Veterinary MRI Market Size & Share 2023 to 2032
Market Size by Solution (MRI Scanner, Software, Consumables), Application (Neurology, Oncology, Cardiology, Orthopedic), Animal Type [Small (Dog, Cat), Large (Cattle, Horse)], End User (Veterinary Hospital, Clinic).
Report ID: GMI6007
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Published Date: June 2023
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Report Format: PDF
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Authors:
Monali Tayade, Jignesh Rawal
Veterinary MRI Market Size
Veterinary MRI Market size was valued at around USD 78.5 million in 2022 and is expected to grow at a CAGR of 5.5% from 2023 to 2032. The growth of this market is attributed to the factors such as rising adoption of companion animals, increase in animal healthcare expenditure, high prevalence of animal diseases, increasing number of veterinary practitioners, and technological advancements.
Veterinary MRI Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
Veterinary MRI (magnetic resonance imaging) is a procedure that uses a magnetic field to diagnose health issues or diseases in animals. It is a strong diagnostic tool that fits all types of animals and provides an accurate animal health status. It is safe and provides computerized images of body parts without altering the animals. A broad range of diseases and conditions can be diagnosed using MRI such as neurologic diseases or cancer, imaging of the spine for tumours, musculoskeletal abnormalities including, tendon, ligament or muscular tear, tumour or infection.
COVID-19 Impact
Due to the outbreak of COVID-19, the government-imposed the lockdown and travel restrictions. The veterinary MRI market was negatively impacted by COVID-19 in the early stages of the pandemic. Under such strict conditions, only severe animal cases were allowed to visit veterinary clinics and hospitals, which obstructed the growth of this market. Later, as COVID instances decreased, the growth of this market was accelerated. Despite this, the pandemic has positively impacted the market by increasing pet adoption, increasing pet insurance, growing awareness and demand for veterinary imaging procedures and increased healthcare expenditure all over the globe.
Veterinary MRI Market Trends
The increasing adoption of companion animals is expected to have a significant impact on the growth of the veterinary MRI market. With the increase in the pet population and animal health expenditures, pet insurance is also set to increase. Furthermore, according to the annual facts and figures published by FEDIAF, there has been immense growth in European pet ownership. In 2020, about 88 million households will owned at least one pet animal. The pet population is rapidly increasing, with an estimated 90 million.
With the increasing animal population, the prevalence of animal diseases is also increasing, leading to the need for early diagnosis and treatment of the diseases. The veterinary MRI system has a great application in the diagnosis of a wide range of neurology, oncology, cardiology, and other diseases in animals. With the use of MRI technology, health issues can be identified more quickly, and treatment can be administered more swiftly. These factors will increase the demand for veterinary imaging technologies such as veterinary MRI, veterinary CT imaging, veterinary X-ray, and veterinary ultrasound devices.
Veterinary MRI Market Analysis
Based on solution, the veterinary MRI market is segmented into MRI scanner systems, software, and consumables. The MRI scanner systems segment accounted for the largest market share in 2022. The market size of MRI scanner systems in 2022 was estimated around 39.4 million and is expected to grow at CAGR of 5.6%. The factors contributing to the growth of this segment are the high prevalence of animal diseases, increased awareness about animal health, pet insurance, and safe and accurate diagnosis of diseases using technologically advanced MRI scanner systems.
Based on application, the global veterinary MRI market is classified into neurology, oncology, cardiology, orthopaedics, and other applications. The neurology segment held the highest market share i.e., 32.2% in 2022. MRI is most commonly used to diagnose diseases related to the brain and spinal cord in animals. Some neurological diseases, such as tumours, infarcts, meninges, stenosis, and herniated discs, are diagnosed using MRI. The increasing adoption of MRI in veterinary hospitals and the rising prevalence of diseases are expected to drive the growth of this market.
Based on animal type, the veterinary MRI market is subdivided into small animals, large animals, and other animals. The small animal segment is classified into dogs, cats, and other small animals. Whereas the large animal segment is classified into cattle, horses, and other large animals. The small animal segment accounted for the largest market share, i.e., 55% of the market share in 2022. The largest share of this segment is attributed to factors such as rising adoption of companion animals like dogs and cats, rising focus on pet health, increasing pet insurance and healthcare expenditure.
Based on end-user, the veterinary MRI market is classified into veterinary hospitals & research institutes and veterinary clinics. In 2022, the veterinary hospitals and research institutes segment accounted for the highest revenue share in this market and is expected to grow at CAGR of 5.7% during the forecast period. The increasing prevalence of animal diseases for which the MRI is used as a diagnostic tool increases the demand for this market. The increasing number of veterinary practitioners and increasing research and development activities for detecting and treating different diseases in animals will support the market expansion.
In 2022, the North America veterinary MRI market was evaluated to be around USD 36.6 million due to the high demand for pet insurance, the rapidly increasing number of companion animals, and the increased focus on animal health. During the forecast period, it is expected that Asia Pacific will dominate the market because this region has the highest number of domesticated animals, is increasing animal adoption, and focuses on animal health.
Veterinary MRI Market Share
The key players in veterinary MRI market are :
These companies are implementing several strategies such as collaborations, acquisitions, partnerships, mergers, and product launches, etc. to maintain a competitive edge in the industry.
Veterinary MRI Industry News:
The global veterinary MRI market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032 for the following segments:
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Market Size, By Solution
Market Size, By Application
Market Size, By Animal Type
Market Size, By End-user
The above information is provided for the following regions and countries:
Research methodology, data sources & validation process
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