PUBLISHER: Grand View Research | PRODUCT CODE: 1529666
PUBLISHER: Grand View Research | PRODUCT CODE: 1529666
The global veterinary imaging market size is projected to reach USD 2.9 billion by 2030, registering a CAGR of 7.01% over the forecast period, according to a new report by Grand View Research, Inc. The market growth can be attributed to the rising penetration of diagnostic imaging technology in therapeutic applications in pets and livestock animals. Moreover, rising pet ownership and humanization, rising incidence of zoonotic disease in animals, increased focus on preventive healthcare, advancements in technology, and rising awareness and education.
The increasing trend of pet humanization and ownership across different countries has led to a rise in pet insurance enrollment rates across the globe. Radiography is one of the most common diagnostic tests covered by pet insurance. Thus, growing adoption of pet insurance and increasing awareness of the various diagnostic & treatment options available for pets are some of the factors driving the market growth. For instance, as per North American Pet Health Insurance Association (NAPHIA) data published in 2023, the overall number of pets insured by the end of 2023 in the U.S. was 5.36 million. This reflects an increase in several diagnostic imaging performed on pets in veterinary hospitals across the U.S.
In addition, an increase in product launches for small animal diagnostic imaging is expected to drive the segment growth. For instance, in June 2023, Sunset Vet introduced the first Veterinary Computed Tomography (CT) service in Indonesia, aiming to revolutionize small animal veterinary imaging. With advanced technology, including high-resolution imaging and rapid, noninvasive procedures, Sunset Vet offers precise diagnoses and tailored treatment plans. Similarly, in June 2023, iCRco, Inc. installed its CLARIS V Cone Beam Computed Tomography (CBCT) imaging device at the Santa Barbara Zoo, marking its 4th anniversary. This advanced technology facilitates precise 3D imaging of exotic animals, enhancing veterinary care through noninvasive and efficient diagnosis. The collaboration underscores the zoo's commitment to leveraging cutting-edge veterinary imaging solutions for the welfare of small animals.