VETERINARY DIAGNOSTIC IMAGING MARKET ANALYSIS

The global veterinary diagnostic imaging market was valued at US$ 900.4 Mn in 2022 and is forecast to reach a value of US$ 1578.6 Mn by 2030 at a CAGR of 7.32% between 2023 and 2030. The global veterinary diagnostic imaging market is experiencing strong growth due to the rise in burden of zoonotic/chronic diseases and rise in companion animal population around the world. Moreover, rise in demand for veterinary diagnostics and rise in animal health expenditure is expected to boost growth of the market. However, factors such as high cost of veterinary diagnostic imaging devices and lack of skilled or trained personnel or lack of veterinarians are expected to hamper growth of the global veterinary diagnostic imaging market.

Global Veterinary Diagnostic Imaging Market: Regional Insights

Based on geography, the global veterinary diagnostic imaging market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market over the forecast period owing to the rise in companion animal population, rising prevalence of animal diseases and injuries, and increase in animal health expenditure in the region. For instance, recent years have seen a significant rise in the adoption of companion and livestock animals. For instance, according to the 2021-22 National Pet Owners Survey, 70 percent of all US households include a companion animal. Moreover, according to the American Veterinary Medical Association (AVMA), in 2020, around 45% of households owned dogs and around 26% of households owned cats, up from 38% and 25% at year-end 2016, respectively.

Asia Pacific is also expected to witness robust growth in the global veterinary diagnostic imaging market due to the rising prevalence of animal diseases, rise in companion animal population, rise in awareness, and rising demand for safe and effective medical care in the region. For instance, the Federation of Indian Animal Protection Organisation (FIAPO) has been working to ensure welfare of animals in India by partnering with several animal rights protection organisations and activists in the country. Furthermore, the federation has been tackling a wide range of animal welfare issues through awareness campaigns and lobbying.

Figure 1. Global Veterinary Diagnostic Imaging Market Share (%), by Region, 2023

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Global Veterinary Diagnostic Imaging Market Drivers:

Rise in prevalence of zoonotic diseases to augment market growth

One of the key factors expected to augment the growth of the global veterinary diagnostic imaging market during the forecast period is the increasing incidence of zoonotic and chronic diseases. For instance, according to the U.S. Centers for Disease Control & Prevention (CDC), zoonotic diseases are very common, both in the U.S. and worldwide. More than six out of every ten known infectious diseases in people can be spread from animals, and three out of every four new and/or emerging infectious diseases in people come from animals. Hence, CDC works 24/7 to protect people from zoonotic diseases in the United States and around the world.

Rise in companion animal population to underpin market growth

Another factor which is driving the growth of the global veterinary diagnostic imaging market is the rise in companion animal population around the world. For instance, with the rise in companion animal population, the demand for safe & effective veterinary diagnostic imaging is also increasing with a rapid pace. According to healthforanimals.org, families in the U.S., European Union, Brazil, and China alone account for over half a billion dogs and cats, while more than half the world is estimated to have a pet at home. Moreover, pet ownership increased 113% between 2014 and 2019, and by 2024, experts estimate China will have the most pets in the world.

Global Veterinary Diagnostic Imaging Market Opportunities:

Rise in demand for veterinary diagnostics across the globe is expected to offer significant growth opportunities for players in the global veterinary diagnostic imaging market. For instance, with the increasing prevalence of zoonotic and chronic diseases, the demand for safe & effective veterinary diagnostics is also increasing. Thus, market players are focusing on developing & launching novel products in the market. In February 2022, Aycan Medical Systems added Softneta's MedDream VET DICOM Viewer to its expanding portfolio of veterinary imaging. It is a natural extension of Aycan’s other solutions and developed on the same DICOM standard.

Rise in animal health expenditure is expected to offer lucrative growth opportunities for players in the global veterinary diagnostic imaging market. For instance, the health of animals is inextricably linked to the wellbeing of people and planet. According to the National Pet Owners Survey 2021-2022, the annual expenditure on routine visits for dogs is US$ 242, whereas it is US$ 178 for cats in the United States. Moreover, according to the American Pet Products Association, in 2021, over US$ 123.6 billion were spent on the pets in the U.S. Such increasing focus on animal healthcare is driving the veterinary diagnostic imaging market growth.

Global Veterinary Diagnostic Imaging Market Trends:

Increasing demand for veterinary services is a recent trend

Owing to the increasing focus on veterinary healthcare, the demand for veterinary services is also increasing around the world. For instance, veterinary imaging devices are easy to use and provide veterinarians with the information they need to make quick decisions and diagnose animals faster compared to other devices. In February 2021, DCC (Dogs, Cats, & Companions) Animal Hospital launched multi-speciality animal hospitals in India to offer cutting-edge medical technologies for animals. This trend is expected to continue over the forecast period.

