Veterinary Imaging Market by Product (Instruments, Veterinary Imaging Reagents, Veterinary Software); Application (Orthopedics and Traumatology, Cardiology, Oncology, Others); End User (Hospitals and Clinics, Academic Institutions) and Geography: Global Market Size Estimates and Forecast (2022-2030)

The market crossed US$ 2.0 billion mark in 2022 and is expected to hit US$ 4.0 billion by 2030, recording a CAGR of 8.0% during the forecast period.

The veterinary imaging market has been significantly growing with the companion animal population increasing.

Several studies have shown that companion animal is associated with optimistic health advantages such as reduced cardiac arrhythmias, normal blood pressure, reduced anxiety, increased psychological stability, and improved well-being. Further, the increase in the pet population will also drive the demand for pet products and services, positively impacting the veterinary imaging market. The instrument segment is contributing to a high share in the market as these instruments play a critical role in veterinary imaging. 

Within the report, the market is segmented into product, application, end-user, and geography. By product, the market is bifurcated into consumables and equipments. By application, the market is categorized into biopharmaceutical therapeutics, stem cell technology, cancer research, drug screening and development, tissue engineering and regenerative medicines, and other applications. Based on end-user, the market is divided into pharmaceutical and biotechnological companies, and  research institutes. Geographically, the market is subsegmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

Rising awareness in emerging markets will provide future opportunity

Veterinary imaging is used to get medical images of animal detection for the disease. Several imaging systems, including radiography, X-ray, ultrasound imaging, MRI, CT imaging, endoscopy imaging, and others, are utilized to detect disorders in companion animals, large animals, animal stocks, and others.

Initially, the adoption of veterinary diagnostic imaging systems in veterinary practices in emerging countries has been comparatively low than that in developed markets, such as the U.S. and some European countries. As of now, several veterinary practices in the region are adopting technologically advanced solutions frequently utilized by veterinarians in developed countries. Thus, with the increase in the companion animal population, the surged demand for veterinary services from the livestock industry will offer lucurative opportunities. Several international players also invest and expand in emerging countries to guarantee long-term revenue growth. They have also taken initiatives to rise awareness about animal health issues and the availability of technologically advanced equipment for veterinary practices. It is expected to boost the greater adoption of monitoring and diagnostic equipment in emerging markets, thus contributing to the growth of the veterinary imaging market in the forecast period.

Technological advancements are one of the major factors accelerating market growth.

The technological advancements in the veterinary imaging industry are growing with the increase in the prevalence of fractures, surgeries, etc. The imaging techniques are critical to designing precise images of an animal’s abdominal cavity, chest, and bone structures. Such imaging equipment has accuracy, workflow optimization, and high-quality images processing with greater resolution. These instruments also offer other features such as zooming and image flipping. In addition, technological advancements for improving products and ancillary services are expected to boost the overall market share.

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Recent strategic developments in the veterinary imaging market

The veterinary imaging market has undergone several significant developments, and a few of these have been mentioned below:

• In September 2021, Canon Inc. has announced an agreement with Redlen Technologies Inc to make Redlen a wholly-owned subsidiary. Canon will obtain advanced radiation detection and imaging technology to accelerate the development of Photon Counting CT systems to strengthen the Medical Systems Business.
• In September 2021, Heska Corporation announced that the company had acquired majority ownership of Biotech Laboratories USA LLC which will increase the company’s owned global products line and intellectual property portfolio.
• In August 2021, Esaote S. p. A North America Announced a three-year contract with Magnet Group, which provides Magnet Group members full access to Esaote North Americas Comprehensive imaging portfolio and services. This partnership helped Esaote to increase its customer base and reach.  

Several players drive the cell culture market by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. G.E. Healthcare, Agfa-Gevaert N.V., Carestream Health, Esaote S.p.A, IDEXX Laboratories, Inc., Mindray Medical International Limited, Canon Inc., Heska Corporation, Siemens Healthineers are among the prominent players operating in the market.

Target audience for the report:

• Drug developing companies
• Contract development and manufacturing organization,
• Drug discovery-related associations, organizations, forums, and alliances
• Government bodies, such as regulating authorities and policymakers
• Venture capitalists, private equity firms, and start-up companies
• Drug distributors and sales firms
• End users of drug discovery
• Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

• Product:
  • Instruments
  • Veterinary imaging reagents
  • Veterinary software
• Application:
  • Orthopedics and traumatology
  • Cardiology
  • Oncology
  • Others
• End User:
  • Hospitals and clinics
  • Academic institutes
• Region
  • North America
  • Europe
  • Asia Pacific (APAC)
  • South & Central America
  • Middle East & Africa
• Companies profiled
  • Esaote SpA
  • Idexx Laboratories, Inc.
  • Hitachi, Ltd.
  • Siemens AG
  • Fujifilm Holdings Corporation
  • G.E. Healthcare (General Electric Company)
  • Agfa-Gevaert N.V.
  • Excelsior Union Limited (Mindray Medical International Limited)
  • Onex Corporation (Carestream Health, Inc.)
  • VCAs Inc