Veterinary Imaging Instrument Industry Data Book Covers Veterinary X-Ray, Veterinary Ultrasound, Animal MRI, and Animal/Veterinary CT Imaging Market
The global Veterinary Imaging Instrument industry was estimated at USD 1.44 billion in 2021 and is anticipated to increase at a CAGR of 5.7% from 2022 to 2030.
Grand View Research’s Veterinary Imaging Instrument industry data book is a collection of market sizing information & forecasts, regulatory data, competitive benchmarking analyses, macro-environmental analyses, and technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.
Veterinary X-Ray Market Insights
The global veterinary x-ray market size is estimated at USD 546.96 million in 2021 and is expected to grow at a lucrative compound annual growth rate (CAGR) of 4.0% over the forecast period. Demand for veterinary X-rays has increased due to a greater emphasis on animal health innovation, a greater need for diagnostics, increased pet adoption, and increased adoption of radiography in veterinary orthopedics, dentistry, and in several other indications. Furthermore, the increasing incidence of zoonotic diseases has increased the demand for effective diagnostic solutions, which is expected to drive global market growth. Moreover, technological advancements in X-ray diagnostics are further expected to boost adoption. For instance, in September 2022, SK Telecom from Korea launched an AI based diagnosis assistance X-ray service called X Caliber, capable of delivering quick analysis to the veterinarian.
The emergence of covid-19 had an impact on the entire healthcare sector, including veterinary medicine. The covid-19 was found to have slightly halted the growth of the market since several non-essential surgeries are 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.
Veterinary MRI Market Insights
The global veterinary MRI market size was valued at USD 198.80 million in 2021 and is expected to expand at a lucrative compound annual growth rate (CAGR) of 7.3% from 2022 to 2030. The growth is primarily driven by the increasing pet humanization, technological advancements, initiatives by key companies, and the adoption of pet insurance. For instance, Time Medical Systems based in Hong Kong, offers 4 magnetic resonance imaging (MRI) scanners in the veterinary space namely, Panion Premie, Panion Pro, Panion, and Panion+. Panion for example is a dedicated open veterinary MRI machine that provides affordable diagnostic MR scans for pets.
Technological advancements are a key driver contributing to market growth. Companies are involved in the R&D of products, product launches, and upgrades to overcome challenges and increase their market share. For example, in November 2022, Hallmarq Veterinary Imaging launched a zero-helium small animal MRI machine in response to the shortage of helium supply, soaring helium prices, and enhanced sustainability. The new machine does not require helium or any additional power to cool the MRI magnet coils. It instead uses vacuum technology and a conduction-based cooling system.
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Veterinary CT Imaging Market Insights
The global veterinary CT imaging market size was estimated at USD 161.59 million in 2021 and is expected to expand at a lucrative compound annual growth rate (CAGR) of 6.7% from 2022 to 2030. The market growth is propelled by factors such as the advancing imaging modalities in veterinary medicine and its potential to transform the knowledge of complicated veterinary disorders. Some of the current veterinary research in both laboratory and clinical settings have been greatly influenced by the applications of CT imaging. Owing to technological advancements, CT imaging has been increasingly accessed by general veterinary practitioners in developed countries. In many veterinary cases, CT has become commonly explored as they provide valuable information that is not obtained using other imaging modalities such as radiography and ultrasound. Moreover, other factors such as the growing adoption of pets, rising veterinary expenditure, an increasing number of veterinary clinics with improved infrastructure, and emerging CT imaging centers are further driving the market growth.
The generation of images in CT is rapid comparing other veterinary diagnostic modalities. In addition, considering the cost and availability, CT has significantly prohibited the use of MRI in many cases. The easy availability of computed tomography has enabled veterinarians to adopt the modality to diagnose with unprecedented accuracy and speed. Hence, the future of veterinary CT imaging is anticipated to be highly dynamic. For instance, according to a study published in June 2022, by the National Library of Medicine, the veterinary imaging market is likely to grow with more trained radiologists in near future. The most common anatomies imaged using CT include bones/joints, spine, nasal cavity, chest/lungs, and dental region. However, the process of scanning animals depends on their size, bone structure, and tissues.
Go through the table of content of Veterinary Imaging Instrument Industry Data Book to get a better understanding of the Coverage & Scope of the study
Key players operating in the Veterinary Imaging Instrument industry are:
- IDEXX Laboratories, Inc.
- FUJIFILM Holdings America Corporation
- Hallmarq Veterinary Imaging Ltd
- Carestream Health
- Sound
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