Veterinary Imaging Market Size Projected to Reach USD 4,306.6 Million by 2034: Future Market Insights, Inc.

'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 stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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SOURCE Future Market Insights