Veterinary Imaging Market by Product, Animal Type, Application, End-user

List of Tables

The Veterinary Imaging Market was valued at USD 2.07 billion in 2023, expected to reach USD 2.22 billion in 2024, and is projected to grow at a CAGR of 7.43%, to USD 3.43 billion by 2030.

Veterinary imaging encompasses a range of diagnostic techniques used to visualize the internal structures of animals for medical analysis, aiding in the efficient detection, diagnosis, and monitoring of health conditions. This market is driven by the rising pet ownership and increased expenditure on pet care, coupled with the growing prevalence of zoonotic and animal diseases, necessitating advanced diagnostic methods. Veterinary imaging finds its application primarily in animal hospitals, veterinary clinics, and research organizations, enhancing the scope for end-use in these settings. The market is characterized by technological advancements such as digital radiography, computed tomography (CT), ultrasound imaging, magnetic resonance imaging (MRI), and nuclear imaging, all offering detailed insights into animal health and supporting better treatment outcomes.

KEY MARKET STATISTICS
Base Year [2023]	USD 2.07 billion
Estimated Year [2024]	USD 2.22 billion
Forecast Year [2030]	USD 3.43 billion
CAGR (%)	7.43%

Key influencing factors include technological advancements, increasing awareness about animal health, and growing investments in R&D leading to the development of more sophisticated imaging equipment. Opportunities lie in the untapped markets of developing regions where livestock industries are burgeoning, and there is ample room for growth in pet insurance sectors that could drive demand further. As the market grows, it faces challenges and limitations such as high costs associated with imaging equipment, a shortage of skilled veterinary professionals, and stringent regulatory requirements which can hinder rapid adoption. Innovation and research provide avenues for business growth, especially in developing cost-effective imaging solutions, enhancing integration with AI for improved diagnostic accuracy, and expanding telemedicine capabilities to rural and underserved areas.

While the market is competitive, dominated by key players such as IDEXX Laboratories, FUJIFILM Holdings Corporation, and Agfa-Gevaert N.V., smaller companies have opportunities to carve niche markets with specialized offerings. Overall, the veterinary imaging market is dynamic, with substantial growth prospects backed by technological advancements and increased customer awareness, necessitating strategic investment in research and development, and marketing efforts tailored to specific regional demands.

Market Dynamics: Unveiling Key Market Insights in the Rapidly Evolving Veterinary Imaging Market

The Veterinary Imaging Market is undergoing transformative changes driven by a dynamic interplay of supply and demand factors. Understanding these evolving market dynamics prepares business organizations to make informed investment decisions, refine strategic decisions, and seize new opportunities. By gaining a comprehensive view of these trends, business organizations can mitigate various risks across political, geographic, technical, social, and economic domains while also gaining a clearer understanding of consumer behavior and its impact on manufacturing costs and purchasing trends.

Market Drivers
- Increasing number of companion animal and livestock ownership
- Rising incidence of chronic diseases and accidental injuries in animals coupled with surge in expenditure on animal health
Market Restraints
- Capital-intensive veterinary imaging instruments
Market Opportunities
- Significant government investment and initiatives to improve veterinary diagnostic services
- Ongoing advancements in veterinary imaging instruments
Market Challenges
- Limitations associated with dearth of veterinary practitioners in developing economies

Porter's Five Forces: A Strategic Tool for Navigating the Veterinary Imaging Market

Porter's five forces framework is a critical tool for understanding the competitive landscape of the Veterinary Imaging Market. It offers business organizations with a clear methodology for evaluating their competitive positioning and exploring strategic opportunities. This framework helps businesses assess the power dynamics within the market and determine the profitability of new ventures. With these insights, business organizations can leverage their strengths, address weaknesses, and avoid potential challenges, ensuring a more resilient market positioning.

