July 16, 2024
Veterinary Diagnostic Imaging Market

Growing Adoption Of Pet Insurance To Accelerate The Growth Of Veterinary Diagnostic Imaging Market

The global Veterinary Diagnostic Imaging Market is estimated to be valued at US$ 1.9 billion 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 Overview:

The veterinary diagnostic imaging market includes various imaging modalities and equipment utilized for diagnostic visualization and examination of animals and pets. Major product types include X-ray, ultrasound, MRI, CT, endoscopy, and others. X-ray systems continue to dominate the market due to their wide adoption for various applications including orthopedic surgeries, gastrointestinal examinations, and respiratory disorders. Ultrasound systems are also among the most common equipment utilized in day-to-day veterinary practice for obstetrics, abdominal, and cardiac imaging due to better image quality and portability compared to CT and MRI systems. Advancements in veterinary CT and MRI technologies are expanding their application in soft tissue imaging, oncology, and neurological disorders. Endoscopy systems further aid in minimally invasive internal examinations. With growing pet ownership and animal welfare spending, veterinary diagnostic imaging plays a crucial role in disease screening and medical procedures.

Market key trends:

One of the key trends in the veterinary diagnostic imaging market is the rising demand for advanced multi-modality systems that integrate multiple imaging modalities. Manufacturers are offering systems integrated with X-ray, ultrasound, and CT or MRI to enable simultaneous and complementing imaging exams. This reduces procedure time while improving diagnostic outcomes. Growing popularity of portable and point-of-care imaging solutions is another trend, favored by veterinarians for their flexibility in ambulatory services. Increasing installation of digital X-ray systems replacing analog variants in clinics is further modernizing veterinary practices. Adoption of client-focused technologies like dental imaging, increasing application of MRI in small animal imaging procedures and growing popularity of bone densitometry are few other trends expected to positively influence the industry.

Porter’s Analysis

Threat of new entrants: Low – High equipment and infrastructure cost and established brand loyalty of existing players pose entry barriers for new players.

Bargaining power of buyers: High – Buyers have choice of products and suppliers leading to price competition among existing players.

Bargaining power of suppliers: Low – Market has many suppliers providing raw materials and equipment driving competitive prices.

Threat of new substitutes: Low – Veterinary diagnostic imaging modalities like x-ray, ultrasound, MRI and CT offer unique benefits without close substitutes.

Competitive rivalry: High – Established players competing on technology innovations, geographic expansion and customer services differentiation to gain market share.

Key Takeaways

The Global Veterinary Diagnostic Imaging Market Size is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing pet ownership and growing expenditure on pet health insurance. The market size for 2023 is estimated to be US$ 1.9 billion.

Regional analysis – North America region currently dominates the veterinary diagnostic imaging market due to high pet ownership and growing veterinary healthcare spending in the region. The Asia Pacific region is expected to exhibit the fastest growth over the forecast period supported by increasing animal healthcare awareness and growing meat consumption in the region.

Key players – 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 players are focusing on new technology innovations, geographic and sales channel expansion to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it