Veterinary Imaging Trends and Forecast
The future of the global veterinary imaging market looks promising with opportunities in the orthopedics and traumatology, oncology, cardiology, neurology, respiratory, and dental markets. The global veterinary imaging market is expected to reach an estimated $2.6 billion by 2030 with a CAGR of 6.4% from 2024 to 2030. The major drivers for this market are growing rate of companion animal population, increasing demand for pet insurance, and rising number of veterinary practitioners in developed economies.
• Lucintel forecasts that, within the solutions category, equipment will remain the largest segment over the forecast period due to the increasing demand for veterinary imaging equipment with advanced features and easy usability.
• Within the application category, orthopedics and traumatology will remain the largest segment due to increasing demand for accurate diagnostics and growing number of bone and joint injuries in animals.
• In terms of regions, North America is expected will remain the largest segment over the forecast period due to the increasing pet ownership, strategic initiatives implemented by key manufacturers, and the rising disease burden in animals.
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Emerging Trends in the Veterinary Imaging Market
The veterinary imaging market is evolving with several emerging trends:
• AI Integration: The incorporation of artificial intelligence in veterinary imaging is enhancing diagnostic accuracy and efficiency, allowing for quicker and more precise analysis of imaging results.
• Portable Imaging Devices: The development of portable imaging devices, such as handheld ultrasound and X-ray machines, is providing veterinarians with greater flexibility and ease of use in various settings, including field visits.
• Telemedicine: The rise of telemedicine in veterinary care is enabling remote diagnosis and consultation, supported by advanced imaging technologies, thus expanding access to veterinary services.
• 3D Imaging: The adoption of 3D imaging techniques is improving the visualization of complex anatomical structures, aiding in more accurate diagnosis and treatment planning.
• Cloud-Based Solutions: Cloud-based imaging solutions are gaining popularity, allowing for easy storage, sharing, and analysis of imaging data, improving collaboration and efficiency.
• Sustainability: The focus on sustainability is driving the development of eco-friendly imaging equipment and practices, reducing the environmental impact of veterinary imaging.
The veterinary imaging market is evolving with technological advancements and innovative solutions, driving improved diagnostic capabilities and expanding access to quality veterinary care.
Recent Developments in the Veterinary Imaging Market
Recent Developments in the Veterinary Imaging Market:
• AI-Powered Diagnostics: Companies are integrating AI-powered diagnostic tools to enhance the accuracy and speed of veterinary imaging, enabling quicker treatment decisions.
• Product Launches: Leading manufacturers are launching new imaging devices with advanced features, such as higher resolution and improved user interfaces, catering to the specific needs of veterinarians.
• Collaborations: Strategic collaborations between veterinary clinics and imaging equipment manufacturers are fostering innovation and improving the availability of advanced imaging technologies.
• Research and Development: Increased investment in R&D is leading to the development of novel imaging techniques and devices, pushing the boundaries of veterinary diagnostics.
• Regulatory Approvals: Recent regulatory approvals for new veterinary imaging devices are expanding the market, allowing for the introduction of cutting-edge technologies in veterinary care.
• Market Expansion: Companies are expanding their market presence globally, establishing distribution networks and partnerships to meet the growing demand for veterinary imaging solutions.
The veterinary imaging market is witnessing dynamic developments, driven by technological innovation, strategic partnerships, and increased investment in research, enhancing the overall quality and accessibility of veterinary diagnostic services.
Strategic Growth Opportunities for Veterinary Imaging Market
Strategic Growth Opportunities in the Veterinary Imaging Market Include:
• Pet Healthcare Awareness: Rising awareness about pet healthcare is driving demand for advanced diagnostic tools, providing growth opportunities for imaging device manufacturers.
• Technological Advancements: Continued advancements in imaging technologies, such as AI and 3D imaging, are opening new avenues for growth and improving diagnostic accuracy.
• Expanding Veterinary Services: The expansion of veterinary services, including specialized clinics and hospitals, is creating a larger market for imaging equipment.
• Emerging Markets: Growth opportunities abound in emerging markets, where increasing pet ownership and improving veterinary infrastructure are boosting demand for imaging solutions.
