Veterinary Imaging Market Projected to Reach $2.5 Billion by 2030, Says MarkWide Research
According to a new report published by MarkWide Research, titled, “Veterinary Imaging Market Outlook: Global Industry Analysis, Market Size, Share, Trends, Application Analysis, and Growth Opportunities Forecast to 2030”, the veterinary imaging market is anticipated to reach a valuation of $2.5 billion by 2030. The market is expected to exhibit a robust compound annual growth rate (CAGR) of 6.8% from 2023 to 2030.
The increasing prevalence of companion animals and livestock, coupled with a rising demand for pet insurance, has been driving the growth of the veterinary imaging market. As pet owners become more conscious of the health and well-being of their animal companions, the need for advanced diagnostic tools and techniques has escalated significantly. Veterinary imaging plays a crucial role in the early detection and diagnosis of various conditions, enabling timely and effective treatment.
One of the key factors contributing to the expansion of the veterinary imaging market is the technological advancements in imaging modalities. Cutting-edge technologies such as digital radiography, computed tomography (CT) scans, magnetic resonance imaging (MRI), and ultrasound have revolutionized the field of veterinary diagnostics. These advanced imaging techniques offer higher resolution, improved accuracy, and reduced examination times, enhancing both patient care and operational efficiency for veterinary practitioners.
The report segments the veterinary imaging market based on product type, animal type, end-user, and region. By product type, the market is categorized into radiography systems, ultrasound systems, CT scanners, MRI systems, and others. Among these, the ultrasound systems segment holds a significant share due to their wide applicability in diagnosing conditions related to soft tissues and abdominal organs in animals.
Companion animals and livestock are the two primary categories under animal type. The companion animals segment, which includes pets like dogs, cats, and horses, has been witnessing substantial growth in demand for diagnostic services. Simultaneously, the livestock segment is also embracing advanced imaging technologies to ensure the health and productivity of animals in the agricultural and dairy sectors.
Veterinary hospitals & clinics, diagnostic imaging centers, and research institutions are the major end-users of veterinary imaging products. The report highlights that veterinary hospitals & clinics hold the largest market share due to their role as primary points of care for animals. The availability of skilled veterinarians and advanced imaging equipment in these settings contributes to their dominance in the market.
Geographically, North America holds a prominent position in the global veterinary imaging market. The region’s well-established pet care industry, coupled with high awareness about animal health, drives the demand for veterinary imaging services. Europe closely follows, driven by increasing pet adoption rates and a growing trend toward premium animal healthcare services. Meanwhile, the Asia Pacific region is projected to experience rapid growth due to the rising disposable income, changing cultural attitudes toward pet ownership, and improving veterinary infrastructure.
Key players in the veterinary imaging market are continuously investing in research and development activities to introduce innovative and technologically advanced products. Collaborations and partnerships with veterinary clinics and hospitals are also common strategies employed by market players to expand their customer base and market presence.
In conclusion, the veterinary imaging market is poised for substantial growth in the coming years, driven by the increasing demand for accurate and efficient diagnostic tools for animals. Technological advancements, coupled with the growing focus on animal health, are shaping the landscape of this market. MarkWide Research’s comprehensive report provides insights into the current market trends, growth opportunities, and challenges, assisting stakeholders in making informed decisions for the future.