Veterinary Imaging Market Players Look to Capitalize on Broader Gains in Pet Care Landscape

A new market study by Future Market Insights (FMI) forecasted that the veterinary imaging market will expand at a healthy CAGR of 6.4% between 2020 and 2030.

The report attributes the growth of the market to the growing trend of pet humanization in developed economies. As people become increasingly reliant on their pets for emotional support, the spending on animal health has significantly burgeoned in the recent past, thus bolstering the growth of the veterinary imaging market.

According to the statistics of the American Pet Products Association, more than 44% of households in the U.S. own dogs and more than 35% own cats. As the number of pets continues to increase the demand for their healthcare will subsequently rise. Furthermore, the growing emphasis on animal healthcare coupled with the introduction of government mandates pertaining to animal health will continue to fuel the growth of the market.

Along similar lines, increasing preference for point-of-care (POC) facilities among consumers has propelled the demand for veterinary imaging among POC facilities. Likewise, technological advancements in the veterinary field such as penetration of cloud-based information management systems and appropriate pet owner mobile technologies are also complementing market growth.

“Regardless of the mandated lockdowns as a result of the pandemic, the demand for veterinary imaging remains undisrupted as people continue to rely on their pets during the time of isolation”, opines FMI analyst.

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Veterinary Imaging Market – Key Takeaways

• The veterinary imaging market is forecasted to surge past a global valuation of US$ 3.37 Bn by the end of 2030.
• The ever-growing adoption of imaging devices with reagents associated with them, including PET, MRI, X-Ray radiology devices, and CT scanners, will continue to drive the market on a positive growth trajectory.
• Multi-slice CT scan systems are expected to witness high demand among end-users during the forecast period
• Magnetic resonance imaging (MRI) systems are expected to hold a prominent share in the market value owing to high preference among veterinarians.

Veterinary Imaging Market – Key Trends

• Genetically modified animal models are gaining remarkable traction as they aid in expediting the development of novel products.
• Increased number of clinical trials coupled with rising usage of small animals has been identified as a crucial attribute to market growth.

Veterinary Imaging Market – Regional Analysis

• North America and Europe are projected to cumulatively account for more than 60% of global share by the end of the forecast period.
• In North America – which accounts for around 30% of market share – the Canadian and US veterinary imaging markets are anticipated to drive the majority of market share.
• Europe will continue to grow at a healthy pace owing to high spending on pet care.

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Veterinary Imaging Market – Competitive Landscape

Some of the key players operating in the market include IDEXX Laboratories, Carestream Health, Hallmarq Veterinary Imaging Ltd., Esaote SUNI Medical Imaging, Universal Medical Systems, Inc., VetZ Limited, FUJIFILM Holdings America Corporation, and GE Healthcare. Market players are focusing on launching novel products and are entering partnerships with other players to gain a competitive advantage. On these lines,

• Esaote, in Mar 2019, launched a novel ultrasound platform called MyLabX8 to enhance ultrasound machines
• IDEXX Laboratories, Inc., in Jun 2017, entered into a partnership with rVetLink to increase the adoption of products based on cloud technology.