Veterinary Imaging Market

Veterinary Imaging Market Overview

The global Veterinary Imaging Market size was valued at USD 1.94 billion in 2023 and is predicted to reach USD 3.11 million by 2030 with a CAGR of 7.0% from 2024-2030The veterinary imaging market or animal radiology market comprises the development, production, and application of technologies used in veterinary health monitoring. Technologies in this process includes x-ray, ultrasound, computed tomography, and endoscopy utilized to diagnose and monitor animal health conditions. 

This market support animal practitioners in providing appropriate diagnostics, treatment planning, and monitoring of various animal health conditions and also includes devices, software, and associated services used in imaging processes. This comprehensive approach not only benefits animals by minimizing invasive procedures but also ensures precise diagnoses, leading to tailored treatment plans and improved outcomes.

Market Dynamics and Trends

The surge in number of pet ownership globally is significantly driving the demand for advanced veterinary imaging technologies, as pet owners seek better healthcare for their companion. World Animal Foundation reports that, in 2023, globally there were approximately 900 million dogs, and over 471 million of them were being kept as pets. Such rise in pet ownership reflects a significant shift towards concentrating on well-being of animal companions as they are increasingly regarded as indispensable family members.

Moreover, rising advancements in imaging technologies worldwide, such as CT scans and ultrasounds, are fueling the growth of the market by significantly enabling veterinarians to detect and address health issues in animals more effectively. For instance, in May 2024, Esaote launched advanced veterinary ultrasound technology, MyLab FOX. The technology features multi-faceted adaptable design, seamless data management and connectivity and is designed to offer improved imaging quality and flexibility, making it easier for veterinarians to perform detailed examinations and diagnose a range of animal health issues.

Furthermore, the veterinary imaging industry is being propelled by a rising awareness among pet owners about the crucial role that regular health check-ups and early diagnosis play in maintaining their animal’s well-being. As more people recognize the importance of detecting potential health issues early, there has been a growing demand for advanced imaging technologies in veterinary practices. These technologies, that include X-rays, ultrasounds, and MRI, enable veterinarians to accurately diagnose and treat a wide range of conditions in animals, enhancing the overall quality of care. 

This shift in pet owner attitudes towards active health management is significantly contributing to the expansion of the industry. However, high costs associated with purchasing and maintaining advanced imaging technologies restraints the veterinary imaging market growth.

On the contrary, ongoing advancements in imaging technologies, such as integration of artificial intelligence (AI), the development of 3D imaging solutions, and the introduction of portable devices may create ample opportunities of the veterinary imaging market expansion in forthcoming years. 

These innovations will likely improve diagnostic capabilities and make advanced imaging technologies more widely available. For instance, in November 2022, Konica Minolta launched veterinary digital X-ray imaging system. The AI powered technology optimize imaging techniques based on the patient's size and the type of examination, thereby improving diagnostic efficiency.

Market Segmentations and Scope of the Study

The veterinary imaging market report is segmented on the basis of product, animal type, application, end user, and region. On the basis of product, the market is divided into x-ray, ultrasound, computed tomography (CT) scanners, magnetic resonance imaging (MRI), nuclear imaging, and others. Based on animal type, the market is categorised into companion animal, livestock, and others. Based on application, the market is segmented into orthopaedics, cardiology, neurology, oncology, gastroenterology, dermatology, and others. On the basis of end user, the market is bifurcated into veterinary hospitals and diagnostic imaging centres. Regional breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and Rest of the World (Row).

Geographical Analysis

North America region dominates the veterinary imaging market share during the forecast period, due to the surge in pet ownership in this region. According to the World Animal Foundation report of 2023, 86.9 million households in the US owned a pet, reflecting a notable rise in pet ownership. 

This figure represents 66% of households, up from 62% in 2022. This rise in pet ownership increases demand for advanced imaging technologies to enable efficient monitoring of animal health. Moreover, the presence of major key players such as GE Healthcare and Clarius Mobile Health drives the market growth through continuous innovation, launching new products to meet evolving consumer demands. 

For instance, in January 2022 Clarius Mobile Health launched Clarius HD3 Vet ultra-portable wireless smartphone ultrasound scanners. These third-generation scanners are 30% lighter and more compact and features AI-powered imaging, offering faster frame rates and improved resolution and the app also includes advanced imaging tools and customizable options for veterinarians.