• Product Diversification: Companies can capitalize on growth by diversifying their product offerings to include a range of imaging modalities, catering to various veterinary needs.
• Training and Education: Providing training and educational resources to veterinarians on the use of advanced imaging technologies can drive adoption and market growth.
The veterinary imaging market has significant growth potential, driven by technological advancements, expanding veterinary services, and increasing awareness of pet healthcare, creating opportunities for innovation and market expansion.
Veterinary Imaging Market Driver and Challenges
Following Are the Factors Responsible for Drivers and Challenges in the Veterinary Imaging Market:
Drivers for the veterinary imaging market:
• Increasing Pet Ownership: The rise in pet ownership globally is driving demand for advanced veterinary diagnostic tools and imaging technologies.
• Technological Innovations: Continuous technological advancements in imaging modalities are enhancing diagnostic capabilities and fueling market growth.
• Awareness of Animal Health: Growing awareness of animal health and the importance of early diagnosis is boosting the adoption of veterinary imaging solutions.
• Improved Veterinary Infrastructure: The development of modern veterinary hospitals and clinics equipped with advanced imaging equipment is supporting market growth.
• Government Support: Government initiatives and funding for veterinary healthcare and research are providing a conducive environment for market expansion.
• Rising Veterinary Expenditure: Increased spending on veterinary care by pet owners is driving demand for high-quality diagnostic imaging services.
Challenges for the veterinary imaging market:
• High Costs: The high cost of advanced imaging equipment can be a barrier for small veterinary practices and clinics, limiting market growth.
• Lack of Skilled Professionals: A shortage of skilled professionals trained in using advanced imaging technologies can hinder market adoption and growth.
• Regulatory Hurdles: Stringent regulatory requirements for veterinary imaging devices can slow down product approvals and market entry.
• Maintenance and Repair: The need for regular maintenance and repair of imaging equipment can be a challenge for veterinary practices, impacting operational efficiency.
• Competition: Intense competition among manufacturers can lead to pricing pressures and affect profit margins.
• Limited Awareness: In some regions, limited awareness about the benefits of advanced veterinary imaging can restrict market growth.
While the veterinary imaging market is driven by increasing pet ownership, technological innovations, and improved veterinary infrastructure, challenges such as high costs, regulatory hurdles, and a lack of skilled professionals must be addressed to sustain market growth.
List of Veterinary Imaging Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies veterinary imaging companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the veterinary imaging companies profiled in this report include-
• Idexx Laboratories
• Esaote Spa
• Sound
• General Electric
• Universal Medical Systems
• Fujifilm Holdings
• Hallmarq Veterinary Imaging
• Vetz
• Shenzhen Mindray Animal Medical
• Heska Corporation
Veterinary Imaging by Segment
The study includes a forecast for the global veterinary imaging by product, solutions, application, end use industry, and region.
Veterinary Imaging Market by Product [Analysis by Value from 2018 to 2030]:
• X-ray
• Ultrasound
• MRI
• CT Imaging
• Video Endoscopy
Veterinary Imaging Market by Solutions [Analysis by Value from 2018 to 2030]:
• Equipment
• Accessories/ Consumables
• PACS
Veterinary Imaging Market by Application [Analysis by Value from 2018 to 2030]:
• Orthopedics And Traumatology
• Oncology
• Cardiology
• Neurology
• Respiratory
• Dental Application
Veterinary Imaging Market by End Use Industry [Analysis by Value from 2018 to 2030]:
• Veterinary Clinics and Diagnostic Centers
• Veterinary Hospitals and Academic Institutions
• Others
Veterinary Imaging Market by Region [Shipment Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
Country Wise Outlook for the Veterinary Imaging Market
Major players in the market are expanding their operations and forming strategic partnerships to strengthen their positions. Below is a highlight of recent developments by major veterinary imaging producers in key regions: the USA, Germany, Australia, India, and China.
