The veterinary imaging market is continuing to grow, as more and more pet owners are turning to veterinary imaging for diagnosing and monitoring their pets. Veterinary imaging is a rapidly advancing field, which involves the use of various imaging techniques, such as X-ray, ultrasound, computed tomography (CT), and magnetic resonance imaging (MRI), to diagnose and monitor a variety of health conditions in animals.
Currently, Veterinary Imaging Market is expected to reach USD 2.3 billion by 2026 from an estimated USD 1.6 billion in 2021, at a CAGR of 7.0% during the forecast period. Veterinary diagnostic imaging is a non-invasive technique, and it involves the process of creating visual representations of the interior of an animal’s body for clinical analysis, medical intervention, and the visual representation of the function of some organs or tissues. The veterinary imaging market includes different modalities which are used to create images along with reagents (contrast agents) and imaging software.
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There are several factors driving the growth of the veterinary imaging market. One of the main drivers is the increasing demand for pet healthcare, as pet owners are becoming more aware of the importance of taking care of their pets. Additionally, with the advances in imaging technology, veterinarians are now able to provide more accurate and specific diagnoses, leading to better outcomes for pets.
Along with the growth of the veterinary imaging market, there has also been an increase in the number of veterinary imaging companies offering their services. These companies offer a variety of imaging services, from X-rays to CT scans and MRIs, and they can provide these services to a wide range of animals, from cats and dogs to horses and cows.
In addition to the growth of the veterinary imaging market, there has also been an increase in the number of veterinary imaging products and services available.
Market Growth Drivers
- Increasing rate of companion animal population
Market Growth Opportunities
- Untapped emerging markets
Market Report Segmentation
Product, Therapeutic Area, Animal, End-User, and Region & Global Level
The prominent players in the veterinary imaging market are GE Healthcare (US), Agfa-Gevaert N.V. (Belgium), Carestream Health (US), Esaote S.p.A (Italy), IDEXX Laboratories, Inc. (US), Mindray Medical International Limited (China), Canon Inc. (Japan), Heska Corporation (US), Siemens Healthineers (Germany), FUJIFILM Holdings Corporation (Japan), Konica Minolta Inc. (Japan), Samsung Electronics Co., Ltd. (South Korea), E.I. Medical Imaging (US), IMV imaging (UK), SEDECAL (Spain). Other players in the veterinary imaging market are Clarius Mobile Health (Canada), Shenzhen Ricso Technology Co. Ltd. (China), DRAMIÑSKI S.A. (Poland), Epica Animal Health (US), and ClearVet Digital Radiography Systems (US), MinXray Inc. (US), Hallmarq Veterinary Imaging (UK), Shantou Institute of Ultrasonic Instruments Co., Ltd (China), Sonoscape Medical Corp. (China), and Reproscan (US).
GE Healthcare is the leading player in the veterinary imaging market. The company’s leading position in the market is mainly due to its diversified product portfolio, active R&D activities, and wide distribution footprint across the globe. The company offers a wide variety of ultrasound and CT scanners as compared to other players operating in the market. However, the equipment offered by GE Healthcare is relatively more expensive than that of its competitors. Nearly three-quarters of GE Healthcare’s end users are hospitals, with other end users comprising the alternate care market, such as clinics and on-farm customers. The company has a strong brand image owing to its quality products, thus making it the leading player in the veterinary imaging market.
Carestream Health is a leading player in the veterinary imaging market. Onex Corporation provides imaging systems through its subsidiary Carestream Health, a global provider of medical and dental imaging and healthcare information technology solutions. The company has a strong product portfolio of digital radiography systems and software for veterinary applications. The technological advancements and features of CR and DR systems have increased their adoption among veterinarians, hospitals, and clinics. The company invests heavily in R&D activities; for example, in 2018, the company invested USD 189 million on developing new products and upgrading existing products. Onex Corporation is focusing on emerging countries in order to expand its business. In line with this, in November 2019, Carestream Health India Pvt. Ltd. announced the establishment of a global business operations center in Mumbai, India, as a corporate office. This helped the firm increase its presence in India. The company generates a considerable amount of revenue from international sales, thereby expanding market growth in new business horizons.
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Recent Developments
- In September 2021, Canon Inc. (Japan) has announced an agreement with Redlen Technologies Inc (Canada) to make Redlen a wholly-owned subsidiary. Canon will obtain advanced radiation detection and imaging technology to accelerate the development of Photon Counting CT systems to strengthen the Medical Systems Business.
- In September 2021, Heska Corporation (US) announced that the company had acquired majority ownership of Biotech Laboratories USA LLC which will increase the company’s owned global products line and intellectual property portfolio.
- In August 2021, Esaote S. p. A (Italy) North America Announced a three-year contract with Magnet Group, which provides Magnet Group (US) members full access to Esaote North Americas Comprehensive imaging portfolio and services. This partnership helped Esaote to increase its customer base and reach
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