Veterinary Imaging Market Size, Share & COVID-19 Impact Analysis, By Product Type (X-ray, Ultrasound, Computed Tomography Systems, Magnetic Resonance Imaging Systems, and Others); By Application (Neurology, Oncology, Cardiology, Gynecology, Orthopedics, and Others); By Animal Type (Livestock Animals and Companion Animals), by End User (Veterinary Hospitals, Diagnostic Imaging Centers, and Others), and Regional Forecast 2020-2027

The global veterinary imaging market size was valued at USD 1.46 billion in 2019 and is projected to reach USD 2.07 billion by 2027, exhibiting a CAGR of 6.1% during the forecast period.

The rising prevalence of veterinary diseases, growing pet ownerships, and increasing spending on pet wellbeing are the major factors to spur market growth. According to a research article published by ResearchGate, it is estimated that approximately 10-15% of all dogs are affected by heart diseases. Congenital heart disease accounts for about 5% of all canine heart disease. Veterinary imaging equipment manufacturers are collaborating with government and private veterinary hospitals and clinics for upgrading their facilities with highly advanced diagnostic equipment.

• For instance, In June 2019, Pathway Vet Alliance, a veterinary management group for pets, partnered up with Heska Corporation, a veterinary point-of-care diagnostic company. As per this partnership, both companies will align their diagnostic portfolios to provide services such as digital imaging, point-of-care blood diagnostics, and allergy testing in an integrated manner which will further boost the number of diagnostic procedures performed globally.

Decline in Veterinary Imaging Procedures amid COVID-19 to Affect Sales Revenue

The impact of COVID-19 on the veterinary profession has been sudden, far-reaching, and varied. Across the globe, veterinary practices underwent large numbers of changes to ensure patients continue to receive essential veterinary care. Also, new safety measures are implemented to protect team members and clients. Nearly every practice reported a decline in the revenue accompanied by a shortfall in cash/income necessary to accommodate practice operations.

The COVID-19 pandemic negatively affected the animal imaging market across the globe, due to the cancellation/postponement of non-essential services. Major players in the market reported a decline in the revenue for veterinary imaging in the second quarter of the financial year. For instance, IDEXX Laboratories, Inc., a strong player in the market recorded a decrease of 4% and 3% in revenue. There is also a significant decline in veterinary clinic visits in lieu of coronavirus pandemic. For instance, according to the American Veterinary Medical Association, about half of all the responding veterinary practices experienced a drop in client visits by 50% or less.

LATEST TRENDS

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A Shift Towards Digital X-Ray Systems is a Prominent Trend

Veterinary care is showcasing a gradual shift of preference from traditional X-ray films to digital radiography in order to reduce the diagnosis turnaround time, as well as to offer higher convenience to pet owners and animals. Digital radiography is an X-ray imaging system that differs from the traditional projection radiography. It has digital X-ray detectors instead of photographic film.

The main advantage associated with digital detectors is that the picture archiving and communication system (PACS) can be fully implemented, images can be stored digitally, and can be made available anytime and anywhere. Market players in the veterinary imaging industry are focusing on commencing partnerships/acquisitions for developing new digital radiography systems in order to keep up with the increasing demand for these systems.

• For instance, in January 2020, Heska Corporation acquired CVM Diagnostico Veterinario, one of the leading providers of veterinary imaging (digital radiography) in Spain.

DRIVING FACTORS

Increasing Prevalence of Veterinary Diseases to Drive Growth

Frequent episodes of disease outbreak among animals have drastically increased the demand for veterinary imaging products. The increasing awareness about veterinary diseases and possible methods of early diagnosis to prevent the outbreaks are likely to favor the global market growth during the forthcoming period. The spread of animal diseases results in the potential loss of lives and economies. For countries whose economies are majorly dependent on animals, the outbreak of livestock disease can be a serious economic burden. Thus, the timely diagnosis of livestock animals is necessary.

