Veterinary Imaging Market to Grow at a CAGR of 6.5% over 2024 to 2032; Rising Pet Ownership to Spur Market Growth

The global veterinary imaging market size was valued at USD 2.07 billion in 2023. The market is expected to grow from USD 2.19 billion in 2024 to USD 3.62 billion by 2032, exhibiting a CAGR of 6.5% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Veterinary Imaging Market Size, Share & Industry 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 Type (Instruments/Systems, Imaging Reagents, and Imaging Software), By Animal Type (Livestock Animals and Companion Animals), By End-User (Veterinary Hospitals, Diagnostic Imaging Centers, and Others), and Regional Forecast, 2024-2032”.

Veterinary imaging, encompassing reagents, software, and instruments, aids in diagnosing disease such as pneumonia. Radiology and ultrasound are crucial for identifying critical conditions. The growth of the market is driven by the rising pet ownership, increasing occurrence of veterinary diseases, and higher spending on pet wellbeing.

The COVID-19 pandemic led to a decline in the market due to postponed non-essential services, with major players reporting decreased revenue in Q2 2020. The market recovery started in late 2021, with eased guidelines and resumed imaging procedures. By 2022, it approached pre-pandemic levels, with continued growth estimated through 2032 due to rising veterinary appointments and device adoption.

SignalPET Introduced SignalSTAT to Provide Better Medical Facilities

SignalPET introduced SignalSTAT in January 2024, an advanced veterinary X-ray interpretation solution that combined AI technology with human expertise. It offered rapid and thorough care for pets, ensuring critical cases were assessed promptly. The service guaranteed a 45-minute turnaround time, available round-the-clock.

Shift Toward Digital X-Ray Systems to Fuel Market Growth

The shift from traditional X-ray films to digital radiography offers faster diagnosis and greater convenience, driven by digital X-ray detectors and Picture Archiving and Communication Systems (PACS). Moreover, strategic initiatives such as Heska Corporation's acquisition of CVM Diagnostico Veterinario in January 2020, are fostering innovation and expanding market reach in the veterinary imaging sector.

However, insufficient training and inadequate supplies limit effective veterinary diagnostic services, impacting veterinary imaging market growth.

Industry Participants Focus on Advanced Imaging Technologies to Penetrate Emerging Markets

Leading players such as Siemens Healthineers AG are enhancing market positions through comprehensive product offerings and strategic collaborations. Companies including Agfa-Gevaert Group, Onex Corporation (Carestream Health), and Heska Corporation are focusing on developing advanced imaging technologies and expanding distribution networks globally to capture opportunities in emerging markets.

List of Key Players Mentioned in the Report:

• GENERAL ELECTRIC COMPANY (U.S.)
• Agfa-Gevaert Group (Belgium)
• Esaote SpA (Italy)
• Siemens Healthineers AG (Germany)
• Heska Corporation (U.S.)
• IDEXX Laboratories, Inc. (U.S.)
• FUJIFILM Holdings Corporation (Japan)
• Carestream Health (U.S.)
• Canon Medical Systems Corporation (Japan)
• Koninklijke Philips N.V. (Netherlands)

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/veterinary-imaging-market-100522

Key Industry Development:

• May 2024: Esaote Group launched the MyLabFOX, a versatile ultrasound system tailored for veterinary practices, offering a multi-faceted and adaptable scanning solution. Enhanced workflow tools such as "Easy Mode & Easy Color" and AI-powered technologies improve diagnostic efficiency, supported by features such as "AutoEF and XStrain" for swift and precise examinations.

Further Report Findings:

• North America dominates the veterinary imaging market and reached USD 1.01 billion in 2023. Market leaders concentrated efforts on introducing innovative imaging products contribute to the increased adoption of advanced technologies in North America.
• High prevalence of conditions such as epilepsy in Boxer dogs, reported at approximately 8.4% (90 out of 1,072), underscores the need for advanced imaging solutions, contributing to market expansion in the Europe.
• On the basis of application, the market is segregated into cardiology, gynecology, orthopedics, neurology, oncology, and others. The orthopedics segment secured the highest veterinary imaging market share in 2023. Rising incidence of orthopedics conditions such as osteoarthritis in both companion and livestock animals drives the demand for product for accurate diagnosis and treatment planning.
• By animal type, the market is bifurcated into livestock animals and companion animals. In 2023, the companion animal segment led the market and is slated to expand with a largest CAGR during the study period. Willingness of pet owners to spend on regular check-ups and diagnostics reflects a heightened focus on pet health.

Table of Segmentation