Veterinary Imaging Market Research Report Information By Product Type (Instruments, Veterinary Imaging Reagents, Veterinary Software), By Animal Type (Small Companion Animals, Large Animals and others), By Therapeutic Areas (Orthopedics and Traumatology, Cardiology, Neurology, Oncology and others), By End User (Hospitals & Clinics, Academic Institutes and Others), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2032

Global Veterinary Imaging Market Overview

The Veterinary Imaging Market Size was valued at USD 1.9 billion in 2022 and is projected to grow from USD 2.04 Billion in 2023 to USD 3.61 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.4% during the forecast period (2023 - 2032). 

It is anticipated that rising costs for pet insurance and animal health care would help fuel demand. Also, expanding companion animal markets due to widespread pet adoption and a rise in veterinarians' numbers globally are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

MiReye Imaging, for instance, launched a unique line of veterinary X-ray machines that use artificial intelligence in the diagnosis of animal diseases in April 2024.

In April 2024, Antech brought two revolutionary diagnostic tools, AIS RapidRead and Nu.Q® Canine Cancer Test, to the market, changing the face of veterinary diagnostics. Whereas AIS RapidRead employed AI to offer immediate interpretation of radiographs, Nu.Q®, on its part, worked towards improved cancer screening aimed at improving patient outcomes.

Asteris partnered with VetlinkPRO in April 2024, seeking to integrate imaging technology with practice management software.

For example, the University of Glasgow spent money investing in setting up a new small animal cancer treatment center, which is due to be operational by February 2024.

For example, SK Telecom Co. from South Korea introduced its AI pet diagnostic assistant service-X Caliber-in the U.S through a partnership with Vetology in January 2024.

For instance, Hallmarq Veterinary Imaging opened a new manufacturing site in Chicago, USA, in November 2023. This trend speaks to the company moving towards targeting specific geographical markets while taking advantage of unique opportunities and growing their market share.

In June 2023, Esaote SPA introduced the MyLab X90VET ultrasound system featuring patented Augmented Insight technology for precise and accurate diagnostic imaging.

For example, ESAOTE SPA launched Magnifico Vet MRI system for use in veterinary healthcare settings for several clinical applications, including orthopedics, around January 2021 (ESAOTE SPA).

Also JPI Healthcare has developed an innovative combination of computed tomography fluoroscopy digital x-ray, which will be useful over time by veterinarians. The veterinarians can now access new imaging techniques with the help of DeteCT Vet CT and DynaVue Duo; these are offered by JPI Healthcare not just as digital x-ray but also video plus thermal scanning systems at very affordable prices as well.

Moreover Esaote signed a strategic agreement with Magnet Group in August 2021 whereby the latter was given full access to Esaote’s North America business comprising of such products and services. As a result, Esaote has been able to expand its consumer base. Key company acquisitions and innovations over the forecast period are driving market expansion.

For instance, FUJIFILM Medical Systems introduced VXR Veterinary X-Ray Room, specifically designed for veterinarians who want high-quality images at lower patient exposure levels in February 2021. Advanced digital radiography technology improves diagnosis efficiency while ensuring pets’ safety and that of patients and staff.

Veterinary Imaging Market Trends

• Growing Demand for Diagnostic Devices and a Rise in Healthcare Expenditure to boost the market growth

The veterinary imaging business is driven by the increased need for diagnostic tools to properly care for small pets like cats and dogs. According to the Organization for Pet Obesity Prevention, 60% of all cats and 56% of all dogs are classified as obese or overweight, making obesity a major issue among pets in the United States.

The market for veterinary imaging would also expand due to the rising cost of pet healthcare. A pet insurance plan often covers every diagnostic test to find neurological or musculoskeletal disorders, including CT and MRI scans. For Instance, American consumers spent $4.3 billion more on pet products in 2020 than in 2019, according to the American Pet Products Association (APPA). With consumers spending more and more money these days, pet supplies, pet insurance, veterinary care, supplies, over-the-counter drugs, companion animal diagnostic services, etc., are becoming more and more popular. The US achieved $1.99 billion in total written premiums for pet health insurance in 2020, up 27.5% from $1.56 billion in 2019, according to the North American Pet Health Insurance Association (NAPHIA).  

