The global veterinary imaging market is poised for substantial growth, with market size projected to reach USD 3.09 billion by 2030. This represents a compound annual growth rate (CAGR) of 6.64% over the forecast period from 2023 to 2030. The market's expansion is fueled by technological advancements, increasing pet ownership, and the lasting impacts of the COVID-19 pandemic.
Key players
Some major key players in Veterinary Imaging Market are General Electric, Bruker, Hitachi Ltd., Koninklijke Philips N.V., FUJIFILM Corporation, PerkinElmer Inc., Siemens Healthcare GmbH, Shenzhen Ricso Technology Co. Ltd., Clarius Mobile Health, DRAMIÑSKI S.A. and other players.
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Impact of COVID-19:
The COVID-19 pandemic had a significant impact on the veterinary imaging market. Initially, the pandemic caused disruptions in veterinary services and a decline in routine pet visits. However, the subsequent increase in pet adoption and the heightened awareness of pet health have driven a rebound in the market. Additionally, the need for advanced diagnostic tools to ensure comprehensive pet care during and after the pandemic has further emphasized the importance of veterinary imaging.
KEY MARKET SEGMENTS
By Product Type
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Reagents
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Instrument
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Others
By Animal Type
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Large Animals
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Companion Animals
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Other Animals
By Application
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Oncology, Orthopedics & Traumatology
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Neurology
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Cardiology
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Other
By End User
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Reference Labs
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Clinics & Hospitals
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Other
Latest Trends:
Advancements in Imaging Technology:
The development of advanced imaging modalities, such as 3D imaging and portable ultrasound devices, is enhancing diagnostic accuracy and accessibility for veterinarians.
Integration with Digital Platforms:
The integration of veterinary imaging systems with digital health platforms and electronic medical records (EMRs) is improving the efficiency and quality of veterinary care.
Increased Focus on Preventive Care:
There is a growing emphasis on preventive veterinary care, leading to higher adoption rates of imaging technologies for early disease detection and health monitoring in pets.
Market Growth Factors:
Rising Pet Ownership:
The increasing number of pet owners globally is driving demand for veterinary services, including advanced diagnostic imaging.
Growing Awareness of Animal Health:
Enhanced awareness about the importance of regular health check-ups and early diagnosis of diseases in pets is boosting the adoption of veterinary imaging technologies.
Technological Innovations:
Continuous innovations in imaging technologies, such as MRI, CT scans, and digital radiography, are improving diagnostic capabilities and expanding the application scope in veterinary medicine.
Restraining Factors:
High Cost of Imaging Equipment:
The high cost of advanced veterinary imaging equipment can be a barrier, especially for small veterinary clinics and practices.
Lack of Skilled Professionals:
The need for skilled professionals to operate advanced imaging equipment and interpret results is a limiting factor in some regions.
Regional Insights:
North America:
Dominates the veterinary imaging market due to advanced veterinary healthcare infrastructure, high pet ownership rates, and significant investments in R&D.
Europe: Holds a substantial market share, driven by a strong focus on animal welfare and advanced veterinary practices.
Asia-Pacific: Expected to witness the fastest growth, fueled by increasing pet ownership, rising disposable incomes, and expanding veterinary services.
Key Industry Developments:
Product Innovations:
Leading companies are focusing on launching innovative imaging products and improving existing technologies to enhance diagnostic accuracy and convenience.
Strategic Collaborations:
Partnerships between veterinary clinics, research institutions, and imaging technology providers are fostering advancements in veterinary diagnostics.
Regulatory Approvals:
Recent regulatory approvals for new imaging devices are expanding the market's potential and improving access to advanced diagnostic tools.
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