Global Veterinary Imaging Market Size to Reach USD 2.83 Billion in 2030 | Emergen Research

Increasing adoption of pets is a key factor driving veterinary imaging market revenue growth

Vancouver, Aug. 24, 2023 (GLOBE NEWSWIRE) — The global market for veterinary imaging achieved a valuation of USD 1.65 billion in 2021 and is projected to experience a steady compound annual growth rate (CAGR) of 6.1% throughout the forecast period, as per the latest analysis by Emergen Research. The driving forces behind this upward trajectory encompass factors like the escalating adoption of pets, the heightened prevalence of zoonotic diseases, progressive innovations in veterinary imaging services, and the proactive efforts of governmental entities and animal associations.

A pivotal driver in the augmentation of market revenue is the growing adoption of pets. According to publicly available data from the American Society for the Prevention of Cruelty to Animals, an alarming 6.5 million dogs, cats, and other former pets face abandonment or loss annually, eventually finding their way into shelters. Regrettably, merely 3.2 million of these animals are fortunate enough to be adopted, and a significant number of them return to shelters in less than a year. Reflecting this trend, the Human Society reported that approximately 85 million households include pets, with 28% of dogs and 31% of cats being adopted from shelters every year. This affinity for pets translates into substantial expenditures, with Americans collectively investing USD 99 billion in 2020 on all things pet-related, spanning from sustenance to veterinary care, along with accessories and other paraphernalia. Consequently, the amalgamation of heightened pet adoption rates and corresponding investments plays a pivotal role in propelling market expansion.

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Furthermore, the domain of veterinary imaging is experiencing noteworthy advancements in technology, accompanied by a surge in novel product introductions by prominent companies. A case in point is Sure Petcare, a leading entity in animal technology, which unveiled its latest offering, FELAQUA CONNECT, on July 1, 2021. This distinctive system for water delivery and drinking monitoring, tailored for cats, emerged from collaboration with eminent veterinary behaviorists. The solution empowers cat owners to meticulously track their feline companions’ water consumption patterns via the SURE PETCARETM App. The ingenious water delivery mechanism ensures a continuous supply of freshwater to the cats. Collaborations of this nature and the advent of innovative products collectively contribute to the upswing in market revenues.

The growth of the market is being constrained by the substantial expenses associated with animal vaccination. The production of veterinary imaging devices incurs elevated manufacturing costs, partially attributed to the necessity for adjuvants. As an illustration, a report cites that the prevalent cost bracket for canine X-rays spans from USD 150 to 250. While the procedure itself is reasonably priced and entails minimal invasiveness, it demands a significant duration of immobility from the pet. To ensure precision in the X-ray capture, a sizable number of dogs necessitate some form of sedation. This contributes to both the costs and complexities associated with the procedure.

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Scope of Research

Major Companies and Competitive Landscape

The global veterinary imaging market is fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective veterinary imaging solutions. Some major players included in the global veterinary imaging market report are:

• ESAOTE SPA
• SOUND
• General Electric Company
• UNIVERSAL SOLUTIONS, INC.
• FUJIFILM Holdings America Corporation
• Carestream Health.
• Koninklijke Philips N.V.
• Siemens Healthcare GmbH
• Agfa-Gevaert Group
• Heska Corporation

Strategic Development

• On 12 August 2020, IDEXX Laboratories, Inc., which is a global leader in veterinary diagnostics and software, announced the addition of the ImageVue DR30 Digital Imaging System to its industry-leading imaging portfolio. The ImageVue DR50 Digital Imaging System is the most advanced digital imaging technology on the market and has the lowest dose radiography system in veterinary medicine. The new system now makes high-quality images and improved radiation safety available to a broader range of veterinarians who may have previously perceived that advanced low-dose digital radiography was out of their financial reach.
• On 10 February 2021, FUJIFILM Medical Systems U.S.A., Inc., which is a leading provider of diagnostic imaging and medical informatics solutions and a part of the larger Fujifilm Healthcare portfolio, announced the launch of its first full VXR Veterinary X-Ray Room. This new X-ray room’s innovative design is aimed at veterinarians who want to transition to high-quality, low-dose X-rays with an affordable, versatile, easy-to-use, and simple-to-install system.

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Some Key Highlights From the Report

• Livestock segment accounted for the largest revenue share in 2021. According to the National Center for Biotechnology Information (NCBI), as the livestock industry’s reliance on automated systems grows, technologies can be integrated into these procedures to ensure better livestock animal health. One such technique used to monitor animal health is infrared thermography (IRT). Research institutes have begun to collaborate with other industries for the development of this technology. For instance, on 1 September 2021, Cincinnati Zoo & Botanical Garden announced a partnership with scientists from the Woods Holl Oceanographic Institute (WHIO), which is a private research institute dedicated to studying marine science and engineering, to demonstrate the benefits of using remote IRT.
• Computed Tomography (CT) systems segment registered a significant revenue growth rate in 2021. Computed Tomography of CT is a noninvasive medical procedure that uses specialized X-ray equipment to create cross-sectional images of the body. Many veterinary clinics have 8- to 64-slice CT scanners installed to diagnose and treat animals of all sizes and shapes, rather than just small animals. It is possible to distinguish between soft tissue structures more clearly with CT scanning than with standard radiography. Revenue growth of this segment is driven as a result of numerous businesses releasing new products. For instance, on 1 June 2020, Vatech unveiled the MyVet CT i3D, which is the first veterinary CT scanner in the world, along with a dental panoramic X-ray. The MyVet CT i3D is the first animal-specific CT scanner in the world that can identify and classify cancer. It costs nearly 60% less and is only slightly bigger than half the size of a typical human CT scanner. It does not need a separate installation location as it emits very little radiation
• Veterinary imaging market in North America accounted for largest revenue share in 2021 due to increasing prevalence of zoonotic diseases. For instance, on 6 May 2020, after co-hosting a One Health Zoonotic Disease Prioritization Workshop for the United States, the Centers for Disease Control and Prevention (CDC) and the Department of the Interior (DOI), and the Department of Agriculture (USDA) created a report. During the workshop, agencies agreed on a list of eight zoonotic diseases of national concern and made recommendations for the next steps based on a One Health approach. According to the report, tens of thousands of Americans become ill each year as a result of diseases transmitted from animals to humans. Rising focus on reducing potential spread of diseases from pet to human and various related initiatives are expected to support revenue growth of the market in the region.

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Emergen Research has segmented the global veterinary imaging market on the basis of product type, animal type, application, end-use, and region:

• Product Type Outlook (Revenue, USD Billion; 2019-2030)
  • X-ray
  • Computed Tomography (CT) Systems
  • Ultrasound
  • Magnetic Resonance Imaging (MRI)
  • Others
• Animal Type Outlook (Revenue, USD Billion; 2019-2030)
  • Livestock
    • • Poultry
      • Cattle
      • Others (horses, goat, camel, and others)
  • Companion
    • • Cats
      • Dogs
  • Aquaculture
  • Others
• Application Outlook (Revenue, USD Billion; 2019-2030)
  • Oncology
  • Cardiology
  • Neurology
  • Orthopedics
  • Others
• End-Use Outlook (Revenue, USD Billion; 2019-2030)
  • Veterinary hospitals
  • Clinics
  • Others
• Regional Outlook (Revenue, USD Billion; 2019-2030)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Benelux
    5. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. Rest of MEA

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