Thus, the rising concerns of veterinary diseases such as cardiovascular disease, cancer, and orthopedic disorders are expected to contribute to the expansion of the global market during the forecast period. For instance, According to a research article published by ResearchGate in 2019, the prevalence of osteoarthritis (OA) in pets skyrocketed in the past decade, with the condition seeing a 66 percent increase in dogs and a 150 percent increase in cats.

RESTRAINING FACTORS

Shortage of Skilled Veterinary Health Providers in Some Regions to Hamper Growth

The presence of highly advanced diagnostics tools for animals also requires trained and well-qualified professionals to operate and use them. The lack of skilled professionals is one of the important factors hindering the demand for veterinary imaging equipment in some regions of the world. Both developed and emerging nations are facing the problem of skilled and qualified labor, which poses a barrier to the adoption of such equipment. For instance, according to the South African Qualifications Authority (SAQA), the international norm is between 200 to 400 veterinarians per million population, but in South Africa, there are around 60 to 70 veterinarians per million.

SEGMENTATION

By Product Type Analysis

X-ray Segment to Hold the Significant Share of the Global Market

Based on product type, the market is segmented into X-ray, ultrasound, computed tomography systems, magnetic resonance imaging systems, and others. The X-ray segment held the dominating share in 2019 attributable to the growing pet ownerships, increasing prevalence of animal diseases, rising disposable income, and a larger number of product launches by market players. It is the most common imaging procedure for the diagnosis of various veterinary disorders. For instance, in August 2020, IDEXX Laboratories announced the launch of the ImageVue DR30 Digital Imaging System (Digital Radiography) with an aim to expand its portfolio.

By Application Analysis

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Orthopedic Segment to Continue Dominating During the Forecast Period

Based on the application, the veterinary imaging market is categorized into neurology, oncology, cardiology, gynecology, orthopedics, and others. Among them, the orthopedic segment held the largest share in the year 2019. The higher adoption of imaging procedures for orthopedics owing to the growing prevalence of such disorders in companions, as well as livestock animals is the major factor contributing to its dominance. For instance, according to Ark Animal Health, about 20% of dogs and 60% of cats had arthritis in 2016.

The oncology segment held the second-largest share in 2019. The detection of cancer in animals demands a more accurate diagnosis. The increasing prevalence of cancer in companions, as well as livestock animals, the growing spending on veterinary care, and favorable reimbursement scenarios, are likely to upsurge the oncology segment growth during the forecast period.

By Animal Type Analysis

Companion Animals Segment to Grow at a Faster Pace Backed by Rising Expenditure on Pet Care

On the basis of animal type, the market is fragmented into companion animals and livestock animals. The companion animal segment held a dominating share of the global market in 2019 and is likely to grow with a higher CAGR during the forecast period. Increasing urbanization has resulted in a reassessment of the importance of human and animal companionship. Loneliness due to nuclear families, migration of youth from their homes at work locations, a growing number of bachelors living without their families, and increasing spending capacity on pet care are some of the major factors contributing to the dominance of the companion animal segment in the global market. For instance, according to the American Pet Products Association, it's estimated that 78 million dogs and 85.8 million cats are owned in the U.S.

By End User Analysis

Veterinary Hospitals Segment to Lead Fueled by Availability of Novel Imaging Equipment

On the basis of end-users, the market is segregated into veterinary hospitals, diagnostic imaging centers, and others. Among them, the veterinary hospital segment accounted for the highest share of the market. The increasing number of veterinary care professionals in hospitals and the availability of all imaging equipment to detect various diseases in animals are projected to drive the growth of this segment during the forecast period.

The diagnostic imaging centers segment held the second-largest share in the global market. This is attributable to the rising number of diagnostic imaging centers in developed, as well as developing regions and the growing preference for them due to their accurate results.

