Animal Health and Innovation Unite: Predicted CAGR of 6.6% in the Veterinary Imaging Market | FMI

Over the projected period of 2022–2030, the global Veterinary Imaging Market is anticipated to grow at a CAGR of 6.6%, from US$ 2.02 billion in 2022 to US$ 3.37 billion by 2030.

Global veterinary imaging market revenues will reach US$ 3.37 Billion by 2030, according to a study by Future Market Insights (FMI). The research study analyzes veterinary imaging market growth through 2030, in over 20+ countries. The study also offers incisive insights on key strategies of some of the leading players in the market.

According to the study, veterinary diagnostics market is witnessing investments, as pet humanization trend gains traction. Growing focus and government mandates on maintaining animal health is also likely to provide a boost to market growth.

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The growth of the animal and pet care category as a whole will also spur growth. According to estimates from NAPHIA, the spending on pet food, pet insurance, and pet therapeutics have witnessed an increase in the recent past. The pet food category has in fact grown despite the Covid-19 crisis.

The broader gains in this market are likely to rub off on veterinary imaging market as well during the assessment period.

List of Key Players Covered in Veterinary Imaging market are:

• 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

The key market players are emphasizing on creating awareness about veterinary imaging devices to enter the untapped markets. For instance – in Oct 2018, GE Healthcare announced having inked a strategic agreement with SonoSim for encouraging training regarding ultrasound services.

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“Technological advancements along with inorganic expansion are creating new strides for the veterinary imaging market. These trends are bound to catapult the veterinary imaging market to growth between 2022 and 2030”- says the FMI analyst.

Key Takeaways:

• Animal healthcare being a costly affair, people are shifting their gears to pet insurance
• The veterinary imaging market is driven by an ever-increasing number of veterinarians adopting imaging devices with reagents associated with them, which include PET, MRI, X-Ray radiology devices, and CT scanners
• Multi-slice CT scan systems expected to drive the market in the forecast period
• Asia-Pacific is slowly picking up with people turning the tide in favour of pet care
• Adoption of magnetic resonance imaging (MRI) systems continue to grow at a steady pace

Key Segments:

Veterinary Imaging Market by Product Type:

• Veterinary Imaging Equipment
  • Radiography (X-ray) Systems
    • Computed Radiography
    • Film-based Radiography
  • Ultrasound Imaging Systems
    • 2D US Imaging
    • 3D US Imaging
  • Magnetic Resonance Imaging Systems
  • Computed Tomography Systems
    • Single-slice CT
    • Multi-slice CT
  • Video Endoscopy Imaging Systems
  • Others
• Veterinary Imaging Software
• Veterinary Imaging Reagents
  • Ultrasound Contrast Reagents
  • MRI Contrast Reagents
  • X-Ray/CT Contrast Reagents
  • Nuclear Imaging Reagents

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Veterinary Imaging Market by Animal Type:

• Small Animals
• Large Animals

Veterinary Imaging Market by Application:

• Cardiology
• Orthopedics
• Neurology
• Oncology
• Others

Veterinary Imaging Market by End User:

• Veterinary Clinics
• Veterinary Hospitals
• Veterinary Institutes and Research Centers

Veterinary Imaging Market by Region:

• North America Veterinary Imaging Market
• Latin America Veterinary Imaging Market
• Europe Veterinary Imaging Market
• East Asia Veterinary Imaging Market
• South Asia & Pacific Veterinary Imaging Market
• Middle East & Africa (MEA) Veterinary Imaging Market

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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