The veterinary diagnostic imaging market is estimated to be valued at US$ 1.9 billion or 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.

SWOT Analysis

Strength: Veterinary diagnostic imaging market has strong presence of key players with strong R&D investments. The key players focus on launch of innovative and advanced veterinary imaging solutions which enhance the quality of diagnostics. Rising adoption of medical imaging techniques among veterinary practitioners for accurate diagnosis boost the market growth.

Weakness: High cost of advanced veterinary imaging systems limit their adoption in low income countries. Lack of skilled professionals for operating complex imaging systems is a major challenge faced.

Opportunity: Increasing pet ownership and growing awareness about animal health insurance create lucrative growth opportunities. Rise in number of veterinary hospitals and clinics especially in developing regions presents new expansion avenues.

Threats: Strict regulatory approval process for new product launch may hamper the market growth. Alternative diagnosis options like ultrasound and x-ray limits complete reliance on advanced imaging modalities.

Key Takeaways

The Global Veterinary Diagnostic Imaging Market Size is expected to witness high growth, exhibiting a CAGR of 7.3% over the forecast period, due to increasing pet adoption and surge in companion animal population. Advancements in imaging technologies, such as multi-modality systems and MRI, further propel the market growth.

Regional analysis: North America dominated the global market in 2023 and is expected to maintain its lead over 2030. Presence of major players, rising veterinary expenditure, and growing number of animal healthcare facilities drive the North America veterinary diagnostic imaging market. Asia Pacific is poised to be the fastest growing region due to increasing pet care expenditure, growing number of veterinary practices and rising awareness about animal health.

Key players: Key players operating in the veterinary diagnostic imaging market are Esaote SPA, Epica Animal Health, IDEXX Laboratories, Carestream Health, IMV Imaging, Fujifilm Holdings Corp., Hallmarq Veterinary Imaging, and Canon Medical Systems Corporation, among others. The key market players adopt partnership, collaboration and new product launch strategies to enhance their market presence. For instance, IDEXX Laboratories launched ACUSO Advance Digital Ultrasound System to expand its diagnostic imaging portfolio.

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