Veterinary Imaging Market to reach US$ 3.6 Billion by the end of 2031: Transparency Market Research, Inc.

Posted on 2024-03-15 by Transparency Market Research in Healthcare // 0 Comments

Wilmington, Delaware, United States, 2024-Mar-15 — /EPR Network/ — Transparency Market Research Inc. –

In 2022, the global industry boasted a valuation of US$ 2.0 billion. Projections suggest a steady growth trajectory, with a Compound Annual Growth Rate (CAGR) of 6.9% anticipated from 2023 to 2031, culminating in a valuation surpassing US$ 3.6 billion by the end of 2031.

The veterinary imaging market is experiencing robust growth, driven by various factors influencing its landscape. A significant contributor to the expansion of the veterinary imaging industry is the increase in research and development expenditure within the pharmaceutical sector. Furthermore, the emergence of multimodal imaging devices and the growing emphasis on advanced technologies in healthcare present promising opportunities for market growth.

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Market Introduction

Veterinary practices and hospitals are swiftly adopting advanced imaging modalities to enhance diagnostic accuracy for animals. Multimodal imaging devices are now essential for precise diagnosis and treatment planning across various species. Especially in small animal clinics and hospitals, there’s a notable uptick in investment towards state-of-the-art imaging equipment to offer comprehensive diagnostic services.

The integration of digital imaging and artificial intelligence is revolutionizing veterinary diagnostics, ensuring more precise and efficient outcomes. With the rising trend of companion animal ownership, there’s a significant surge in veterinary imaging procedures. The future of the market looks promising, driven by continuous technological advancements, growing awareness of veterinary healthcare, and strategic initiatives by industry players to seize the expanding opportunities in the global veterinary imaging landscape.

High Demand for Equipment

The veterinary imaging market segmentation in terms of product type includes equipment, imaging reagents, and imaging software. The equipment segment held significant share in 2022. Veterinary imaging equipment encompasses a range of devices crucial for diagnostic purposes in animal healthcare. The segment includes X-ray systems, which provide veterinarians with the flexibility to conduct diagnostic imaging procedures on-site or in diverse settings, enhancing accessibility and convenience.

Pricing variations accommodate diverse budget considerations. This pricing diversity allows veterinary professionals to choose equipment tailored to their specific diagnostic needs and practice requirements, contributing to the overall market dynamism and growth.

Key players:

3M, Johnson & Johnson, Medtronic Plc, Siemens Healthineers AG, GE Healthcare, Koninklijke Philips N.V., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., and Samsung

Market Segmentation:

Product Type
- Equipment
  - Radiography (X-ray)
  - Ultrasound Imaging
  - Magnetic Resonance Imaging (MRI)
  - Computed Tomography
  - Endoscopy
  - Others
- Imaging Reagents
- Imaging Software

Animal Type
- Small Animals
- Large Animals

Application
- Oncology
- Orthopedics
- Neurology
- Cardiology
- Others

End-user
- Veterinary Clinics
- Veterinary Hospitals
- Veterinary Institutes & Research Centers

Key Developments:

In January 2023, GE HealthCare and Sound Technologies, announced a distribution agreement for the Vscan Air, a state-of-the-art wireless pocket-sized ultrasound with crystal-clear image quality, whole-patient scanning capabilities, and user-friendly software, to U.S veterinary practices. Sound and GE HealthCare have a long-standing partnership that is now expanded to include the distribution of Vscan Air wireless devices.
In November 2022, OmniVision launched its OH02B image sensor with a 2-megapixel resolution. For use with reusable and disposable endoscopes, catheters, and guide wires in the fields of gastrointestinal, ENT, orthopedic, surgical, dental, and veterinary medicine, OH02B10 is a square 2 megapixel (MP) (1500 x 1500) CMOS image sensor.

Market Drivers and Challenges:

Drivers: Technological advancements in imaging modalities, increasing pet ownership, growing demand for advanced veterinary care, and rising investments in animal health.
Challenges: High costs associated with advanced imaging equipment, lack of skilled professionals in some regions, and limited access to veterinary imaging services in rural areas.

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Market Trends:

Adoption of portable and handheld imaging devices.
Integration of artificial intelligence (AI) and machine learning (ML) algorithms for image analysis.
Expansion of veterinary imaging services in emerging markets.

Regions Covered:

North America(USA, Canada and Mexico)
Europe(UK, Germany, France and the Rest of Europe)
Asia Pacific(China, Japan, India, and the Rest of the Asia Pacific region)
South America(Brazil, Argentina and the Rest of South America)
Middle East and Africa(GCC and Rest of the Middle East and Africa)

Key Market Study Points:

Analysis of market dynamics including drivers, challenges, and trends.
Assessment of market segmentation by service type, sourcing type, application, industry vertical, and region.
Evaluation of regional market dynamics and growth opportunities.
Competitive landscape analysis including key players, recent developments, and strategic initiatives.

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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