.

 

  • On 19th February 2021, FUJIFILM Medical Systems USA, Inc. introduced the first fully equipped VXR Veterinary X-Ray Room. The revolutionary design of this new X-ray room is intended for veterinarians who wish to convert to high-quality, low-dose X-rays using an economical, adaptable, simple-to-use, and easy-to-install system.

 

  • On 10th February, 2021, Fujifilm Corporation successfully launched the VXR Veterinary X-Ray Room, which is a Digital Radiography System used widely for Veterinary Imaging purposes. This technologically advanced system was designed especially for those veterinary professionals who wanted a transformation to low-dose and high-quality X-rays, which are affordable and easy to install.

 

Various Devices Manufactured by Key Market Players

Name

Feature

Key Player

Logiq S7

This veterinary ultrasound system provides exceptional imaging on various parts of the veterinary bodies. 

 

GE

 

Standing Equine Leg CT

The innovative walk-in, walk-out floor level arrangement allows the standing sedated patient simple access and egress. With no general anesthetic necessary for the horse and low dosage radiation that allows the handler to stay in the room throughout, both the horse and the handler are safe.

Hallmarq Veterinary Imaging

 

ADVIA 120

 

Only hematology analyzers for humans and animals provide full multispecies hematology testing capabilities with realistic automation. The device has a high-throughput capacity of 120 samples per hour and advanced blood cell analysis technology.

Siemens-healthineers

 

 

Frequently Asked Question About This Report

b: The global veterinary imaging market is expected to grow at a compound annual growth rate (CAGR) of 7.3% from 2021 to 2030 to reach USD 3.0 billion by 2030.

b: The global veterinary imaging market size was $1.58 Bn in 2021 and is predicted to reach $3.0 Bn by 2030, with a CAGR of 7.3% during 2021 - 2030.

b: Veterinary Imaging Market share in 2021 is $ 1.59 billion.

b: According to the veterinary imaging market trends, the veterinary imaging market is forecasted to reach a valuation of $ 3.0 billion by 2030 with a CAGR of 7.3 %.

b: North America is leading the veterinary diagnostic imaging market.

b: Veterinary Imaging Market size in 2021 is $ 1.58 billion.

Sources

https://www.countrysideveterinaryclinic.org/services/dogs/blog/pet-diabetes-facts-know-keep-your-cat-or-dog-healthy

https://www.avma.org/resources/pet-owners/petcare/diabetes-pets

https://naphia.org/news/na-pet-health-insurance-market-more-than-doubles-in-four-years/

https://insight.rakuten.com/pet-ownership-in-asia/