The global veterinary imaging market is on a steady
growth trajectory, driven by advancements in technology, rising pet ownership,
and the increasing prevalence of animal diseases. Valued at US$ 2.0 billion
in 2022, the industry is projected to expand at a compound annual growth
rate (CAGR) of 6.9%, reaching over US$ 3.6 billion by 2031.
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Driving Forces Behind Market Growth
The veterinary imaging sector is benefiting from a surge in research
and development (R&D) investments within the pharmaceutical industry.
This investment fuels innovation in imaging solutions, fostering the evolution
of multimodal devices and cutting-edge technologies such as digital imaging and
artificial intelligence (AI). These advancements improve diagnostic accuracy
and treatment planning, enhancing overall veterinary healthcare.
Moreover, the market is witnessing increased adoption of
imaging devices in veterinary clinics and hospitals, especially those serving
small animals. As pet ownership rises globally, so does the demand for
state-of-the-art diagnostic services. Coupled with heightened awareness of
animal diseases, these factors are propelling the demand for advanced imaging
solutions.
Prevalence of Animal Diseases
The growing prevalence of diseases among animals is a
significant factor driving the veterinary imaging market. Frequent outbreaks of
veterinary diseases, such as cardiovascular issues, cancer, and orthopedic
disorders, underscore the importance of early and accurate diagnostics. For
instance, conditions like osteoarthritis in pets have shown alarming increases,
with a 66% rise in dogs and a 150% rise in cats.
Livestock-dependent economies are particularly affected by
disease outbreaks, amplifying the need for robust diagnostic tools. Advanced
imaging modalities like radiography, computed tomography (CT), and magnetic
resonance imaging (MRI) play a critical role in mitigating the economic and
health impacts of these diseases.
Product Segmentation and Market Dynamics
The veterinary imaging market is segmented by product type
into equipment, imaging reagents, and imaging software. Among these, the
equipment segment held the largest market share in 2022. Equipment such
as portable X-ray systems and ultrasound machines are highly valued for their
versatility and cost-effectiveness. Pricing variations within the equipment
segment cater to diverse budgets, enabling veterinary professionals to select
tools tailored to their diagnostic needs.
Small Animals Dominate the Market
The small animals segment, which includes pets like dogs and
cats, accounted for the largest share of the market in 2022. Increased pet
ownership and a growing focus on pet health are driving demand for imaging
technologies specifically designed for companion animals. Diagnostic imaging
modalities such as X-rays, ultrasound, MRI, and CT scans are increasingly being
used to detect and treat ailments in pets, solidifying this segment's
dominance.
Regional Outlook: North America Leads
North America dominated the global veterinary imaging
market in 2022, with the United States leading the region. Factors such
as an advanced veterinary healthcare infrastructure, widespread awareness of
diagnostic technologies, and a robust pet ownership culture contribute to this
dominance. Additionally, the presence of key industry players and ongoing
technological advancements bolster the market in the U.S.
Competitive Landscape
The veterinary imaging market is consolidated, with leading
players including 3M, Johnson & Johnson, Medtronic Plc, Siemens
Healthineers AG, GE Healthcare, Koninklijke Philips N.V., Shenzhen Mindray
Bio-Medical Electronics Co., Ltd., and Samsung. These companies
focus on strategic initiatives such as expanding product portfolios, forming
partnerships, and engaging in mergers and acquisitions to enhance their market
presence.
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