Veterinary Imaging Market Research Report – Segmented By Region (North America, Europe, Asia-Pacific, Middle-East & Africa, Latin America) – Analysis on Size, Share, Trends, COVID-19 Impact, Competitive Analysis, Growth Opportunities and Key Insights from 2019 to 2030.
Published date -30th Jan 2024
Formats -PDF, CSV
Veterinary Imaging Market Size & CAGR
The global veterinary imaging market is projected to reach a market size of USD 2.5 billion by the end of 2021, with a Compound Annual Growth Rate (CAGR) of 6.5% from 2021 to 2025. The increasing adoption of companion animals, rising veterinary healthcare expenditure, and technological advancements in imaging modalities are the key factors driving the growth of the veterinary imaging market.
COVID-19 Impact on Veterinary Imaging Market
The COVID-19 pandemic has significantly impacted the veterinary imaging market. Due to the lockdown measures, many veterinary clinics and hospitals faced temporary closures, leading to a decline in the number of imaging procedures. However, with the easing of restrictions and the gradual resumption of veterinary services, the market is expected to recover and witness steady growth in the coming years.
Veterinary Imaging Dynamics
The veterinary imaging market is dynamic and constantly evolving with the introduction of innovative imaging technologies such as digital X-ray, ultrasound, magnetic resonance imaging (MRI), and computed tomography (CT). These advancements have revolutionized the diagnosis and treatment of various medical conditions in animals, driving the demand for veterinary imaging services.
Segments and Related Analysis
The veterinary imaging market can be segmented based on imaging modality, animal type, and end-user. Imaging modalities include X-ray, ultrasound, MRI, and CT scans. Animal types encompass companion animals, livestock, and exotic animals. End-users consist of veterinary clinics, hospitals, and diagnostic centers.
By Region Analysis
North America currently dominates the veterinary imaging market due to the presence of advanced veterinary healthcare infrastructure and high pet ownership rates. Europe and Asia Pacific are also significant markets, driven by increasing awareness about animal health and rising disposable incomes in emerging markets.
Key Market Players and Competitive Landscape
Key players in the veterinary imaging market include IDEXX Laboratories, Inc., Canon, Inc., Siemens Healthineers, FUJIFILM Holdings Corporation, and Carestream Health. These companies are focusing on innovative product development and strategic partnerships to gain a competitive edge in the market.
Recent Happenings in the Veterinary Imaging Market
1. In June 2021, IDEXX Laboratories, Inc. launched a new veterinary imaging solution that offers advanced diagnostic capabilities for small animal practices. 2. Canon, Inc. introduced a portable ultrasound system for veterinary use in January 2021, enhancing the accessibility of imaging services in remote areas. 3. Siemens Healthineers launched a veterinary MRI scanner with advanced imaging algorithms for precise diagnosis in companion animals in August 2020. 4. FUJIFILM Holdings Corporation acquired a veterinary diagnostic imaging company in March 2020, expanding its presence in the veterinary imaging market. 5. Carestream Health introduced a digital X-ray system specifically designed for equine veterinary practices in December 2019, improving the efficiency of imaging procedures for horses.