PESTLE Analysis: Navigating External Influences in the Veterinary Imaging Market

External macro-environmental factors play a pivotal role in shaping the performance dynamics of the Veterinary Imaging Market. Political, Economic, Social, Technological, Legal, and Environmental factors analysis provides the necessary information to navigate these influences. By examining PESTLE factors, businesses can better understand potential risks and opportunities. This analysis enables business organizations to anticipate changes in regulations, consumer preferences, and economic trends, ensuring they are prepared to make proactive, forward-thinking decisions.

Market Share Analysis: Understanding the Competitive Landscape in the Veterinary Imaging Market

A detailed market share analysis in the Veterinary Imaging Market provides a comprehensive assessment of vendors' performance. Companies can identify their competitive positioning by comparing key metrics, including revenue, customer base, and growth rates. This analysis highlights market concentration, fragmentation, and trends in consolidation, offering vendors the insights required to make strategic decisions that enhance their position in an increasingly competitive landscape.

FPNV Positioning Matrix: Evaluating Vendors' Performance in the Veterinary Imaging Market

The Forefront, Pathfinder, Niche, Vital (FPNV) Positioning Matrix is a critical tool for evaluating vendors within the Veterinary Imaging Market. This matrix enables business organizations to make well-informed decisions that align with their goals by assessing vendors based on their business strategy and product satisfaction. The four quadrants provide a clear and precise segmentation of vendors, helping users identify the right partners and solutions that best fit their strategic objectives.

Key Company Profiles

The report delves into recent significant developments in the Veterinary Imaging Market, highlighting leading vendors and their innovative profiles. These include FUJIFILM Holdings Corporation, Promed Technology Co., Ltd., IDEXX Laboratories, Inc., IMV Imaging (UK) Ltd., Clarius Mobile Health Corp., Dentalaire, International, DRAMINSKI S. A., SonoScape Medical Corp., Antech Diagnostics, Inc., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Canon Inc., Hallmarq Veterinary Imaging Limited, Edan Instruments, Inc., Esaote S.p.A, Heska Corporation by Mars, Incorporated, Agfa-Gevaert Group, E.I. Medical Imaging, ReproScan, Carestream Health, Inc., MinXray, Inc., Konica Minolta, Inc., GE HealthCare Technologies Inc., Xoran Technologies LLC, CHISON Medical Technologies Co., Ltd., Covetrus, Inc., IM3 Inc., Samsung Electronics Co., Ltd., Siemens AG, BMV MEDTECH GROUP CO., LTD, Interson Corporation, Lepu Medical Technology(Beijing)Co.,Ltd., and Leltek Inc..

Market Segmentation & Coverage

This research report categorizes the Veterinary Imaging Market to forecast the revenues and analyze trends in each of the following sub-markets:

Based on Product, market is studied across Instrument, Reagents, Services, and Software & Solutions. The Instrument is further studied across CT Imaging, Radiography X-ray, Ultrasound Imaging, and Video Endoscopy Imaging. The CT Imaging is further studied across Multi-Slice CT and Single-Slice CT. The Radiography X-ray is further studied across Computed Radiography, Direct Radiography, and Film-Based Radiography. The Ultrasound Imaging is further studied across 2-D Ultrasound Imaging, 3-D/4-D Ultrasound Imaging, and Doppler Imaging. The Reagents is further studied across MRI Contrast Regents, Nuclear Imaging, Ultrasound Contrast Regents, and X-Ray/CT Contrast Reagents. The Services is further studied across After-sales Services and Installation & Integration Services.
Based on Animal Type, market is studied across Large Animals and Small Companion Animals.
Based on Application, market is studied across Cardiology, Neurology, Oncology, and Orthopedics & Traumatology.
Based on End-user, market is studied across Academic Institutions and Veterinary Clinics & Diagnostic Centers.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom.

The report offers a comprehensive analysis of the market, covering key focus areas:

1. Market Penetration: A detailed review of the current market environment, including extensive data from top industry players, evaluating their market reach and overall influence.

2. Market Development: Identifies growth opportunities in emerging markets and assesses expansion potential in established sectors, providing a strategic roadmap for future growth.

3. Market Diversification: Analyzes recent product launches, untapped geographic regions, major industry advancements, and strategic investments reshaping the market.

