by The global veterinary diagnostic imaging market is estimated to be valued at US$ 900.4 million in 2022 and is expected to exhibit a CAGR of 7.32% over the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The veterinary diagnostic imaging market includes various imaging modalities such as X-ray, ultrasound, computed tomography (CT), magnetic resonance imaging (MRI), and nuclear imaging. These diagnostic tools are extensively used in veterinary clinics and hospitals for the diagnosis and treatment of various conditions in animals. The market is driven by the rising demand for advanced diagnostic tools in veterinary medicine, as well as the increasing pet adoption rate worldwide.
Market Dynamics:
1. Increasing demand for advanced diagnostic tools:
The growing awareness among pet owners regarding the importance of early diagnosis and treatment of animal diseases has led to an increased demand for advanced diagnostic tools in veterinary medicine. Diagnostic imaging modalities such as ultrasound, CT, and MRI offer high-resolution images, enabling veterinarians to accurately diagnose and treat various conditions in animals.
2. Rising pet adoption rate:
The increasing number of pet owners and the growing trend of pet humanization have led to a rise in pet adoption globally. This has subsequently increased the demand for veterinary services, including diagnostic imaging. Pet owners are increasingly opting for advanced diagnostic tools to ensure the timely detection and treatment of diseases in their pets, driving the growth of the veterinary diagnostic imaging market.
Segment Analysis:
The market can be segmented based on imaging modality, animal type, and end-user. Based on imaging modality, the X-ray segment dominates the market, owing to its wide application in veterinary clinics and hospitals. X-ray imaging is commonly used for the diagnosis of fractures, orthopedic conditions, and respiratory diseases in animals.
PEST Analysis:
– Political: The regulatory landscape regarding veterinary medicine varies across countries, affecting market growth and market entry barriers for new players.
– Economic: The economic conditions of a region greatly influence the spending capacity of pet owners on veterinary services, including diagnostic imaging.
– Social: The increasing pet humanization trend and growing awareness about animal health are driving the demand for advanced veterinary diagnostic imaging tools.
– Technological: Advancements in imaging technologies, such as the development of portable and handheld devices, are revolutionizing the veterinary diagnostic imaging market.
Key Takeaways:
– The Global Veterinary Diagnostic Imaging Market Size is expected to witness high growth, exhibiting a CAGR of 7.32% over the forecast period, due to increasing demand for advanced diagnostic tools and rising pet adoption.
– North America is the fastest-growing and dominating region in the market, driven by the high pet ownership rate and advanced healthcare infrastructure for animals.
– Key players operating in the global veterinary diagnostic imaging market include Esaote SPA, Epica Animal Health, IDEXX Laboratories, Carestream Health, IMV Imaging, Fujifilm Holdings Corp., Hallmarq Veterinary Imaging, and Canon Medical Systems Corporation. These players are focusing on product launches, collaborations, and acquisitions to strengthen their market position.
