Home > Pressrelease > Veterinary Imaging Market size to exceed $3bn by 2030
Veterinary Imaging Market size to exceed $3bn by 2030
- Published Date: June 17, 2022
Veterinary imaging Market size is set to surpass USD 3 billion by 2030, according to a new research report by Global Market Insights Inc.
Growing pervasiveness of zoonotic diseases is expected increase the market revenue. Zoonotic diseases possess substantial threat to humans as they are transferred from animals to humans as well. These diseases are spread through direct contact with the infected animal. The effects of zoonotic disease differ from mild symptoms to lethal circumstances leading to death. Therefore, there has been an increase in incidence of zoonotic diseases such as SARS, zoonotic influenza, and rabies. These diseases are highly contagious and fatal if left untreated and can harm animals as well the humans that come in contact with these infected animals.
Technological advancements in imaging modalities will fuel the market expansion
These advancements have enabled faster diagnoses, increased accuracy, and are less invasive which improves patient outcomes. Furthermore, improved technology is expected to decrease the cost of veterinary imaging, thereby increasing the adoption rate among both caregivers and patients. For instance, technological advancements in ultrasound have enabled 3D and 4D imaging increasing accuracy, especially in cardiology. This increases the cases for ultrasound procedures, and due to the lower cost of ultrasound procedures, it will increase the adoption rate among patients.
High costs associated with veterinary imaging instruments may hinder the veterinary imaging market growth
In U.S., the digital radiography systems cost between USD 25,000 to USD 50,000 in 2020. The high cost of purchase coupled with additional maintenance cost increases the total sunk cost and drives up the cost of imaging procedures. For instance, MRI procedures in the U.S. cost between USD 2,000 - USD 3,000 making it unaffordable for the majority of people. Therefore, vets will not be inclined to invest a substantial amount of money if there is a limited return on investment due to fewer patients.
Availability of wide variety of reagent for imaging modalities will foster the business landscape
Veterinary imaging reagent segment is projected to witness 6.4% CAGR during the forecast period. The increase in usage of imaging modalities for diagnosing healthcare problems in companion animals is becoming common. Therefore, usage of reagents in such modalities will increase the segment demand. Further, the most common reagents used in imaging reagents are forms of gallium, nitrogen, and fluorine for use with PET and indium, gallium, technetium xenon and iodine for SPECT.
Browse key industry insights spread across 170 pages with 361 market data tables & 18 figures & charts from the report, “Veterinary Imaging Market Analysis By Product (Veterinary Imaging Instruments, Veterinary Software, Veterinary Imaging Reagents), Animal Type (Small Companion Animals, Large Animals, Other Animals), Application (Orthopedics and Traumatology, Oncology, Cardiology, Neurology, Others), End-use (Hospitals, Clinics, Others) Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Growing demand for insurance policies for large animals will drive the overall industry outlook
Veterinary imaging market from large animals segment is set to reach USD 1.1 billion by 2030. This is owing to growing R&D activities coupled with technological advancements in imaging modalities. Also, several insurance companies and organizations invest and offer improved veterinary insurance plans including for large animals, therefore, massive demand for such insurance policies is likely to accelerate the global industry trends.
Rise of cardiovascular diseases will spur veterinary imaging market statistics
Cardiology segment surpassed USD 495.4 million in 2021. Cardiovascular diseases are commonly observed in pets such as cardiomyopathy, heart arrhythmias, mitral valve disease, congenital heart disease among other diseases. These diseases can lead to fatal deaths if left untreated. For instance, heart disease affects roughly 8 million pets, and this equates to 10% of all dogs in U.S. alone. Therefore, veterinary imaging instruments plays a vital role in diagnosis of such diseases.
Increasing number of veterinary imaging procedures in clinics will propel the market progression
Veterinary imaging market from clinical segment accounted for 37.2% business share in 2021 and is anticipated to witness significant CAGR during the forecast timeframe. This is attributed to rising number of veterinary imaging procedures in clinics, as the procedures are cost effective, compared to hospital settings. Also, the rise in number of zoonotic diseases has resulted increase in diagnostic procedures in clinics. Thus, rising number of zoonotic diseases as well as availability of technologically advanced devices at clinics will augment the industry scenario.
Adopting technological advancements for veterinary imaging in Europe will stimulate the business landscape
Europe veterinary imaging market is estimated to register 6.2% CAGR to reach USD 754.4 million by 2030. This is due to growing adoption of pets as well as increasing demand for pet insurance. Also, growing therapeutic applications of veterinary imaging for diagnosis with precise imaging performance are driving the regional market expansion. Further, increase government support by organizing camps, welfare activities for spreading awareness among people about diseases transmitted from animal will increase the pet owners to opt for disease diagnosis.
Adoption of inorganic growth strategies to strengthen veterinary imaging instruments business portfolio
Some of the prominent players operating in the veterinary imaging industry include Agfa-Gevaert Group, BCF, Canon Medical Systems Corporation, Carestream Health, FujiFilm Corporation, Epica International Inc, Esaote SpA, Idexx Laboratories, among others. These key players focus on strategies such as acquisitions mergers, collaboration, and innovative product development to increase the revenue and strengthening the market position.
For instance, in November 2021, Fujifilm acquired DMV Imaging, a French based distribution company offering veterinary point-of-care laboratory diagnostics and imaging modalities. The acquisition aimed to develop a leading veterinary diagnostics company in France, providing a comprehensive diagnostics solution including not only point-of care laboratory diagnostics but a range of various imaging diagnostic solutions. This acquisition is predicted to expand business portfolio and outreach to untapped economies, thereby strengthening its market presence.