GVR Report cover Veterinary CT Imaging Market Size, Share & Trends Report

Veterinary CT Imaging Market Size, Share & Trends Analysis Report By Product Type, By Animal Type, By Application, By Imaging Type, By End-user, By Region, And Segment Forecasts, 2023 To 2030

  • Report ID: GVR453730
  • Number of Pages: 0
  • Format: Electronic (PDF)

The global veterinary CT imaging market is growing at a rapid speed and is expected to witness significant growth over the forecast period of 2023-2030. Key drivers ascertaining market growth are the rising need by veterinarians to understand the anatomy of the animals, and the demand for pet insurance in line with rising animal health expenditures. For instance, according to the North American Pet Health Insurance Association (NAPHIA) almost $2.6 billion in charges was spent for pet insurance in the U.S. At the end of 2021, there were 3.9 million insured pets in the United States, a 28.0% increase from 2020.

Moreover, owing to an increase in fractures, surgeries, etc., there is a growing demand in the veterinary CT imaging market. The development of precise images of animal abdominal chambers, chests, and skeletal systems depends on imaging technology. These imaging tools offer high-quality image processing with higher resolution, accurate workflow optimization, and high-quality image processing. Furthermore, the advent of advanced technologies for improving products and supporting services will enhance the overall market share.

In 2022, CT scanners accounted for the largest market share by product type, owing to a rise in the prevalence of neurological and respiratory diseases in animals. Moreover, improvements, developments in veterinary CT scanners, and strong recommendations regarding the significance of veterinary CT scanners from health organizations are further factors boosting the sales of veterinary CT scanners.

The small animal segment dominated the market in 2022 by animal type. The market expansion for small animals is primarily driven by increased pet adoption trends and a growing emphasis on offering the best veterinary care services. However, as pet insurance policies become more widely available, owners' ability to spend more money on veterinarian care is increased. Due to this, the small animal market segment is expected to grow significantly over the forecast period.

Amongst applications, the orthopedic segment held a dominant market share in 2022, owing to rising bone fractures due to animal accidents. Furthermore, traumatology and oncology are found to be more lucrative segments during the forecast period. Orthopedics reflects the research and clinical aspects of canines and felines. Its main emphasis is placed on the treatment of limb deformities, congenital problems, degenerative diseases, fractures, and joint luxation, among other conditions.

Multi-Slice CT has dominated the market in 2022 in terms of imaging type owing to, enhanced diagnostic capability and wide application. Furthermore, several key players have introduced new scanners that can provide 32, 40, or even 64 images, which is accelerating segment growth during the forecast period.

Veterinary hospitals held the largest market share among the end-user in 2022. The demand for affordable, rapid, and precise clinical diagnosis for animal healthcare is driving the adoption of CT imaging technology in veterinary hospitals. The development of imaging technologies is expected to drive the segment's growth. Also, mobile technologies for pet owners that are effective and cloud-based information management systems are some of these developments which are supplementing the adoption of CT imaging in veterinary hospitals.

North America dominated the market in 2022. Due to factors like expanding pet adoption, rising incidences of pet injuries, and rising per capita spending on veterinary care. More than 86,000 accidental injuries are reportedly brought on by pets each year in the U.S., according to the Centers for Disease Control and Prevention. Dogs account for 88.0% of injuries, making them the worst offenders. Furthermore, according to the Morbidity and Mortality Weekly Report, cats are to account for 11.7% of falls.

In Asia Pacific, the market is expected to register the fastest growth rate during the forecast period. Along with a significant rise in awareness of animal health, the adoption of animals is rapidly increasing in emerging countries such as China and India. One of the main drivers of the expansion of this market is India's high cattle population. Increased spending on animal health along with an increase in the adoption of companion and livestock animals indirectly leads to a rise in demand for appropriate diagnostic imaging for a variety of diseases that can affect these animals.

The major market players include GE Healthcare, Canon Medical Systems Corporation, Epics Medical Innovations, Neurologica corporation, Siemens Healthcare Limited, Sound, Carestream Health, Koninklijke Philips N.V., Hallmarq Veterinary Imaging, and Shenzhen Anke High-Tech Co. Ltd. The veterinary CT imaging market has limited players and is competitive by nature for companies operating therein.

These players are a part of numerous strategic alliances. Technology-advanced product development and launch strengthen the manufacturer's position in the market and accelerate their strategy to obtain the majority of the market. For instance, the development of standalone CT scanners has significantly enhanced diagnostic imaging capabilities while offering a safer and more effective alternative to conventional CT scanners, which frequently require the general anesthesia of horses. For instance, to enhance patient outcomes and well-being, Equestrian Sports Medicine & Surgery (ESMS), a privately owned equine hospital, introduced the Asto CT Equina scanner in October 2022. This was the first equine-standing CT scanner in Texas. This technology is being included by ESMS in its full-service veterinarian solutions for horses.

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