However, the necessity for precise and efficient diagnostic technologies is likely to drive market expansion as zoonotic disease prevalence rises. In the upcoming years, adoption is anticipated to be driven by the demand for practical solutions to increase cattle production in developing nations, which is another factor driving the growth of the veterinary imaging market revenue.

Veterinary Imaging Market Segment Insights

Veterinary Imaging Product Type Insights

Based on product type, the market of Veterinary Imaging segments includes instruments, veterinary imaging reagents, and veterinary software. Due to its increasing demand, the instrument category had the greatest market share of the Veterinary Imaging. Due to the necessity of imaging instruments as fundamental devices, their use is anticipated to rise during the predicted period. These devices help veterinarians find illnesses, fractures, and hemorrhages in animals. Because of their greater sensitivity and cheap operational costs, it is projected that demand for these devices will rise. For Instance, in February 2021, the Canadian Animal Health Institute (CAHI) released the findings of its 2020 Pet Population Study. According to the poll, the number of dogs in Canada increased from 7.6 million to 7.7 million between 2018 and 2020, while the number of cats remained stable.

August 2022: IDEXX Laboratories announced the release of the ImageVue DR30 digital imaging system (Digital Radiography) to diversify its product line. 

Veterinary Imaging Animal Type Insights

The Veterinary Imaging Market segmentation, based on animal type, includes Small Companion Animals, Large Animals and others. Due to the rising popularity of pets and mounting evidence that having a pet has favorable health advantages for people, the companion animals market-led in 2021. The need for highly precise and efficient diagnostic tools has grown, projected to drive the market for imaging systems in the upcoming years. These factors will likely drive the demand for veterinary imaging market growth.

Veterinary Imaging Therapeutic Areas Insights

The market segmentation of Veterinary Imaging, based on therapeutic areas, includes Orthopedics and Traumatology, Cardiology, Neurology, Oncology and others. The orthopedics and traumatology sector represented a sizeable market share in 2022 and is anticipated to grow at around 6.2% CAGR from 2023 to 2029. The clinical and experimental characteristics of dogs and cats are reflected in orthopedics and traumatology. Its main emphasis is on, among other things, the treatment of fractures, joint luxation, congenital abnormalities, degenerative diseases, and limb deformities.

Veterinary Imaging End User Insights

The Veterinary Imaging Market data has been bifurcated by end user into Hospitals & Clinics, Academic Institutes and Others. The segment with the biggest revenue share is hospitals & clinics. The availability of all imaging technology to detect various animal ailments and the rising number of veterinary care specialists in hospitals are anticipated to boost the growth of this market over the forecast period.

The Academic Institutions market segment of the veterinary imaging is the fastest-growing segment and is expected to experience significant growth in the coming years. These Academic Centers provide thorough diagnostic tests for quick findings and specialized consulting services.

February 2021: Butterfly Network Inc. unveiled the Butterfly iQ+ Vet, a second-generation portable ultrasound scanner that offers crisper imaging, a new procedural guiding tool, and hardware upgrades to make the system more potent, adaptable, and user-friendly. ​ This approval has further broadened the veterinary imaging industry's growth opportunity.

Figure 2: Veterinary Imaging Market, by End User, 2022 & 2032 (USD billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Veterinary Imaging Regional Insights

By Region, the study provides the Veterinary Imaging market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America market for Veterinary Imaging accounted for USD 1.8 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. The need for veterinary imaging equipment is expected to increase, fueling more R&D. This large market share can be attributable to rising pet adoption rates and rising spending on veterinary care in the animal health sector.

