by The Veterinary Diagnostic Imaging Market is estimated to be valued at US$ 1.9 billion or Mn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Veterinary diagnostic imaging refers to various imaging modalities like X-ray, ultrasound, MRI, CT scan and endoscopy used for diagnosis of various animal diseases and disorders. These technologies help veterinarians to visualize internal organs, tissues, bones or other body structures. They aid in disease detection, injury inspection and surgical planning. X-ray remains the most widely used imaging technique due its low cost and ease of use. Ultrasound is also a popular choice for pregnancy diagnosis, fetal monitoring and assessment of internal organs in many animal species.
Market Dynamics:
The growing animal health expenditure and rising pet adoption are the key drivers propelling the veterinary diagnostic imaging market growth. According to the 2020-2021 National Pet Owners Survey conducted by the American Pet Products Association (APPA), U.S pet industry expenditures grew from $95.7 billion in 2019 to $103.6 billion in 2020, showing people are willing to spend more on animal healthcare and well-being. Furthermore, urbanization and increasing work hours have led to growing trend of nuclear families keeping pets for companionship, which is elevating the demand for pet healthcare services. Advancements in veterinary imaging technologies like portable ultrasound units and MRI are also augmenting their adoption across veterinary hospitals and clinics to offer improved diagnostic capabilities. However, high installation and maintenance costs of these imaging systems may hinder market growth.
Segment Analysis
The veterinary diagnostic imaging market is dominated by x-ray and ultrasound sub-segments. X-ray holds the largest market share of more than 35% in 2023 due to high usage of x-ray systems for diagnosis of orthopedic and skeletal problems in small companion animals. Ultrasound accounts for over 25% market share owing to benefits such as real-time imaging, mobility, lack of ionizing radiation, and higher preference by veterinarians for ultrasound-guided procedures.
PEST Analysis
Political: Regulations related to animal health and welfare are expected to drive demand for diagnostic imaging systems for accurate diagnosis and management of diseases in veterinary practice.
Economic: Rising household income levels and increased pet ownership in developing countries are fueling veterinary healthcare expenditure globally.
Social: Strong human-animal bond and perception of pets as companions rather than commercial assets is propelling demand for advanced veterinary care.
Technological: Introduction of portable and point-of-care imaging devices, artificial intelligence-enabled diagnostic solutions, and novel imaging modalities such as CT and MRI are expanding diagnostic capabilities.
Key Takeaways
The Global Veterinary Diagnostic Imaging Market Demand is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing pet care spending and rising number of veterinary practitioners globally. The North America region dominated with over 30% market share in 2023 led by advanced animal healthcare infrastructure and growing companion animal population in the US and Canada. Asia Pacific is expected to be the fastest growing region, expanding at a CAGR of around 9% during the forecast period due to increasing pet ownership, rising per capita animal health expenditure, and growing number of veterinary hospitals and clinics in China and India. Key players operating in the 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.
Regional analysis
The Asia Pacific region is projected to witness the fastest growth in the veterinary diagnostic imaging market led by China and India. Burgeoning pet population, increasing per capita animal healthcare expenditure, rising standards of veterinary care, and growing number of veterinary hospitals and pet clinics are fueling demand for diagnostic imaging systems across Asia Pacific countries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