On the other hand, Asia-Pacific is expected to show a steady rise in the veterinary imaging market due to the surge in livestock animal populations across the region, creating a greater demand for advanced diagnostic imaging solutions. 
As per Ministry of Fisheries, Animal Husbandry & Dairying, in India, as of 2023, there were approximately 303.76 million bovines, including cattle, buffalo, and yak; 74.26 million sheep; 148.88 million goats and about 9.06 million pigs. This substantial livestock population highlights the increasing need for advanced imaging technology to support animal health and management.

Moreover, ongoing technological advancements in imaging systems in this region is driving the growth of the animal radiology market by enhancing diagnostic capabilities and efficiency. For instance, in June 2024, SK Telecom (SKT), a Korean-based technology company launched AI-powered veterinary X-ray diagnostic service, X Caliber, in Australia. This advanced system uses artificial intelligence to analyze X-ray images of dogs and cats within approximately 15 seconds, leveraging cloud storage to streamline data access and management.

Competitive Landscape

Various key market players operating in the veterinary imaging industry are Hallmarq Veterinary Imaging, IDEXX Laboratories Inc., Siemens Healthcare GmbH, FUJIFILM Corporation, GE Healthcare, Clarius Mobile Health, Shenzhen Ricso Technology Co. Ltd., DRAMIÑSKI SA., IMV Technologies, and others. 

These market players are adopting various strategies such as collaboration and product launches to remain dominant in the market. For instance, in June 2023, IDEXX Laboratories launched veterinary diagnostic test, the IDEXX Cystatin B, designed to detect kidney injury in cats and dogs. This test allows veterinarians to identify kidney damage earlier than traditional methods, potentially improving patient outcomes.

Moreover, in April 2023, Hallmarq Veterinary Imaging launched introduced the first small animal MRI system. The system utilizes conduction-based cooling system in a vacuum, achieving -460 °F without helium. This design lowers environmental impact and cuts both initial and ongoing costs for veterinary practices.

Furthermore, in January 2023, GE Healthcare collaborated with Sound Technologies, to launch VScan Air, a wireless pocket-sized ultrasound. The system provides crystal clear image quality, whole-patient scanning capabilities, and in-built software. As an ultra-portable robust device that has been tested to military drop standards, it can easily be taken to veterinary care environments both in and outside the clinic.

Key Benefits

• The report provides quantitative analysis and estimations of the veterinary imaging market from 2024 to 2030, which assists in identifying the prevailing industry opportunities.

• The study comprises a deep-dive analysis of the current and future veterinary imaging market trends to depict prevalent investment pockets in the industry.

• Information related to key drivers, restraints, and opportunities and their impact on the veterinary imaging market is provided in the report. 

• Competitive analysis of the key players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated on the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders.

Veterinary Imaging Market Key Segments

By Product

• X-Ray

• Ultrasound

• Computed Tomography (CT) Scanners

• Magnetic Resonance Imaging (MRI)

• Nuclear Imaging

• Others

By Animal Type

• Companion Animal

• Livestock

• Others

By Application

• Orthopedics

• Cardiology

• Neurology

• Oncology

• Gastroenterology

• Dermatology

• Others

By End-User

• Veterinary Hospitals 

• Diagnostic Imaging Centers  

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The U.K.

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden        

  • Norway        

  • Russia        

  • Rest of Europe 

• Asia-Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific 

• Rest of the World (RoW)

  • Latin America

  • Middle East 

  • Africa

Key Players

• Hallmarq Veterinary Imaging

• IDEXX Laboratories Inc.

• Siemens Healthcare GmbH

• FUJIFILM Corporation

• GE Healthcare

• Clarius Mobile Health

• Shenzhen Ricso Technology Co. Ltd.

• DRAMIÑSKI SA

• IMV Technologies

• Sonoscape Medical Corp.

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Market Size in 2023	USD 1.94 billion
Revenue Forecast in 2030	USD 3.11 billion
Growth Rate	CAGR of 7.0% 2024 to 2030
Analysis Period	2023–2030
Base Year Considered	2023
Forecast Period	2024–2030
Market Size Estimation	Billion (USD)
Growth Factors	Surge in pet ownership is driving the growth of the market. Rising advancements in imaging technology is driving the growth of the market. Growing awareness among pet owners for wellbeing of their pets drives the market.
Countries Covered	28
Companies Profiled	10
Market Share	Available for 10 companies
Customization Scope	Free customization (equivalent to up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.