GVR Report cover Veterinary MRI Market Size, Share & Trends Report

Veterinary MRI Market Size, Share & Trends Analysis Report By Type (Open MRI, Closed MRI), By Animal Type (Small Animals, Large Animals), By Application (Orthopedics & Traumatology, Neurology), By End-use, By Region, And Segment Forecasts, 2023 To 2030

  • Report ID: GVR453738
  • Number of Pages: 0
  • Format: Electronic (PDF)

Veterinary MRI market is expected to witness lucrative growth over the forecast period. The market is primarily driven by factors such as the rising annual diagnostic imaging caseload in veterinary hospitals and clinics, the rising adoption of pet insurance, the increase in the number of training programs and courses for veterinary imaging, and innovations in veterinary radiology and software. For instance, according to Cornell University College of Veterinary Medicine, the CUHA treats roughly 27,000 patients annually, resulting in a caseload of about 11,000 imaging examinations every year (about 80% small, 10% large, and 10% exotic animals). The rise in diagnostic imaging appointments is expected to boost demand for and utilization of veterinary imaging equipment.

The market is broadly categorized into orthopedics & traumatology, neurology, and cardiology based on application. The orthopedics and traumatology category is expected to dominate the market in 2022. Orthopedic issues, including fractures, arthritis, and luxations, are becoming more prevalent in companion animals. According to the Morris Animal Foundation Organization, over 14 million dogs in the United States were suffered from osteoarthritis in 2021. In the course of treatment, a veterinary MRI is preferred for examining such joints or bone abnormalities.

Furthermore, technological advancements in veterinary imaging have resulted in innovative solutions that can give more veterinarians with greater access to essential information. For instance, according to an article published in Innovative Veterinary Care in January 2021, radiographs, MRI scans, CT scans, ultrasound images, and cytology examinations can all be quickly, precisely, and sensitively interpreted using AI in this area. Hence, veterinarians can obtain 200 times more data with AI-based veterinary imaging software than without AI. Such software can also quickly interpret sensitive radiographs, MRIs, CTs, ultrasounds, and other imaging tests, as well as analyze information. As a result, veterinary radiology technical advancements are strengthening the market growth.

On the basis of animal type, it is predicted that small animals would dominate over large animals in 2022. Dogs, cats, and small mammals are considered as small animals. Dogs are quite popular as companion animals. Veterinary practitioners have accelerated the use of MRI, surgical lasers, digital x-rays, and ultrasounds due to increased clinical applications, particularly in dogs. The well-being of dogs is seriously threatened by the rising pet adoption rate and the disease burden of canine osteoarthritis. In North America, 20% of dogs older than a year old are known to have osteoarthritis, according to a 2020 article by Royal Veterinary College, London, United Kingdom.

The veterinary MRI market is further classified into open MRI and closed MRI based on type. Due to its benefits over open MRI, closed MRI is projected to have the largest market share in 2022. The magnetic field strength of closed MRIs allows for rapid scanning, though the amount of time it takes to do so can vary depending on the body part the doctor needs to scan. Due to their stronger magnetic field, closed MRIs have the advantage of being able to take detailed images that are of excellent quality. 

On the basis of end-use, the market is divided into Clinics/Hospitals, Laboratories, Universities/Research Institutes & Others. Advanced diagnostic imaging technologies, such as digital and computed radiography, portable handheld ultrasound, and MRI, as well as effective therapies, such as laser diagnostics and specialized surgeries for orthopedic and trauma cases, are made available to pet owners by veterinary hospitals and clinics. A significant growth driver for this market is the range of diagnostic and treatment choices provided by hospitals and clinics. Hospitals and clinics are predicted to dominate the market in 2022. An expansion in the number of veterinary hospitals, clinics, and physicians in North America further fuels the market. For instance, a report from the American Veterinary Medical Association estimates that 121,461 veterinarians practiced in the United States in 2021, which increased from 118,624 in 2020.

North America dominated the market in Asia Pacific and other regions. Increased pet health concerns, high adoption of technology, and the existence of a sizable number of veterinarians and veterinary service providers are important contributing factors to this significant market share. In addition, an increase in pet insurance claims is expected owing to pet owners' rising concern about their animals.

The market is highly fragmented and is dominated by various companies, accounting for a considerable share of the market. They are implementing extensive growth strategies, such as strategic alliances, increasing product differentiation, and mergers & acquisitions, to gain a larger market share. For instance, in February 2022, Hallmarq Veterinary Imaging introduced a remote operations service. It is a subscription-based service that allows users quick remote access to MRI technologists who are certified to use a 1.5T Hallmarq Small Animal MRI scanner. Some of the prominent players in the market include General Electric, IDEXX, ESAOTE SPA, Hallmarq Veterinary Imaging, Canon Medical Systems Corporation, and others.

                                                                                                                                                         

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