Technological advancements is another trend

Advancements in the field of veterinary healthcare is expected to flourish the veterinary diagnostic imaging market during the forecast period owing to respective benefits. Artificial intelligence (AI), virtual reality, 3D imaging, and wearable medical imaging devices are few of the technologies that are expected to pave the way for future advancements in the field of veterinary diagnostic imaging around the world. This trend is also expected to continue during the forecast period.

Global Veterinary Diagnostic Imaging Market Restraints:

High cost of imaging devices to hinder market growth

One of the key factors expected to hamper the growth of the global veterinary diagnostic imaging market is the high cost of veterinary diagnostic imaging devices. For instance, several factors lead to the increasing veterinary costs, while technologically advanced and the latest medical equipment are also more expensive. Any additional tests and exams also increase the cost of care. Moreover, the cost of diagnostic imaging equipment and veterinary drugs is high, which has led to the high cost of veterinary services. Cost effectiveness is a major concern regarding veterinary healthcare, which in turn is restraining the market growth.

Lack of skilled personnel to hamper the market growth

Another factor which is hampering the growth of the global veterinary diagnostic imaging market is the lack of skilled or trained personnel or lack of veterinarians. For instance, the number of vets (veterinarians) has declined in some countries, raising concerns about the geographical coverage of livestock healthcare. The ongoing shortage of veterinarians in rural areas may lead to an increase in animal diseases and need for veterinary care. Even with the new veterinary graduates expected over the next 10 years, a shortage of nearly 15,000 veterinarians (16 percent) will likely still exist by 2030. This in turn is expected to hinder market growth.

Figure 2. Global Veterinary Diagnostic Imaging Market Share (%), by Equipment, 2023

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Global Veterinary Diagnostic Imaging Market Segmentation:

The global veterinary diagnostic imaging market report is segmented into Equipment, Application, Animal Type, and Region.

Based on Equipment, the market is segmented into Radiography (X-ray) Systems, Ultrasound Imaging Systems, Computed Tomography Imaging Systems, Magnetic Resonance Imaging Systems, Video Endoscopy Imaging Systems, and Other Equipment. Out of which, Radiography (X-ray) Systems Segment is expected to dominate the veterinary diagnostic imaging market over the forecast period and this is attributed to the growing demand for accurate diagnostic solutions. Radiography systems are used to understand the complex conditions suffered by the animals.

Ultrasound Imaging Systems Segment is also expected to witness significant growth in the near future and this is owing to the increase in demand for non-intrusive diagnostic tools. An ultrasound system is a safe, painless, and non-intrusive diagnostic tool that is used by veterinarians.

Based on Application, the market is segmented into Cardiology, Oncology, Neurology, Orthopedics, and Other Applications. Out of which, Cardiology Segment is expected to dominate the market over the forecast period and this is attributed to the rise in prevalence of cardiovascular diseases. Advanced imaging techniques help vets detect cardiac problems in animals

Oncology Segment is also expected to witness significant growth in the near future and this is owing to the rise in burden of cancer. Cancer is one of the leading causes of death in companion animals, such as dogs and cats

Based on Animal Type, the market is segmented into Small Animals and Large Animals. Out of which, Small Animals Segment is expected to dominate the market over the forecast period and this is attributed to the increasing adoption of pets or rise in companion animal population.

Global Veterinary Diagnostic Imaging Market: Key Developments

In September 2022, SKT launched first commercialized veterinary image diagnostic service based on artificial intelligence technology. X Caliber, the AI solution provides medical reports when a veterinarian uploads X-ray pictures of the dog’s chest or musculoskeletal system to the service’s website. The autonomous diagnosis takes about 30 seconds.

In June 2022, PetSmart announced the launch of PetSmart Veterinary Services (PVS) to provide a complete solution for veterinarians to open their own franchised practice and connects pet parents with local, trusted veterinarians and more convenient vet hospital locations within PetSmart stores.

In November 2021, Adaptix launched the 3D Veterinary Imaging System, which has the potential to transform dental and orthopaedic imaging both from a clinical and financial perspective.

In January 2020, IDEX announced the launch of SediVue Dx Urine Sediment Analyzer, Catalyst  Dx,  and  catalyst  one  Chemical analyser, & IDEXX Web PACS cloud-based diagnostic  imaging  software  to  ease  the veterinary workflow.

Global Veterinary Diagnostic Imaging Market: Key Companies Insights

The veterinary diagnostic imaging market is highly competitive. This is attributed to the increase in demand for safe and effective veterinary diagnostic imaging devices, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global 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.

*Definition: Veterinary imaging is field of veterinary medicine that involves collection of medical images of animals to prevent, manage, diagnose, and treat a wide variety of diseases, disorders, and injuries in animals. Diagnostic imaging provides imaging services for all species of animals, including companion, large, and exotic animals.