PUBLISHER: The Business Research Company | PRODUCT CODE: 1435604
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435604
Veterinary imaging equipment encompasses diagnostic tools utilized in veterinary medicine, including radiography, X-ray, ultrasound imaging, MRI, CT imaging, endoscopy imaging, and other imaging equipment, to capture medical images for the diagnosis of various diseases in animals. This industry comprises establishments that manufacture diagnostic equipment utilized in cardiology, orthopedics & traumatology, oncology, neurology, and other veterinary applications.
The primary categories of veterinary imaging equipment include radiography (x-ray) systems, ultrasound imaging systems, computed tomography imaging systems, video endoscopy imaging systems, magnetic resonance imaging systems, and others. These equipment types are designed for use with small companion animals, large animals, and various other animal types. Ultrasound imaging equipment, specifically, is employed for diagnosing diseases in animals, with modalities including both portable and stationary units. These imaging tools find applications in orthopedics and traumatology, oncology, cardiology, neurology, and other veterinary disciplines. Veterinary imaging equipment is utilized in diverse settings, including veterinary hospitals, clinics, academic and research organizations, and other end-user environments.
The veterinary imaging equipment research report is one of a series of new reports from The Business Research Company that provides veterinary imaging equipment statistics, including veterinary imaging equipment industry global market size, regional shares, competitors with veterinary imaging equipment share, detailed veterinary imaging equipment segments, market trends and opportunities, and any further data you may need to thrive in the veterinary imaging equipment industry. This veterinary imaging equipment research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The veterinary imaging equipment market size has grown strongly in recent years. It will grow from $1.88 billion in 2023 to $2 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth observed in the historic period can be ascribed to an increase in pet ownership, a higher prevalence of veterinary diseases, the expansion of veterinary services, a rise in animal health expenditure, and increased awareness and education.
The veterinary imaging equipment market size is expected to see strong growth in the next few years. It will grow to $2.59 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The anticipated growth in the forecast period can be linked to an increasing demand for specialty veterinary services, the adoption of telemedicine and remote imaging, the globalization of veterinary services, emphasis on preventive care, and a surge in research within the field of veterinary imaging. Major trends expected in the forecast period encompass advancements in imaging technologies, a heightened emphasis on point-of-care imaging, integration of artificial intelligence (AI), specialized imaging for exotic animals, and the rise of telemedicine and remote imaging consultations.
The anticipated rise in the livestock population is expected to drive the demand for veterinary imaging equipment in the market. With the increasing number of livestock and the prevalence of associated diseases, there is a growing need for veterinary medical equipment, including imaging devices, to effectively diagnose and treat various ailments in animals. According to the Food and Agriculture Organization of the United Nations, the global cattle population is projected to reach 2.6 billion by 2050, and the combined global population of goats and sheep is estimated to reach 2.7 billion by the same year. Consequently, the expansion of the livestock population is anticipated to fuel the demand for veterinary imaging equipment in the forecast period.
The growth in livestock farming is poised to drive the expansion of the veterinary imaging equipment market in the coming years. Livestock farming involves the rearing of domesticated animals in an agricultural setting for various purposes, such as food production, labor, and other products. Veterinary imaging technology plays a crucial role in assessing the health and treatment of animals in livestock farming. The adoption of modern imaging technologies such as CT and MRI scanners is gaining prominence in veterinary medicine as it aids veterinarians in diagnostic assessments and interpretations. For example, as of December 2022, family farms of various sizes accounted for approximately 98 percent of all farms in the United States, with small family farms representing 89 percent. Despite constituting only 3% of farms, large-scale family farms (with over $1 million in GCFI) contributed significantly, making up 47% of the production value in 2021. Therefore, the growth in livestock farming is a driving force for the veterinary imaging equipment market.
The substantial cost associated with veterinary imaging systems is expected to pose a constraint on the market's growth. Veterinary imaging equipment is perceived as expensive, presenting a significant challenge for veterinary hospitals and clinics. For instance, the cost of veterinary digital radiography systems typically falls within the range of $25,000 to $50,000. Ultrasound devices vary in cost, with small portable machines ranging from $2,000 to $3,000, while larger machines can exceed $50,000. Additionally, maintenance agreements may account for around 15% of the purchase price. Hence, the considerable expenses related to veterinary imaging equipment, including maintenance costs, are such as ly to impede market growth.
Prominent companies in the veterinary imaging equipment market are directing their efforts toward introducing portable or wireless devices, emerging as a prominent trend in the industry. An example of this trend is reflected in the launch of Planmed Verity® VET by Planmed, a Finnish-based imaging systems designer and manufacturer, in September 2022. This high-resolution CT scanner is specifically designed for veterinary 3D imaging, offering precise submillimeter-resolution 3D images of skeletal structures, including teeth, skull, and extremities. The portable and compact Planmed Verity VET scanner allows easy access to 3D imaging, bringing advanced diagnostic capabilities directly to the animal patient.
Key players in the veterinary diagnostic equipment market are also prioritizing innovation, exemplified by the development of products such as portable ultrasound sonobooks to cater to the evolving needs of their customer base. A portable ultrasound sonobook is a versatile imaging device that can be repositioned as needed, addressing various imaging requirements such as cardiovascular, general practice, obstetric, and gynecological imaging. An illustration of this innovation is seen in the launch of the portable color Doppler ultrasound SonoBook 9 VET by CHISON Medical Technologies Co., Ltd., a China-based imaging equipment manufacturing company, in November 2022. This product, designed for veterinary applications, boasts revolutionary technology, intelligent features, enhanced performance, a higher frame rate, and high resolution, catering to a range of clinical applications in cardiology, micro-magnetic navigation, cancer, developmental biology, abdominal organs, and more.
In September 2021, Mindray, a Chinese company operating in the veterinary imaging equipment sector, acquired HyTest Invest Oy and its subsidiaries for an undisclosed amount. This acquisition enhances Mindray's raw material R&D and innovation capabilities, strengthening its competitive position through continued investment in research and development. HyTest, based in Finland, is a notable player in the veterinary imaging equipment market.
Major companies operating in the veterinary imaging equipment market report are Hitachi Ltd., Siemens AG, General Electric Healthcare, Canon Inc., Toshiba Corp., Fujifilm Holdings Corporation, Becton Dickinson and Company, B. Braun SE, VCA Inc., Covetrus Inc., Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Mindray Medical International Limited, Smiths Medical Inc., IDEXX Laboratories Inc., Agfa-Gevaert N.V., Carestream Health Inc., Midmark Corporation, Esaote S.P.A, Heska Corp., Sedecal USA Inc., Kaixin Electric Co. Ltd., Chison Medical Imaging Co.Ltd., Digicare Biomedical Technology Inc., DRE Veterinary Inc., Vetland Medical Sales and Services LLC, Hallmarq Veterinary Imaging Ltd., MinXray Inc., Excelsior Union Limited, Diagnostic Imaging Systems Inc., BCF Technology Ltd., Vetronic Services Ltd.
North America was the largest region in the veterinary imaging equipment market in 2023. Asia-Pacific was the second-largest region in the global veterinary imaging equipment market share. The regions covered in the veterinary imaging equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the veterinary imaging equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The veterinary imaging equipment market consists of sales of positron-emission tomography, nuclear medicine imaging, fluoroscopy, and echocardiography. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Veterinary Imaging Equipment Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on veterinary imaging equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for veterinary imaging equipment ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The veterinary imaging equipment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.