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Veterinary Imaging Instrument Sector: Future Outlook

Pharmaceutical Research

Updated on Nov 20, 2023

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Veterinary Imaging Instrument Industry | Forecast 2030

Veterinary Imaging Instrument Industry Data Book - Veterinary X-Ray, Veterinary Ultrasound, Animal MRI and Animal/Veterinary CT Imaging Market

The global market size for the veterinary imaging instrument was estimated at USD 1.44 Billion in 2021 and is anticipated to increase at a CAGR of 5.7% from 2022 to 2030.

 

Access the Global Veterinary Imaging Instrument Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies

 

Veterinary Imaging Instrument Industry Data Book Coverage Snapshot

Markets Covered

  • Veterinary Imaging Instrument Industry USD 1.44 billion in 2021 5.7% CAGR (2022-2030)
  • Veterinary X-Ray Market Size USD 546.96 million in 2021 4.0% CAGR (2022-2030)
  • Veterinary Ultrasound Market Size USD 326.71 million in 2021 6.8% CAGR (2022-2030)
  • Veterinary MRI Market Size USD 198.80 million in 2021 7.3% CAGR (2022-2030)
  • Veterinary CT Imaging Market Size USD 161.59 million in 2021 6.7% CAGR (2022-2030)
  • Veterinary Video Endoscopy Imaging Market Size USD 201.13 million in 2021 5.9% CAGR (2022-2030)

 

Veterinary X-ray Market Growth & Trends

The global veterinary X-ray market size is expected to reach USD 1.06 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a lucrative CAGR of 6.31% from 2023 to 2030. The key factors driving the market growth include a rise in the prevalence of orthopedic diseases in animals, a growing pet population, increased animal health spending, high pet insurance, and a rise in the number of veterinary practitioners.

Similarly, the rising prevalence of chronic disease in pets due to obesity is contributing to market growth. Pet obesity has become an epidemic in the U.S. as per The Association for Pet Obesity Prevention (APOP) 59% of dogs and 61% of cats classified as overweight or having obesity in 2022. Obesity causes chronic conditions such as osteoarthritis that frequently require diagnosis and surgical intervention. According to Banfield Pet Hospital, the most common osteoarthritis conditions affecting dogs and cats in 2017 were arthritis/DJD, tendon or ligament conditions, and hip and pelvis conditions. This results in increased use of X-rays for disease diagnosis.

 

Order your copy of the Free Sample of “Veterinary Imaging Instrument Industry Data Book - Veterinary X-Ray, Veterinary Ultrasound, Animal MRI and Animal/Veterinary CT Imaging Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030, published by Grand View Research

 

Veterinary MRI Market Growth & Trends

The global veterinary MRI market size is expected to reach USD 360 million by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a lucrative CAGR of 7.38% from 2023 to 2030. The key factors driving the growth include the rising pet expenditures, rate of advanced diagnostics procedures, strategic initiatives by companies, and increasing adoption by end-users.In October 2020, Davies Veterinary Specialists in the U.K. and part of Mars Veterinary Health invested about 1.5 million pounds in acquiring new magnetic resonance imaging (MRI) and CT systems. This supported its growth objectives of establishing new veterinary teams and increasing the hospital footprint.

Veterinary Ultrasound Market Growth & Trends

The global veterinary ultrasound market was valued at USD 326.7 million in 2021 and is anticipated to witness growth at a rate of 6.8% over the forecast period. Ultrasonography is the second most used veterinary imaging diagnosis. It uses ultrasound waves of 1.5 MHz to 15 MHz frequency on the body parts and creates images based on the echo pattern received from tissues. Since ultrasound equipment is non-radiographic, it is cheaper than other imaging modalities, such as CT & MRI, and easily portable. Wide applicability, ease of usage and cost-effectiveness are key attributes expected to drive the growth of this market in the near future too.

Based on type, the market is segmented into 2-D ultrasound imaging, 3-D/4-D ultrasound imaging, and Doppler imaging. The 2-D ultrasound imaging segment accounted for the maximum revenue share of around 39% in 2021. The market growth is attributed to the widespread popularity of such devices in pregnancy detection as well as disease diagnosis. Furthermore, less cost as compared to other types of ultrasounds is also expected to boost the market growth.

 

Go through the table of content of Veterinary Imaging Instrument Industry Data Book to get a better understanding of the Coverage & Scope of the study

 

Animal/Veterinary MRI Market Growth & Trends

The Veterinary MRI market was valued at USD 198.8 million in 2021 and is expected to reach over USD 300.0 million by 2030 at a CAGR of 7.3% from 2022 to 2030. Rising usage of this modality by veterinarians in whole-body imaging due to the associated benefits such as high contrast and detailed anatomical tomographic images is expected to provide a growth platform in the coming 5 years. Moreover, rising penetration in orthopaedics, neurologic, and oncologic therapeutic applications will further boost the growth of this market.

 

MRI in ophthalmology is highly investigated in canine fibrosarcoma and feline melanoma cases. It is now widely applied in clinical areas of nasal neoplasm, musculoskeletal diseases, shoulder diseases, elbow dysplasia, ligament injuries, and orbital & eye diseases. In addition, the application of MRI in large animal research is significantly growing. Since MRI does not use ionizing radiation, it is safe in general for pregnant animals majorly during the third or second trimester.

 

Animal/Veterinary CT Imaging Market Growth & Trends

The global super-resolution microscopes market was valued at USD 161.5 million in 2021 and is expected to grow at a CAGR of 6.7% over the forecast period. The rise in the companion animal population coupled with the growing adoption of pet insurance is anticipated to boost the market growth. Furthermore, an increasing number of veterinary practitioners and technological advancements in the sector are expected to fuel animal/veterinary CT imaging market growth.

CT has been widely explored since its first veterinary application for investigating the central nervous system in dogs and cats. In most cases, CT provides valuable images that are not precise in ultrasound or other radiography procedures. CT scans can be used in different species of animals to diagnose lesions, sinuses, jaw & dental arcade, retrobulbar region, skull, joints, and appendicular skeleton. Moreover, several bone diseases are investigated using CT scans as they can image bone curvature, angles, architecture, and thickness.

 

Veterinary Endoscopy Imaging Market Growth & Trends

The global veterinary endoscopy imaging market size was valued at USD 201.13 million in 2021 and is expected to exhibit a CAGR of 5.9% during the forecast period to reach an estimated value of USD 1.79 billion by 2030.

The product type segment is divided into rigid, flexible, and other endoscopes. Rigid endoscopes dominated the market with a revenue share of over 40% in 2021. Easy product availability and usage in wider applications is a key growth facilitators for this market. As per the South Carolina Veterinary Specialists & Emergency Care, rigid endoscopes are typically used to examine the nasal passages, female urinary, reproductive tracts, exploratory evaluation and biopsy of the liver or pericardium and thoracic organs while flexible scopes are often used to study the stomach and intestines.

 

Competitive Landscape

Key players operating in the veterinary imaging instrument market are IDEXX Laboratories, Inc.; Canon Medical Systems Corporation; FUJIFILM Holdings America Corporation, Samsung, Heska Corporation, and Butterfly Network, Inc. Some of the major private participants in the market are Carestream Health; Midmark Corporation; ESAOTE SPA, and SOUND. These players incorporate various strategic initiatives, such as partnerships, sales & marketing activities, mergers & acquisitions, service expansion, integrated offerings, and product launches, to strengthen their market presence.

 

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