• United States: The US veterinary imaging market has seen significant advancements, with companies investing in AI-driven diagnostic tools to enhance imaging accuracy and efficiency. The adoption of telemedicine in veterinary care has also spurred growth, allowing veterinarians to remotely diagnose and treat animals using advanced imaging technologies. Major players like IDEXX Laboratories and VCA Inc. are continuously innovating and expanding their product portfolios to meet the growing demand.
• Germany: In Germany, the veterinary imaging market has benefited from government support and funding for research and development in veterinary sciences. The integration of advanced imaging modalities, such as digital radiography and 3D imaging, has improved diagnostic capabilities. Leading companies like Siemens Healthineers are at the forefront, providing state-of-the-art imaging equipment tailored for veterinary use, enhancing the market’s growth prospects.
• China: China’s veterinary imaging market is rapidly expanding, driven by increasing pet ownership and a rising focus on animal health. Local manufacturers are collaborating with international companies to bring advanced imaging technologies to the Chinese market. Government initiatives to improve veterinary healthcare infrastructure and the growing presence of veterinary hospitals equipped with modern imaging systems are key growth drivers.
• Australia: The Australian veterinary imaging market has experienced growth due to the rising awareness of pet health and advancements in imaging technologies. Veterinary clinics are increasingly adopting digital imaging solutions, such as portable X-ray machines and ultrasound devices, to provide better diagnostic services. Companies like IM3 and Heska Corporation are leading the market with innovative products that cater to the specific needs of Australian veterinarians.
• India: In India, the veterinary imaging market is gaining traction with the increasing adoption of modern imaging techniques in veterinary practices. The market is supported by the growing number of veterinary hospitals and clinics investing in advanced imaging equipment. Companies like Agfa-Gevaert Group and Mindray Medical International are expanding their presence in India, offering cost-effective and high-quality imaging solutions to meet the rising demand.
Features of the Global Veterinary Imaging Market
Market Size Estimates: Veterinary imaging market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Veterinary imaging market by various segments, such as by product, solutions, application, end use industry and region in terms of($B).
Regional Analysis: Veterinary imaging market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different products, solutions, applications, end use industries, and regions for the veterinary imaging market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the veterinary imaging market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
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FAQ
Q.1 What is the veterinary imaging market size?
Answer: The global veterinary imaging market is expected to reach an estimated $2.6 billion by 2030.
Q.2 What is the growth forecast for veterinary imaging market?
Answer: The global veterinary imaging market is expected to grow with a CAGR of 6.4% from 2024 to 2030.
Q.3 What are the major drivers influencing the growth of the veterinary imaging market?
Answer: The major drivers for this market are growing rate of companion animal population, increasing demand for pet insurance, and rising number of veterinary practitioners in developed economies.
Q4. What are the major segments for veterinary imaging market?
Answer: The future of the veterinary imaging market looks promising with opportunities in the orthopedics and traumatology, oncology, cardiology, neurology, respiratory, and dental markets.
Q5. Who are the key veterinary imaging market companies?
Answer: Some of the key veterinary imaging companies are as follows:
• IDEXX Laboratories
• ESAOTE SPA
• SOUND
• General Electric
• Universal Medical Systems
• FUJIFILM Holdings
• Hallmarq Veterinary Imaging
• VetZ
• Shenzhen Mindray Animal Medical
• Heska Corporation
Q6. Which veterinary imaging market segment will be the largest in future?
Answer: Lucintel forecasts that equipment will remain the largest segment over the forecast period due to the increasing demand for veterinary imaging equipment with advanced features and easy usability.
Q7. In veterinary imaging market, which region is expected to be the largest in next 5 years?
Answer: North America is expected will remain the largest segment over the forecast period due to the increasing pet ownership, strategic initiatives implemented by key manufacturers, and the rising disease burden in animals.
Q.8 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the veterinary imaging market by product (X-ray, ultrasound, MRI, CT imaging, and video endoscopy), solutions (equipment, accessories/ consumables, and PACS), application (orthopedics and traumatology, oncology, cardiology, neurology, respiratory, dental application, and others), end use industry (veterinary clinics & diagnostic centers, veterinary hospitals & academic institutions, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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