Veterinary diagnostic imaging refers to various imaging techniques used to diagnose medical conditions in animals. This includes X-ray, ultrasound, MRI, CT, and endoscopy. These techniques provide high-quality images of internal organs, soft tissues, and bones which helps veterinarians in examining internal injuries, identifying fractures or abnormalities, and determining the stages of certain diseases.
The global Veterinary Diagnostic Imaging Market is estimated to be valued at US$ 962.7 Mn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Technological advancements are driving the growth of the veterinary diagnostic imaging market. Various innovative imaging modalities and software have been introduced to improve imaging quality and workflow efficiency. Key players are focusing on developing more sophisticated instruments integrated with AI and predictive analytics. For instance, Equimage from Esaote uses automated diagnostic protocols and deep learning algorithms to standardize imaging procedures. Similarly, IDEXX launched ProCyte One hematology analyzer with artificial intelligence and machine learning capabilities to improve diagnostic accuracy. Rise in adoption of such innovative diagnostic platforms is expected to support market growth over the forecast period.
Segment Analysis
The global veterinary diagnostic imaging market is dominated by the veterinary hospitals and clinics segment. This is due to the increasing number of veterinary practices across the world with advanced diagnostic facilities. Veterinary diagnostic imaging including ultrasound imaging, MRI imaging, radiography systems, and CT imaging systems are widely used in veterinary hospitals and clinics for diagnosis of various diseases and disorders in companion as well as livestock animals.
Key Takeaways
The global veterinary diagnostic imaging market analysis is expected to witness high growth over the forecast period owing to an increase in the number of pet owners and livestock population globally. The global Veterinary Diagnostic Imaging Market is estimated to be valued at US$ 962.7 Mn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030.
Regional analysis
North America is currently the dominant region in the global veterinary diagnostic imaging market. This is due to the presence of advanced veterinary healthcare facilities, rising pet adoption, increasing awareness among pet owners, and growing number of veterinarians in the region. Asia Pacific region is anticipated to witness the highest growth rate during the forecast period owing to expansion of veterinary healthcare facilities and initiatives by key players to tap opportunities in the emerging Asian countries.
Key players
Key players operating in the veterinary diagnostic imaging market are Esaote SPA, Epica Animal Health, IDEXX Laboratories, Carestream Health, IMV Imaging, Fujifilm Holdings Corp., Hallmarq Veterinary Imaging, and Canon Medical Systems Corporation, among others. These players are focusing on launching new and advanced product offerings to expand their market share and strengthen their product portfolio. For instance, in August 2021, IDEXX Laboratories launched new ultrasound imaging systems in its Catalyst product line to deliver premium image quality and enhance veterinarians' capabilities.
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