4. Competitive Assessment & Intelligence: Provides a thorough analysis of the competitive landscape, examining market share, business strategies, product portfolios, certifications, regulatory approvals, patent trends, and technological advancements of key players.

5. Product Development & Innovation: Highlights cutting-edge technologies, R&D activities, and product innovations expected to drive future market growth.

The report also answers critical questions to aid stakeholders in making informed decisions:

1. What is the current market size, and what is the forecasted growth?

2. Which products, segments, and regions offer the best investment opportunities?

3. What are the key technology trends and regulatory influences shaping the market?

4. How do leading vendors rank in terms of market share and competitive positioning?

5. What revenue sources and strategic opportunities drive vendors' market entry or exit strategies?

Product Code: MRR-ED54C46E85FC

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Increasing number of companion animal and livestock ownership
  - 5.1.1.2. Rising incidence of chronic diseases and accidental injuries in animals coupled with surge in expenditure on animal health
- 5.1.2. Restraints
  - 5.1.2.1. Capital-intensive veterinary imaging instruments
- 5.1.3. Opportunities
  - 5.1.3.1. Significant government investment and initiatives to improve veterinary diagnostic services
  - 5.1.3.2. Ongoing advancements in veterinary imaging instruments
- 5.1.4. Challenges
  - 5.1.4.1. Limitations associated with dearth of veterinary practitioners in developing economies
5.2. Market Segmentation Analysis
- 5.2.1. Product: Growing adoption of ultrasound imaging due to its ease of use, and less expensive than most other imaging methods
- 5.2.2. Animal Type: Significant use of veterinary imaging for diagnosing small animals
- 5.2.3. Application: Expanding use of veterinary imaging for diagnosing orthopedics & traumatology in animals
- 5.2.4. End-Users: Burgeoning demand for veterinary imaging from veterinary clinics
5.3. Porter's Five Forces Analysis
- 5.3.1. Threat of New Entrants
- 5.3.2. Threat of Substitutes
- 5.3.3. Bargaining Power of Customers
- 5.3.4. Bargaining Power of Suppliers
- 5.3.5. Industry Rivalry
5.4. PESTLE Analysis
- 5.4.1. Political
- 5.4.2. Economic
- 5.4.3. Social
- 5.4.4. Technological
- 5.4.5. Legal
- 5.4.6. Environmental

6. Veterinary Imaging Market, by Product

6.1. Introduction
6.2. Instrument
- 6.2.1. CT Imaging
  - 6.2.1.1. Multi-Slice CT
  - 6.2.1.2. Single-Slice CT
- 6.2.2. Radiography X-ray
  - 6.2.2.1. Computed Radiography
  - 6.2.2.2. Direct Radiography
  - 6.2.2.3. Film-Based Radiography
- 6.2.3. Ultrasound Imaging
  - 6.2.3.1. 2-D Ultrasound Imaging
  - 6.2.3.2. 3-D/4-D Ultrasound Imaging
  - 6.2.3.3. Doppler Imaging
- 6.2.4. Video Endoscopy Imaging
6.3. Reagents
- 6.3.1. MRI Contrast Regents
- 6.3.2. Nuclear Imaging
- 6.3.3. Ultrasound Contrast Regents
- 6.3.4. X-Ray/CT Contrast Reagents
6.4. Services
- 6.4.1. After-sales Services
- 6.4.2. Installation & Integration Services
6.5. Software & Solutions

7. Veterinary Imaging Market, by Animal Type

7.1. Introduction
7.2. Large Animals
7.3. Small Companion Animals

8. Veterinary Imaging Market, by Application

8.1. Introduction
8.2. Cardiology
8.3. Neurology
8.4. Oncology
8.5. Orthopedics & Traumatology

9. Veterinary Imaging Market, by End-user

9.1. Introduction
9.2. Academic Institutions
9.3. Veterinary Clinics & Diagnostic Centers

10. Americas Veterinary Imaging Market

10.1. Introduction
10.2. Argentina
10.3. Brazil
10.4. Canada
10.5. Mexico
10.6. United States

11. Asia-Pacific Veterinary Imaging Market

11.1. Introduction
11.2. Australia
11.3. China
11.4. India
11.5. Indonesia
11.6. Japan
11.7. Malaysia
11.8. Philippines
11.9. Singapore
11.10. South Korea
11.11. Taiwan
11.12. Thailand
11.13. Vietnam

