by Veterinary Diagnostic Imaging plays a critical role in pet healthcare by allowing veterinarians to visualize internal organs and structures in animals. Diagnostic imaging tools such as X-ray radiography, ultrasound, MRI and CT scans help detect fractures, injuries, tumors as well as other issues within the body without surgery. This allows for minimally invasive diagnosis and treatment monitoring.
The global Veterinary Diagnostic Imaging Market is estimated to be valued at US$ 962.7 Mn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing Pet Adoption
One of the key drivers propelling the growth of the veterinary diagnostic imaging market is the rising companion animal ownership globally. According to the 2019-2020 APPA National Pet Owners Survey conducted by the American Pet Products Association (APPA), 67% of the U.S. households (around 85 million families) own a pet. companion animals are increasingly being treated like family members by their owners. This has boosted investments towards pet healthcare needs including diagnostic services. Furthermore, rising pet adoption during pandemic situations has augmented the demand for veterinary healthcare services and fueled the market growth.
SWOT Analysis
Strength: The veterinary diagnostic imaging market features advanced technology offerings like MRI, CT, X-ray, and ultrasound which aid in accurate diagnosis. These help veterinarians detect internal injuries and assist in treatment planning.
Weakness: High costs associated with veterinary diagnostic imaging equipment and procedures make it inaccessible for some pet owners. Lack of skilled technicians also poses challenges.
Opportunity: Rising pet adoption and increasing spending on pet care present an opportunity to increase diagnostic imaging usage. Developing regions offer scope for market expansion.
Threats: Alternative diagnosis methods like blood tests offer competition. Economic slowdowns can negatively impact spending on veterinary services.
Key Takeaways
The Global Veterinary Diagnostic Imaging Market Size is expected to witness high growth over the forecast period supported by factors like growing pet population, increased spending on pet healthcare and adoption of advanced imaging modalities. The global Veterinary Diagnostic Imaging Market is estimated to be valued at US$ 962.7 Mn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030.
Regionally, North America dominates currently owing to developed veterinary infrastructure and high pet care expenditure in countries like the US and Canada. Asia Pacific is estimated to grow at the fastest pace due to rising pet ownership in countries like India and China along with improving veterinary facilities.
Key players operating in the 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, among others. These companies are focusing on product innovations through investment in R&D and partnerships. For instance, IDEXX introduced an advanced CT scanner for veterinary applications in 2021 to strengthen its portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