REGIONAL INSIGHTS

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The veterinary imaging systems market size in North America stood at USD 0.70 billion in 2019. The high adoption of pet animals by the populace in the U.S. and Canada, huge spending on pet care, growing employment in the veterinary sector, and favorable reimbursement scenario are some of the major contributors to the dominance of the region. For example, according to the new annual industry-wide spending figures announced at this year’s Global Pet Expo held in Orlando, Florida, Americans spent a total of USD 69.51 billion on their pets in 2017. Moreover, the penetration of technologically advanced imaging products is higher in the region due to the strong focus of leading players to launch innovative products. It is likely to boost the growth of the market in the region.

Europe is anticipated to be a second-largest leading region in terms of revenue, which is attributable to the increasing adoption of pet animals, rising prevalence of veterinary diseases, a growing number of veterinary clinics, and improved healthcare infrastructure in the European countries. These factors are boosting the adoption of advanced diagnostic imaging techniques in the region.

The market in Asia Pacific is anticipated to grow with the highest CAGR. This is primarily due to the growing awareness about risks associated with zoonotic diseases and the increasing spending on animal care in emerging countries such as China and India. Latin America & the Middle East & Africa accounted for a comparatively lower share of the market owing to the presence of a huge untapped market.

KEY INDUSTRY PLAYERS

Diverse Product Portfolios by Siemens Healthineers AG & GE Healthcare to Upscale Growth

The veterinary imaging market has several players operating and competing amongst each other to gain a leading position in the market. Siemens Healthineers AG, GE Healthcare, and Koninklijke Philips N.V. are few companies that are well-positioned in the global market. Siemens Healthineers with its instruments has attempted to emulate its successful strategy of providing a full range of products and services. Also, through various collaborations and acquisitions, key players are strengthening their market positions.

• For instance, GE Healthcare through its partnership with IMV imaging is offering a diverse variety of imaging products.

Other players such as Heska Corporation, Agfa-Gevaert Group, and Onex Corporation (Carestream Health) in the market are continuously engaging in the development of novel diagnostic imaging technology and are also widening their distribution channels across the globe to establish their footprints in emerging regions.

LIST OF KEY COMPANIES PROFILED:

• GENERAL ELECTRIC COMPANY (Boston, United States)


• Agfa-Gevaert Group (Mortsel, Belgium)


• Esaote SpA ( Genova, Italy)


• Siemens Healthineers AG (Munich, Germany)


• Heska Corporation (Loveland, Colorado, United States)


• IDEXX Laboratories, Inc. (Westbrook, Maine, United States)


• FUJIFILM Holdings Corporation (Tokyo, Japan)


• Carestream Health (Rochester, New York, United States)


• Canon Medical Systems Corporation (Tochigi, Japan)


• Koninklijke Philips N.V. (Amsterdam, Netherlands)


• Other Prominent Players

KEY INDUSTRY DEVELOPMENTS:

• June 2021 - 20/20 Imaging, a part of Konica Minolta Healthcare Americas, Inc., launched a new veterinary digital X-ray imaging system, VETSMART. This latest advancement in veterinary X-ray technology allows companion health hospitals to deliver optimal care by advancing the quality and consistency of imaging studies and providing a more well-organized workflow.


• February 2021 - FUJIFILM Medical Systems U.S.A., Inc. announced the launch of a complete VXR Veterinary X-Ray Room. This all-in-one digital X-ray solution is designed for veterinarians who want to transition to high-quality, low-dose X-rays with an affordable, adaptable, and easy system install.


• August 2020 - IDEXX Laboratories, an international player in veterinary diagnostics and software, announced the launch of the ImageVue DR30 Digital Imaging System to expand its imaging portfolio. This system is ideal for veterinary practices and is committed to developing radiation safety and high-quality diagnostic images available to all veterinary professionals.


• July 2020 - Bayer and Siemens Healthineers announced the launch of a new Imaging System Interface (ISI) for magnetic resonance imaging (MRI) at the European Congress of Radiology (ECR) 2020.

REPORT COVERAGE

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The veterinary imaging market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, application, product type, and end-user. Besides this, it offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the advanced market over recent years.

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