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Global Veterinary Diagnostic Imaging Market to Grow at a CAGR of 7.23% During 2022-2027, Aided by the Rising Pet Ownership

According to a new report by EMR titled, ‘Global Veterinary Diagnostic Imaging Market Report and Forecast 2022-2027’, the global market for veterinary diagnostic imaging is to grow at a CAGR of 7.23% in the forecast period of 2022-2027.

North America holds a significant share of the veterinary diagnostic imaging industry owing to the rising pet adoption, especially among the millennial and Gen-Z population. The increasing spending on pet healthcare to boost the quality of life of pets is surging the demand for veterinary diagnostic imaging systems, which is driving the market growth. As countries like the United States and Canada have various veterinary hospitals offering optimal animal healthcare, advanced veterinary diagnostic imaging systems are increasingly deployed to bolster the treatment and therapeutics of animals, hence propelling the growth of the industry. Moreover, the advancements in imaging technologies to efficiently detect health-related issues in animals are driving the growth of the market. With the increasing shortage of skilled labour force to efficiently assess images, the demand for artificial intelligence (AI)-enabled veterinary diagnostic imaging systems to automate image assessment is surging, which is expected to provide further impetus to the growth of the market in upcoming years.

IDEXX Laboratories, Inc (NASDAQ: IDXX), one of the leading companies in the market, expanded its ImageVue digital imaging portfolio in August 2020. The company added ImageVue DR30 Digital Imaging System that enhances the accessibility of improved radiation and high-quality images. The system offers cost-effective and advanced low-dose digital radiography to boost its accessibility to veterinarian professionals. The high-imaging quality enables veterinarian professionals to make an accurate diagnosis while bolstering their safety. It also offers consumers access to IDEXX specialists and facilitates the integration of the system with practice management software systems to aid in reducing missed charges. Such innovative solutions are significantly contributing to the market growth.

Market Analysis by Equipment, Application, Animal Type, and Region:

  • The market, on the basis of equipment, can be divided into radiography (X-ray) systems, ultrasound imaging systems, computed tomography imaging systems, magnetic resonance imaging systems, and video endoscopy imaging systems, among others.
  • Based on application, the industry can be divided into cardiology, oncology, neurology, and orthopaedics, among others.
  • The major animal types of veterinary diagnostic imaging include small animals and large animals.
  • The regional markets for veterinary diagnostic imaging include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The increasing prevalence of health-related issues in animals and the growing availability of innovative veterinary diagnostics imaging techniques are driving the market growth.
  • The industry is being aided by the growing demand for computed tomography imaging systems to provide high spatial resolution and enable the visualisation of metabolic processes.
  • The integration of artificial intelligence (AI) in veterinary diagnostic imaging systems to automate various processes and boost the cost-effectiveness of diagnosis is augmenting the market growth.
  • The increasing research and development (R&D) activities to bolster the healthcare quality for animals are surging the use of veterinary diagnostic imaging techniques, thus fuelling the growth of the industry.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for veterinary diagnostic imaging for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the equipment, applications, animal types, and major regions of veterinary diagnostic imaging.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global veterinary diagnostic imaging market are Canon Medical Systems Corporation, Epica Animal Health, Carestream Health, Esaote SPA, IDEXX Laboratories, Inc, and IMV Imaging, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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