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: GLOBAL CRYOTHERAPY AND CRYOSURGERGY MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe veterinary imaging market accounts for the second-largest market share due to increased pet adoption rates, an increase in the incidence of veterinary illnesses, an increase in the number of veterinary clinics, and better healthcare infrastructure in European nations. These elements are encouraging the region to adopt cutting-edge diagnostic imaging methods. Further, the Germany market of veterinary imaging held the largest market share, and the UK market of veterinary imaging was the fastest-growing market in the European region

The Asia-Pacific Veterinary Imaging Market is expected to grow at the greatest CAGR from 2022 to 2030. This is mainly because rising nations like China and India are spending more on animal care and people are becoming more aware of the hazards of zoonotic infections. Moreover, China's market of veterinary imaging held the largest market share, and the India market of veterinary imaging was the fastest-growing market in the Asia-Pacific region

For Instance, according to the American Pet Products Association's (APPA) 2021–2022 National Pet Owners Survey, a standard yearly checkup for dogs in the nation costs USD 242, while it costs USD 178 for cats.

Veterinary Imaging Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help in the market growth of veterinary imaging. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the veterinary imaging industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies manufacturers adopt in the global veterinary imaging industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. In recent years, the veterinary imaging industry has provided medicine with some of the most significant benefits. In the market of veterinary imaging, major player such as Esaote SpA (Italy), GE Healthcare (US), Medical Imaging/IMCO Inc. (US), BCF (Scotland), and others are working on expanding the market demand by investing in research and development activities.

GE Healthcare is a leading provider of veterinary imaging solutions, offering a range of equipment and technologies designed to meet veterinary professionals' unique needs. GE Healthcare's veterinary imaging solutions include X-ray, ultrasound, CT, and MRI systems specifically designed for veterinary clinics and hospitals. For Instance, In November 2021, GE Healthcare Veterinary Imaging announced the launch of its new LOGIQ E10 Vet ultrasound system. This new system is designed to provide high-quality imaging and advanced diagnostic capabilities for various veterinary applications, including small animal and equine medicine.

Also, Fujifilm's healthcare division offers a range of veterinary imaging and diagnostic solutions, including X-ray systems, ultrasound machines, endoscopy systems, and computed tomography (CT) scanners. The company's imaging division produces a variety of cameras, photographic film, and printing equipment. In February 2021, The first completely functional VXR Veterinary X-Ray Room was unveiled by FUJIFILM Medical Systems USA, Inc. This new X-ray room's ground-breaking design is meant for veterinarians who want to switch to high-quality, low-dose X-rays utilizing a cost-effective, customizable, user-friendly, and simple-to-install system.

Key Companies in the veterinary imaging market includes

• Esaote SpA (Italy)


• GE Healthcare (US)


• Medical Imaging/IMCO Inc. (US)


• BCF (Scotland)


• Fujifilm Holding Corporation (Japan)


• Heska Corporation (US)


• Diagnostic Imaging System Inc. (US)


• Canon Inc. (Tokyo)


• Carestream Health (US)


• Merry X-Ray (US), among others

Veterinary Imaging Industry Developments

November 2022: The 3D Veterinary Imaging System, developed by Adaptix, is said to transform dental and orthopedic imaging from a clinical and financial perspective. Unlike a traditional 2D X-ray system, Adaptix's system emits very low-flux X-rays from numerous distinct points in a series, which allows the system to reconstruct a stack of slices across the veterinary animals that can be viewed similarly to coronal slices from a CT scan with only a slight dose increase compared to a single 2D X-ray.

Veterinary Imaging Market Segmentation

Veterinary Imaging Product Type Outlook

• Instruments


• Veterinary Imaging Reagents


• Veterinary Software

Veterinary Imaging Animal Type Outlook

• Small Companion Animals


• Large Animals and others

Veterinary Imaging Therapeutic Areas Outlook

• Orthopedics and Traumatology


• Cardiology


• Neurology


• Oncology and others

Veterinary Imaging End User Outlook

• Hospitals & Clinics


• Academic Institutes and Others

Veterinary Imaging Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America