Veterinary Imaging Market Size, Share & Trends Analysis Report By Product (X-ray, Ultrasound, MRI, CT Imaging, Video Endoscopy), By Solutions, By Animal Type, By Application, By End-use, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global veterinary imaging market size is valued at USD 1.75 billion in 2022 and is anticipated to expand at a compound annual growth rate (CAGR) of 6.84% from 2023 to 2030. The demand for veterinary imaging has increased due to a greater emphasis on animal health innovation, the rising need for timely diagnosis of chronic conditions, increased adoption of imaging technologies in veterinary orthopedics, dentistry, and several other indications, and increased pet adoption & ownership rates. Furthermore, the growing incidence of zoonotic diseases has increased the demand for effective diagnostic solutions, which is expected to drive the market growth. Zoonotic diseases are very common in the U.S. and across the world, according to data published in July 2021 by the National Center for Emerging and Zoonotic Infectious Diseases (NCEZID) and CDC. Researchers estimate that more than six out of ten known infections and three out of four emerging infections in humans are transmitted by animals.

The emergence of Covid-19 had an impact on the entire healthcare sector, including the veterinary imaging field. The Covid-19 was found to have slightly halted the market growth since several non-essential surgeries were restricted across the globe during the pandemic. Furthermore, strict restrictions on the transportation of individuals and goods led to a restricted patient influx in veterinary centers. Similarly, the shortage of skilled veterinarians, combined with suspended/postponed elective surgeries, significantly disrupted the activities of veterinary facilities, having a slightly negative impact on market providers.

However, the pandemic has risen pet ownership in some countries, resulting in even more animal care delivery, which relevantly increased the demand for veterinary imaging. For instance, the American Society for the Prevention of Cruelty to Animals (ASPCA) reported in May 2021 that one out of each five families had adopted a cat or dog in the early stages of the COVID-19 pandemic. Adoptions during the pandemic brought more attention to companion animal diagnosis and treatment. As a result, it is expected that pet adoptions will boost the demand for the veterinary imaging services in a long run.

Recent advances in veterinary imaging technologies, particularly in cross-sectional techniques like MRI and CT imaging, nuclear medicine such as PET, and SPECT, and dual imaging modalities (PET/MR, PET/CT, and SPECT/CT), have also resulted in increased demand from veterinary clients. Furthermore, the rising popularity of pet ownership is increasing the demand for effective treatment options, and the demand for veterinary imaging is expected to rise during the forecast period. Furthermore, the numerous players in the veterinary imaging industry have been using pet insurance to encourage the adoption of their products. In addition, the number of new entrants has increased recently in the market. As a result, the involvement of key players to develop innovative products in collaboration with pet insurance companies is expected to boost market growth.

Product Insights

The X-ray segments dominated the global market with the highest revenue share of over 30% in 2022. X-ray is one of the most common diagnostic tests conducted in veterinary practices, brought on by an increasing incidences of orthopedic disorders among animals. In addition, the different principles of radiography diagnosis and teleradiology are covered by pet insurance. Thus, rising pet insurance adoption and an increased awareness of the various radiographic imaging solutions available for pets are some of the factors contributing to the segment growth.

While the video endoscopy segment is expected to grow the fastest at a rate of about 7.77% in the coming years. The increased development and introduction of advanced diagnostic solutions in veterinary care are expected to drive the segment notably during the forecast period. In addition, key players in the market are unveiling advanced veterinary video endoscopy to enhance their competitive landscape. For instance, in November 2022, OmniVision launched its OH02B image sensor with a 2-megapixel resolution for reusable and disposable endoscopes.

Solutions Insights

By solutions, equipment is dominating the market share of over 55% in 2022. The high market share is mainly due to the growing demand for veterinary imaging equipment with advanced features and easy usability. The wide requirement and installment of high-tech diagnostic equipment within veterinary hospitals and clinics, and the launch of portable imaging instruments are contributing to higher segment growth.

While the PACS segment is the fastest-growing segment, with a CAGR of over 8% during the forecast period. This is due to several benefits obtained by the incorporation of PACS software into veterinary imaging platforms, such as efficient accessing, storing, and sharing, among others, creating direct and cascading advantages. Moreover, rising awareness of PACS imaging software among veterinary practitioners & technicians has boosted its demand in the imaging industry. These factors support the substantial growth rate.

Animal Type Insights

The small animal segment dominated the global veterinary imaging market by animal type in 2022 with the largest share. While the small animal segment is also expected to grow the fastest at a rate of about 7% in the coming years. The growing companion animal population, rising pet care expenditure, growing adoption for pet insurance, increasing incidences of acute and chronic disorders, and technological developments in imaging modalities for small animals, are collectively contributing to this segment's growth.

