Veterinary Diagnostic Imaging Market Is Estimated To Witness High Growth Owing To Rising Animal Pet Ownership
Veterinary diagnostic imaging aids in accurate diagnosis of diseases and injuries in animals using techniques such as X-rays, ultrasound imaging, computerized tomography (CT), magnetic resonance imaging (MRI), and nuclear medicine scans. Some of the important applications of veterinary diagnostic imaging include orthopedics, oncology, cardiology, neurology, and dentistry.
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 Dynamics:
Owing to rising animal pet ownership, especially in developed countries, the demand for veterinary diagnostic imaging is increasing. According to the American Pet Products Association (APPA), the total U.S. pet industry expenditures in 2020 was $103.6 billion. Another key driver of veterinary diagnostic imaging market is the increasing investments by key players to develop advanced imaging solutions. For instance, in 2018, IDEXX Laboratories launched 360° Veterinary Digital X-rays solution, an all-digital radiography system for veterinary practices. This solution provides high-quality digital X-ray images in seconds. Similarly, in 2017 Fujifilm launched ASPIRE Cristalle digital X-ray system that offers superior X-ray image quality for enhanced diagnosis. Furthermore, increasing pet healthcare expenditures owing to growing humanization of pets is expected to propel the market growth over the forecast period.
SWOT Analysis
Strength: The veterinary diagnostic imaging market has witnessed significant technological advancements in recent years. New technologies such as MRI, CT scanners, and PET scanners provide highly accurate diagnosis. Diagnostic imaging techniques reduce procedural errors and improve patient outcomes. Advancements in imaging software and procedures allow for less invasive diagnostics.
Weakness: High costs associated with veterinary diagnostic imaging equipment pose significant challenges. Upfront capital requirements for equipment such as MRI and CT scanners are quite high. Additionally, running costs including maintenance and skilled labor further increase expenses. This acts as a barrier for small veterinary clinics and practices in developing regions.
Opportunity: Rising pet adoption and pet healthcare expenditure in developed nations offer lucrative growth prospects. Growing awareness about early disease diagnosis and preventive care is driving the adoption of diagnostic imaging. Additionally, an increasing number of veterinary practitioners are likely to boost demand. Untapped opportunities exist in developing Asian and Latin American markets.
Threats: Economic slowdowns can negatively impact the disposable income of pet owners for advanced healthcare. The ongoing COVID-19 pandemic has dented consumer spending on pet care. Stringent regulations surrounding radiation safety during medical imaging procedures also increase compliance costs. Competition from refurbished equipment also poses a threat.
Key Takeaways
The global veterinary diagnostic imaging market forecast is expected to witness high growth. It is projected to reach a value of US$ 1,473.1 Mn by 2030 from US$ 962.7 Mn in 2024, expanding at a CAGR of 7.3% during the forecast period. Growing humanization of pets and rising pet healthcare expenditure drive the market.
Regional analysis: North America currently dominates the veterinary diagnostic imaging market, accounting for over 40% revenue share. This is attributed to higher pet adoption and stringent safety regulations mandating diagnostic tests. Asia Pacific is anticipated to be the fastest-growing market, expanding at a CAGR of around 9% between 2023 and 2030. Rapidly developing veterinary infrastructure and rising awareness levels regarding pet health offer lucrative opportunities.
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. Leading companies focus on new product launches and geographic expansion to meet the growing need for advanced diagnostic solutions.
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