'What Picture Will the Veterinary Imaging Market Capture?' FMI
Unveils with Top Insights. In the United
States, the veterinary imaging market is projected to
witness a steady growth trajectory, boasting a Compound Annual
Growth Rate (CAGR) of 5.4% from 2024 to 2034. This growth aims to
advance diagnostic capabilities and elevate patient care standards.
The rise in pet ownership and increased spending on pet healthcare
in the United States has led to a
surge in demand for veterinary services.
NEWARK, Del., May 9, 2024
/PRNewswire/ -- The veterinary imaging market has been gaining
significant traction globally, with a projected value of
USD 2,272.8 million in 2024 and an
estimated value of USD 4,306.6
million by 2034, developing at a CAGR of 6.6%. The rising
demand for animal healthcare services, growing pet ownership, and
increasing awareness about the importance of animal health
primarily drive this growth.
The market is also propelled by advancements in imaging
technologies, such as computed tomography (CT), magnetic resonance
imaging (MRI), and ultrasound, which provide accurate and early
diagnosis of animal diseases and injuries, leading to better
treatment outcomes. However, the high cost of equipment and initial
investments, financing constraints, and the requirement for skilled
workers pose significant challenges to the sector's growth.
One of the most frequently used applications in veterinary
imaging is orthopedics. Fractures, sprains, and ligament tears are
some of the most common orthopedic conditions that require accurate
and detailed imaging for diagnosis and treatment. With the rising
prevalence of chronic diseases in animals, the demand for
orthopedic imaging equipment is expected to increase further.
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The market is also witnessing a shift towards cloud-based
platforms for remote consultations and affordable imaging systems,
which would further drive market growth in the coming years. In
conclusion, the veterinary imaging market is expected to witness
significant growth in the coming years, driven by an increase in
pet ownership, rising demand for animal healthcare services, and
advancements in imaging technologies.
Key Takeaways from the Market Study
- Market share of 57.7% for 2024 has reported mass growth as pet
owners seek specialized care in the veterinary imaging
industry.
- Veterinarians encounter orthopedic applications as the most
common practice, with a share of 30.9% for 2024.
- The veterinary imaging market in Canada is set to experience an exponential
increase with a 10% CAGR through 2034.
- The veterinary imaging market in Malaysia is projected to grow at a CAGR of
7.8% through 2034.
- The veterinary imaging market in Indonesia is anticipated to develop at a CAGR
of 7.1% through 2034.
- The veterinary imaging market in the United Kingdom is predicted to rise at a 6.1%
CAGR through 2034.
- The veterinary imaging market in the
United States is estimated to rise at a 5.4% CAGR through
2034.
"The adoption of digital imaging technologies has
revolutionized the industry. It allows for efficient sharing and
analysis of images, integration of AI, and miniaturization of
devices, thereby speeding up the diagnosis and treatment process,"
- Opines Sabyasachi Ghosh Associate Vice President at Future
Market Insights (FMI) analyst.
Competitive Landscape
Growth initiatives taken in advancing the technologies are
fueling market sales. Prominent players are collaborating with
local companies to expand their distribution channels. Many key
veterinary imaging manufacturers are inclined to invest
significantly in innovation, research, and development practices to
uncover increased applications in the veterinary imaging
market.
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Recent Developments:
- Antech introduced AIS RapidRead and Nu.Q® Canine Cancer Test to
revolutionize veterinary diagnostics in April 2024.
- SK Telecom partnered with Vetology Innovations to bring X
Caliber, an AI-powered diagnostic service for pets, to the U.S.
market in January 2024.
- iCRco, Inc.'s CLARIS V Cone Beam Computed Tomography (CBCT)
imaging device at Santa Barbara Zoo provided precise 3D imaging for
enhanced veterinary diagnostics and treatment in June 2023.
Leading Veterinary Imaging Brands
- Esaote
- IDEXX Laboratories, Inc.
- IMV Technologies group
- Carestream Health
- Hallmarq Veterinary Imaging Ltd.
- MinXray, Inc.
- Universal Medical Systems, Inc.
- Agfa- Gevaert N.V.
- Mindray Medical International Ltd.
- GE Healthcare
- Siemens AG
Key Segments of Market Report
By Product Type:
Based on product type, the sector is primarily divided into
equipment, software, and reagents. Veterinary imaging equipment is
further categorized as radiography (X-ray), ultrasound imaging,
magnetic resonance imaging, computed tomography, video endoscopy
imaging, and other systems.
Radiography systems are also further bifurcated into computed
and film-based radiography. Ultrasound imaging systems are divided
into 2D and 3D US imaging. Computed tomography systems are also
parted into two single and multi-slice CT.
By Animal Type:
Small and large animals are two categorized sections of animal
type in this industry.
By Application:
Veterinary imaging is applied for cardiology, orthopedics,
neurology, oncology, and others.
By End User:
Clinics, hospitals, institutes, and research centers are top end
users of veterinary imaging.
By Region:
A regional analysis has been carried out in key countries of
North America, Latin America, Asia
Pacific, Middle East and
Africa (MEA), and Europe.
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Author By:
Sabyasachi Ghosh (Associate Vice
President at Future Market Insights, Inc.) holds over 12 years of
experience in the Healthcare, Medical Devices, and Pharmaceutical
industries. His curious and analytical nature helped him shape his
career as a researcher.
Identifying key challenges faced by clients and devising robust,
hypothesis-based solutions to empower them with strategic
decision-making capabilities come naturally to him. His primary
expertise lies in areas such as Market Entry and Expansion
Strategy, Feasibility Studies, Competitive Intelligence, and
Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored
numerous publications and has been cited in journals, including The
Journal of mHealth, ITN Online, and Spinal Surgery News.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the
Stevie Award, and a member of the Greater
New York Chamber of Commerce) offers profound insights into
the driving factors that are boosting demand in the market. FMI
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