by The global Veterinary Diagnostic Imaging Market is estimated to be valued at US$ 900.4 million in 2022 and is expected to exhibit a CAGR of 7.32% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Veterinary Diagnostic Imaging Market is witnessing significant growth due to the increasing prevalence of veterinary diseases, rising pet adoption rates, and advancements in imaging technologies. Diagnostic imaging plays a crucial role in the identification and treatment of various animal diseases. However, high costs associated with imaging systems and the lack of skilled professionals are some major obstacles in market growth.
Market Key Trends:
One key trend driving the Veterinary Diagnostic Imaging Market is the increasing adoption of advanced imaging technologies. As pet owners become more proactive about their pets’ health, they are demanding high-quality diagnostics for accurate and early detection of diseases. Advanced imaging technologies such as MRI, CT scans, and ultrasound offer superior image quality and detailed anatomical information, enabling better diagnosis and treatment decisions. For instance, in equine imaging, MRI is gaining popularity due to its ability to provide detailed images of musculoskeletal structures, aiding in the diagnosis of lameness and injuries.
Segment Analysis:
The Veterinary Diagnostic Imaging Market is segmented based on imaging modality, including X-ray, ultrasound, MRI, CT scans, and others. Among these, X-ray imaging dominates the market due to its widespread use, cost-effectiveness, and efficiency in detecting various conditions such as fractures, tumors, and foreign bodies. X-ray systems are widely available in veterinary clinics and hospitals, making them easily accessible for veterinary professionals.
Key Takeaways:
Market Size:
The Global Veterinary Diagnostic Imaging Market Size is expected to witness high growth, exhibiting a CAGR of 7.32% over the forecast period. The increasing demand for advanced imaging technologies for accurate diagnosis, coupled with the rising prevalence of veterinary diseases, is driving market growth. For example, the growing incidence of orthopedic disorders in pets is boosting the demand for imaging systems that can provide detailed musculoskeletal images.
Regional Analysis:
North America is the fastest-growing and dominating region in the Veterinary Diagnostic Imaging Market. This can be attributed to factors such as the increasing pet adoption rates, strong healthcare infrastructure, and high spending on pet healthcare. The region has a large number of veterinary clinics and hospitals equipped with advanced imaging technologies, fostering market growth.
Key Players:
Key players operating in the global Veterinary Diagnostic Imaging Market include Esaote SPA, Epica Animal Health, IDEXX Laboratories, Carestream Health, IMV Imaging, Fujifilm Holdings Corp., Hallmarq Veterinary Imaging, and Canon Medical Systems Corporation. These players are focusing on strategic collaborations, mergers and acquisitions, and product launches to strengthen their market position. For instance, in June 2021, IDEXX Laboratories introduced IDEXX Telemedicine Consultants, providing veterinarians with access to specialist radiologists for expert interpretations of diagnostic images.
In conclusion, the Veterinary Diagnostic Imaging Market is witnessing significant growth due to the adoption of advanced imaging technologies and increasing pet ownership. The market is dominated by X-ray imaging, and North America is the fastest-growing region. Key players are actively engaged in strategic initiatives to enhance their market presence. With the increasing demand for accurate diagnostics in veterinary medicine, the market is expected to witness continued growth in the coming years.
