Veterinary Imaging Market Set to Record Exponential Growth by 2030: Grand View Research Inc.

 Veterinary Imaging Market Growth & Trends

The global veterinary imaging market size is projected to reach USD 2.9 billion by 2030, registering a CAGR of 7.01% over the forecast period, according to a new report by Grand View Research, Inc. The market growth can be attributed to the rising penetration of diagnostic imaging technology in therapeutic applications in pets and livestock animals. Moreover, rising pet ownership and humanization, rising incidence of zoonotic disease in animals, increased focus on preventive healthcare, advancements in technology, and rising awareness and education.

The increasing trend of pet humanization and ownership across different countries has led to a rise in pet insurance enrollment rates across the globe. Radiography is one of the most common diagnostic tests covered by pet insurance. Thus, growing adoption of pet insurance and increasing awareness of the various diagnostic & treatment options available for pets are some of the factors driving the market growth. For instance, as per North American Pet Health Insurance Association (NAPHIA) data published in 2023, the overall number of pets insured by the end of 2023 in the U.S. was 5.36 million. This reflects an increase in several diagnostic imaging performed on pets in veterinary hospitals across the U.S.

In addition, an increase in product launches for small animal diagnostic imaging is expected to drive the segment growth. For instance, in June 2023, Sunset Vet introduced the first Veterinary Computed Tomography (CT) service in Indonesia, aiming to revolutionize small animal veterinary imaging. With advanced technology, including high-resolution imaging and rapid, noninvasive procedures, Sunset Vet offers precise diagnoses and tailored treatment plans. Similarly, in June 2023, iCRco, Inc. installed its CLARIS V Cone Beam Computed Tomography (CBCT) imaging device at the Santa Barbara Zoo, marking its 4th anniversary. This advanced technology facilitates precise 3D imaging of exotic animals, enhancing veterinary care through noninvasive and efficient diagnosis. The collaboration underscores the zoo's commitment to leveraging cutting-edge veterinary imaging solutions for the welfare of small animals.

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Veterinary Imaging Market Report Highlights

• In terms of product, the X-ray segment held the largest revenue share of 37.54% in 2023. X-ray is one of the most common diagnostic tests covered by pet insurance. Thus, rising pet insurance adoption and increased awareness of the various radiographic imaging solutions available for pets are contributing to segment growth.
• In 2023, the small animals segment accounted for the largest share of the market by animal type and is expected to witness the fastest CAGR over the forecast period due to an increase in pet population, growing adoption of pet insurance, and increasing product launches.
• Based on solution, the equipment segment dominated the global market with a share of 55.65% in 2023. On the other hand, the PACS segment is expected to witness the fastest CAGR over the forecast period.
• Based on application, the Orthopedics and Traumatology segment dominated the global market with a share of 37.70% in 2023. On the other hand, the oncology segment is expected to witness the fastest CAGR over the forecast period.
• Based on end use, the veterinary hospitals & clinics segment dominated the global market with a share of 64.86% in 2023 and is expected to witness the fastest CAGR over the forecast period.
• The North America region dominated the global market with a share of 40.84% in 2023. North America has a highly developed veterinary healthcare infrastructure with numerous clinics, hospitals, and specialty centers equipped with advanced diagnostic and treatment capabilities. This advanced infrastructure enables veterinarians to diagnose and manage conditions like joint diseases (such as osteoarthritis) and ligament injuries in animals more effectively, leading to a higher demand for veterinary imaging.
• Asia Pacific is expected to witness the fastest CAGR over the forecast period due to growing pet ownership rates, increasing awareness of veterinary imaging services, and growing strategic activities between key players to expand geographic footprints.

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Veterinary Imaging Market Segmentation

Grand View Research has segmented the global veterinary imaging market based on product, solutions, animal type, application, end use, and region:

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

• X-ray
• Ultrasound
• MRI
• CT Imaging
• Video Endoscopy

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

• Equipment
• Accessories/ Consumables
• PACS

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

• Small Animals
• Large Animals

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

• Orthopedics And Traumatology
• Oncology
• Cardiology
• Neurology
• Respiratory
• Dental Application
• Other

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

• Veterinary Clinics & Hospitals
• Other End-use

Veterinary Imaging Market Regional Outlook (Revenue, USD Million; 2018 - 2030)

• North America
  • US.
  • Canada
• Europe
  • Germany
  • UK.
  • France
  • Italy
  • Spain
  • Netherlands
  • Sweden
  • Denmark
  • Norway
  • Poland
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • South Korea
  • Australia
  • Thailand
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• Middle East & Africa    
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East & Africa

List of Key Players of Veterinary Imaging Market

• IDEXX Laboratories, Inc.
• ESAOTE SPA
• Mars, Inc.
• GE HealthCare
• Midmark Corporation
• FUJIFILM Holdings America Corporation
• Hallmarq Veterinary Imaging
• Canon Medical Systems Corporation
• Shenzhen Mindray Animal Medical Technology Co., Ltd.
• IMV Imaging

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.