Veterinary Imaging Equipment Market Definition And Segments
Veterinary imaging equipment refers to veterinary diagnostic equipment such as radiography, X-ray, ultrasound imaging, MRI, CT imaging, endoscopy imaging, and other imaging equipment. used to obtain medical images of animals for the diagnosis of various diseases. This industry includes establishments that produce diagnostic equipment that is used in cardiology, orthopedics & traumatology, oncology, neurology, and others.
The main types of veterinary imaging equipment are radiography (x-ray) systems, ultrasound imaging systems, computed tomography imaging systems, video endoscopy imaging systems, magnetic resonance imaging systems, and others. They are used for small companion animals, large animals, and other animal types. Ultrasound imaging equipment refers to the imaging equipment that is used for animals to diagnose a disease. The different modalities include portable and stationary. These are applicable in orthopedics and traumatology, oncology, cardiology, neurology, and other applications. Veterinary imaging equipment is used in veterinary hospitals, veterinary clinics, academic and research organizations, and other end users.
The veterinary imaging equipment market covered in this report is segmented –
1) By Type: Radiography (X-Ray) System, Ultrasound Imaging System, Computed Tomography Imaging System, Video Endoscopy Imaging System, Magnetic Resonance Imaging System, Other Types
2) By Animal Type: Small Companion Animals, Large Animals, Other Animal Types
3) By Modality: Portable, Stationery
4) By Application: Orthopedics And Traumatology, Oncology, Cardiology, Neurology, Other Applications
5) By End User: Veterinary Hospitals, Veterinary Clinics, Academic and Research Organizations, Other End Users
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 in the historic period can be attributed to a rise in pet ownership, the prevalence of veterinary diseases, the expansion of veterinary services, increase in animal health expenditure, 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 growth in the forecast period can be attributed to rising demand for specialty veterinary services, telemedicine and remote imaging, globalization of veterinary services, focus on preventive care, and growing research in veterinary imaging. Major trends in the forecast period include advancements in imaging technologies, a growing focus on point-of-care imaging, integration of artificial intelligence (AI), specialized imaging for exotic animals, telemedicine, and remote imaging consultations.
Expanding Livestock Populations Fueling The Veterinary Imaging Equipment Market
The rising livestock population is anticipated to boost the demand for veterinary imaging equipment market. The surge in the livestock population and associated diseases is expected to drive the demand for veterinary medical equipment, including veterinary imaging equipment, to diagnose and treat various diseases in animals. For instance, according to the Food and Agriculture Organization of the United Nations, the global cattle population is projected to increase to 2.6 billion by 2050 and the global population of goats and sheep is predicted to reach 2.7 billion by the end of 2050. Consequently, growth in the livestock population is expected to trigger the demand for veterinary imaging equipment in the forecast period.
Elevating Veterinary Imaging Equipment Market Livestock Farming's Impact On Diagnosis And Treatment
The growth in livestock farming is expected to propel the growth of the veterinary imaging equipment market in the coming years. Livestock farming is the activity of rearing domesticated creatures in an agricultural environment for a variety of reasons, such as sustenance, labor, and other goods. Livestock animals are often farmed for their meat, skins, wool, milk, and other goods. Veterinary imaging technology is essential in determining the condition and therapy of animals in cattle husbandry. The use of modern imaging technologies, such as CT and MRI scanners, is becoming more common in veterinary medicine since it assists in supplementing the veterinarian's diagnostic workups and interpretations. For instance, in December 2022, according to the U.S. Department of Agriculture, a US-based government agency in charge of supervising the farming, ranching, and forestry sectors, as well as regulating food quality and safety and nutrition labeling, family farms of various varieties would account for roughly 98 percent of all farms in the United States. Small family farms (less than $350,000 in GCFI) represented 89 percent of all farms in the United States. Approximately 3% of farms were large-scale family farms ($1 million or more in GCFI), yet they made up 47% of the production value in 2021. Therefore, the growth in livestock farming is driving 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.
Challenges In The Veterinary Imaging Equipment Market Cost Barriers And Their Impact
The high cost of veterinary imaging systems is expected to limit the growth of the veterinary imaging equipment market over the coming years. Veterinary imaging equipment is considered to be costly, which is likely to be a major challenge for veterinary hospitals and clinics. For instance, the veterinary digital radiography systems cost ranges between $25,000 and $50,000. The cost of ultrasound devices is estimated to range from $2,000 to $3,000 for small portable machines, and large machines can range from $50,000 and more. In addition to this, the maintenance agreement cost is estimated to be around 15% of the purchase price. Therefore, the high cost of veterinary imaging equipment and associated maintenance costs will act as a key factor in hindering the market size market growth.
Innovation In Imaging Equipment Market
Key companies operating in the veterinary imaging equipment market are focusing on the launch of portable or wireless devices to provide better solutions for effective veterinary technologies, which is projected to be a leading trend in the veterinary imaging equipment market. For instance, in September 2022, Planmed, a Finland-based designer and manufacturer of imaging systems, launched Planmed Verity VET – a high-resolution CT scanner for veterinary 3D imaging. It is a standalone cone beam CT scanner created especially for imaging animals. The animal's skeletal structures, including the teeth, skull, and extremities, are represented in incredibly precise submillimeter-resolution 3D pictures. Its precise volumetric images allow for consistently accurate diagnosis and treatment planning. The portable and small Planmed Verity VET scanner makes it simple to access 3D imaging when necessary and brings it right to the patient.
Innovation In Veterinary Diagnostics CHISON's Launch Of Portable Color Doppler Ultrasound SonoBook 9 VET
Major companies operating in the veterinary diagnostic equipment market are focusing on innovative products, such as portable ultrasound sonobooks to better meet the needs of their existing consumers. A portable ultrasound sonobook is imaging equipment that can be repositioned to any location and is intended to meet a variety of imaging demands, such as cardiovascular, general practice, obstetric, and gynecological imaging. It is a smart ultrasound system with several functionalities and clever solutions for various diagnostic requirements. For instance, in November 2022, CHISON Medical Technologies Co., Ltd., a China-based imaging equipment manufacturing company, launched the portable color Doppler ultrasound SonoBook 9 VET. The Portable Color Doppler ultrasound SonoBook 9 VET is a high-end veterinary product with revolutionary technology, an intelligent platform, enhanced performance, a higher frame rate, and high resolution, designed specifically for veterinary research and application to veterinarians' thorough clinical diagnosis. The system offers a wide range of clinical applications and imaging assistance for cardiology, micro-magnetic navigation, cancer, biology of development, abdominal organs, and other fields.
Strategic Acquisition Mindray Strengthens Veterinary Diagnostic Equipment Portfolio With HyTest Invest Oy
In September 2021, Mindray, a company operating in veterinary imaging equipment based in China, acquired HyTest Invest Oy and its subsidiaries for an undisclosed amount. With this acquisition, HyTest Company enables Mindray to have top-notch raw material R&D and innovation capabilities and also helps in investing in R&D as well as strengthening and improving its competitive edge. HyTest is a company operating in veterinary imaging equipment based in Finland.
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.
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.