Moreover, the technological advancement in veterinary imaging and treatment tools has led to rapid, more precise, and less painful disease diagnoses, improving the outcomes for small animals. Thus, the small animal segment is expected to grow rapidly during the forecast period. On the other side, the large animal segment is also holding a significant share in 2022, owing to its growing adoption for diagnosing equine, cattle, and other animals.

Application Insights

The orthopedic and traumatology segment dominated the global market by application in 2022. The high incidences of bone fractures in small animals are a key factor contributing to segment growth. Road traffic accidents were found to be the leading cause of bone fractures among companion animals. Furthermore, the rise in the number of bone and joint injuries in animals, the high demand for accurate diagnostics, and an increase in the number of animal care facilities are also supplementing segment growth.

The oncology segment is the fastest-growing segment, with a rate of over 7%, owing to rising R&D efforts in the area of oncology and an increase in the prevalence of cancer in animals. Additionally, the market players are making investments in research to create efficient cancer diagnostic and treatment options, which is driving segment growth.

End-use Insights

Veterinary clinics & hospitals dominated the market by end-use in 2022 with the largest market share, and are expected to grow significantly in the coming years at a rate of over 6%. The high demand for veterinary imaging equipment in animal healthcare facilities is largely driven by the need for quick, precise, and cost-effective diagnostic tools in veterinary clinics & hospitals.

Furthermore, growing collaborations between manufacturers and veterinary hospitals to provide innovative veterinary diagnostic solutions, as well as a higher adoption rate towards novel veterinary imaging technologies, are key factors driving the segment growth. In addition, the increasing number of trained radiologists and veterinary technicians in developing countries is likely to support the market growth.

Regional Insights

North America registered the highest market revenue share of more than 50% in 2022 owing to growing pet ownership, implementing strategic initiatives by the key manufacturers, and the increasing disease burden in animals. According to the North American Pet Health Insurance Association's (NAPHIA) 2021 statistics, the overall pet population covered by insurance in the U. S. achieved 3.1 million as of 2020. As more animal owners opted to purchase premium pet insurance plans, the demand for advanced healthcare services has greatly increased. This, in turn, has influenced the growth of veterinary diagnostic imaging.

Asia Pacific is expected to exhibit the fastest CAGR of around 8% during the forecast period. This is due to an increase in veterinary R&D investments, rising disposable income of households, improving animal healthcare expenditure, growing pet humanization trends, and rising demand for advanced veterinary imaging systems. Similarly, growing strategic initiatives by global players to expand their presence in the APAC, along with increasing target population, are expected to fuel the market growth.

Key Companies & Market Share Insights

The key players in the market are involved in several strategic initiatives such as mergers and acquisitions, product launches, geographic expansions, and joint research and development initiatives to strengthen their market position as well as to expand their presence across the globe. To gain a larger market share, existing players are concentrating on expanding their geographic presence as well as a distribution network in the market. For instance, in January 2023, SignalPET, the largest provider of veterinary diagnostic imaging systems using artificial intelligence (AI) as well as machine learning technology, expanded its business to Asia and the opening of a new R&D center in Israel. Some of the key players in the global veterinary imaging market include: 

• IDEXX Laboratories, Inc.

• ESAOTE SPA

• SOUND

• General Electric Company

• Universal Medical Systems, Inc.

• FUJIFILM Holdings America Corporation

• Hallmarq Veterinary Imaging Ltd.

• VetZ GmbH

• Shenzhen Mindray Animal Medical Technology Co., LTD.

• Heska Corporation

Veterinary Imaging Market Report Scope

Global Veterinary Imaging Market Report Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global veterinary imaging market report based on product, solutions, animal type, application, End-use, and region:

• Product Outlook (Revenue, USD Million; 2018 - 2030)

  • X-ray

  • Ultrasound

  • MRI

  • CT Imaging

  • Video Endoscopy

• Solutions Outlook (Revenue, USD Million; 2018 - 2030)

  • Equipment

  • Accessories/ Consumables

  • PACS

• Animal Type Outlook (Revenue, USD Million; 2018 - 2030)

  • Small Animals

  • Large Animals

• Application Outlook (Revenue, USD Million; 2018 - 2030)

  • Orthopedics And Traumatology

  • Oncology

  • Cardiology

  • Neurology

  • Respiratory

  • Dental Application

  • Other

• End-use Outlook (Revenue, USD Million; 2018 - 2030)

  • Veterinary Clinics & Hospitals

  • Other End-use

• Regional Outlook (Revenue, USD Million; 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

    • Netherlands

    • Sweden

    • Poland

    • Rest of Europe

  • Asia Pacific

    • Japan

    • China

    • India

    • South Korea

    • Australia

    • Rest of Asia Pacific

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Rest of Latin America

  • Middle East & Africa    

    • South Africa

    • Saudi Arabia

    • Rest of Middle East & Africa