12. Europe, Middle East & Africa Veterinary Imaging Market

12.1. Introduction
12.2. Denmark
12.3. Egypt
12.4. Finland
12.5. France
12.6. Germany
12.7. Israel
12.8. Italy
12.9. Netherlands
12.10. Nigeria
12.11. Norway
12.12. Poland
12.13. Qatar
12.14. Russia
12.15. Saudi Arabia
12.16. South Africa
12.17. Spain
12.18. Sweden
12.19. Switzerland
12.20. Turkey
12.21. United Arab Emirates
12.22. United Kingdom

13. Competitive Landscape

13.1. Market Share Analysis, 2023
13.2. FPNV Positioning Matrix, 2023
13.3. Competitive Scenario Analysis
- 13.3.1. Luxvet Group Expands Into Romanian Veterinary Market
- 13.3.2. Hallmarq Veterinary Imaging's New U.S. Facility Meets Rising Demand For Equine MRI And CT Systems
- 13.3.3. Antech Launches First Comprehensive Veterinary Diagnostics Offering in the UK, Including a New State-Of-The-Art Reference Laboratory
- 13.3.4. vTRON Delivers Detailed Diagnostic Imaging to Singapore's Bird Paradise
- 13.3.5. Bond Vet Receives USD 50 Million Funding Round to Further Expansion
- 13.3.6. Cutting-Edge Diagnostic Imaging Facility To Detect And Prevent Injuries In WA Horses
- 13.3.7. Mars Completes Acquisition of SYNLAB Vet, a European Provider of Specialist Veterinary Laboratory Diagnostics
- 13.3.8. Sunset Vet Launches First CT Scanner for Pets in Indonesia
- 13.3.9. The IMV Technologies Group Acquires Veterinary Solutions
- 13.3.10. Probo Medical Completes Acquisition of National Ultrasound
- 13.3.11. Probo Medical Partners with Mindray Animal
- 13.3.12. Hallmarq Launches World's First Veterinary-Specific, Zero-Helium Small Animal 1.5T MRI
- 13.3.13. Sound Technologies and GE HealthCare Announce Collaboration to Bring Vscan Air Handheld Ultrasound to Veterinary Practices Across the United States
- 13.3.14. Multi Radiance Veterinary Partners with Digatherm Thermal Imaging as the Worldwide Exclusive Distributor of Leading-Edge Veterinary Thermography Products

Companies Mentioned

1. FUJIFILM Holdings Corporation
2. Promed Technology Co., Ltd.
3. IDEXX Laboratories, Inc.
4. IMV Imaging (UK) Ltd.
5. Clarius Mobile Health Corp.
6. Dentalaire, International
7. DRAMINSKI S. A.
8. SonoScape Medical Corp.
9. Antech Diagnostics, Inc.
10. Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
11. Canon Inc.
12. Hallmarq Veterinary Imaging Limited
13. Edan Instruments, Inc.
14. Esaote S.p.A
15. Heska Corporation by Mars, Incorporated
16. Agfa-Gevaert Group
17. E.I. Medical Imaging
18. ReproScan
19. Carestream Health, Inc.
20. MinXray, Inc.
21. Konica Minolta, Inc.
22. GE HealthCare Technologies Inc.
23. Xoran Technologies LLC
24. CHISON Medical Technologies Co., Ltd.
25. Covetrus, Inc.
26. IM3 Inc.
27. Samsung Electronics Co., Ltd.
28. Siemens AG
29. BMV MEDTECH GROUP CO., LTD
30. Interson Corporation
31. Lepu Medical Technology(Beijing)Co.,Ltd.
32. Leltek Inc.