Veterinary Imaging Market to Reach US$ 3.6 Billion by 2031, as per a TMR Study

The global 𝐯𝐞𝐭𝐞𝐫𝐢𝐧𝐚𝐫𝐲 𝐢𝐦𝐚𝐠𝐢𝐧𝐠 𝐦𝐚𝐫𝐤𝐞𝐭 demonstrates promising growth prospects, with significant developments anticipated by 2031. In 2022, the industry achieved a valuation of US$ 2.0 billion, and projections indicate a robust Compound Annual Growth Rate (CAGR) of 6.9% from 2023 to 2031, culminating in a figure surpassing US$ 3.6 billion by the conclusion of 2031.

Various factors contribute to the expansion of the veterinary imaging market, reflecting its dynamic landscape. A notable driver is the increased research and development (R&D) expenditure within the pharmaceutical industry, which positively impacts the size of the veterinary imaging sector. Furthermore, the advent of multimodal imaging devices and the growing emphasis on advanced technologies in healthcare present lucrative opportunities for market growth and diversification.

𝐆𝐫𝐚𝐛 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅:
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Veterinary facilities are embracing advanced imaging tools to improve diagnostic accuracy and treatment planning. Multimodal imaging devices are now crucial for small animal clinics, aiding in comprehensive diagnostics. Integration of digital imaging and AI enhances precision, meeting the rising demand for veterinary procedures. Future growth is anticipated, buoyed by technological advancements and growing awareness of veterinary healthcare needs.

𝐒𝐮𝐫𝐠𝐞 𝐢𝐧 𝐏𝐫𝐞𝐯𝐚𝐥𝐞𝐧𝐜𝐞 𝐨𝐟 𝐕𝐞𝐭𝐞𝐫𝐢𝐧𝐚𝐫𝐲 𝐃𝐢𝐬𝐞𝐚𝐬𝐞𝐬 𝐁𝐨𝐨𝐬𝐭𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭

The demand for advanced veterinary imaging products is soaring due to frequent disease outbreaks among animals. Increased awareness about these diseases and the need for early diagnosis to prevent outbreaks are driving revenue growth in the veterinary imaging market.

The potential loss of lives and economic impact caused by animal disease outbreaks highlights the critical importance of timely diagnosis in veterinary healthcare. Countries heavily reliant on animals for their economies face significant burdens during such outbreaks, emphasizing the need for early and accurate diagnosis.

The rise in concerns related to veterinary diseases like cardiovascular issues, cancer, and orthopedic disorders is boosting the value of the veterinary imaging market. Particularly, the increasing prevalence of conditions such as osteoarthritis in pets underscores the necessity for advanced veterinary imaging solutions. With these developments, the veterinary imaging industry is poised to play a crucial role in combating the growing prevalence of veterinary diseases.

𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:

3M, Johnson & Johnson, Medtronic Plc, Siemens Healthineers AG, GE Healthcare, Koninklijke Philips N.V., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., and Samsung

𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧:

Product Type

Equipment
Radiography (X-ray)
Ultrasound Imaging
Magnetic Resonance Imaging (MRI)
Computed Tomography
Endoscopy
Others
Imaging Reagents
Imaging Software

Animal Type

Small Animals
Large Animals

Application

Oncology
Orthopedics
Neurology
Cardiology
Others

End-user

Veterinary Clinics
Veterinary Hospitals
Veterinary Institutes & Research Centers

𝐑𝐞𝐠𝐢𝐨𝐧𝐬 𝐂𝐨𝐯𝐞𝐫𝐞𝐝:

North America(USA, Canada and Mexico)
Europe(UK, Germany, France and the Rest of Europe)
Asia Pacific(China, Japan, India, and the Rest of the Asia Pacific region)
South America(Brazil, Argentina and the Rest of South America)
Middle East and Africa(GCC and Rest of the Middle East and Africa)

𝐊𝐞𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬:

In January 2023, GE HealthCare and Sound Technologies, announced a distribution agreement for the Vscan Air, a state-of-the-art wireless pocket-sized ultrasound with crystal-clear image quality, whole-patient scanning capabilities, and user-friendly software, to U.S veterinary practices. Sound and GE HealthCare have a long-standing partnership that is now expanded to include the distribution of Vscan Air wireless devices.

In November 2022, OmniVision launched its OH02B image sensor with a 2-megapixel resolution. For use with reusable and disposable endoscopes, catheters, and guide wires in the fields of gastrointestinal, ENT, orthopedic, surgical, dental, and veterinary medicine, OH02B10 is a square 2 megapixel (MP) (1500 x 1500) CMOS image sensor.

𝐀𝐜𝐪𝐮𝐢𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐓𝐨𝐝𝐚𝐲:
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𝐌𝐚𝐫𝐤𝐞𝐭 𝐓𝐫𝐞𝐧𝐝𝐬:

Integration of artificial intelligence (AI) and machine learning (ML) algorithms for image analysis.
Adoption of portable and handheld imaging devices for point-of-care diagnostics.
Expansion of telemedicine and remote imaging services for rural and underserved areas.

𝐅𝐮𝐭𝐮𝐫𝐞 𝐎𝐮𝐭𝐥𝐨𝐨𝐤:

The veterinary imaging market is expected to witness continued innovation, with emphasis on developing cost-effective and user-friendly imaging solutions. Collaboration between industry players, research institutions, and regulatory bodies will be crucial for driving market growth and addressing emerging challenges.

𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐭𝐮𝐝𝐲 𝐏𝐨𝐢𝐧𝐭𝐬:

Adoption rate of advanced imaging modalities across different veterinary practices.
Market penetration in emerging economies and untapped regions.
Investment trends in research and development for new imaging technologies.
Regulatory landscape and compliance requirements for veterinary imaging equipment.

𝐁𝐫𝐨𝐰𝐬𝐞 𝐌𝐨𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐛𝐲 𝐓𝐌𝐑:

𝐌𝐨𝐝𝐮𝐥𝐚𝐫 𝐊𝐢𝐭𝐜𝐡𝐞𝐧 𝐀𝐩𝐩𝐥𝐢𝐚𝐧𝐜𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭- https://www.globenewswire.com/news-release/2023/02/20/2611231/0/en/Modular-Kitchen-Appliances-Market-Value-to-Reach-US-59-8-Billion-by-2031-TMR-Study.html

𝐑𝐞𝐬𝐩𝐢𝐫𝐚𝐭𝐨𝐫𝐲 𝐒𝐲𝐧𝐜𝐲𝐭𝐢𝐚𝐥 𝐕𝐢𝐫𝐮𝐬 𝐃𝐢𝐚𝐠𝐧𝐨𝐬𝐭𝐢𝐜 𝐓𝐞𝐬𝐭𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭- https://www.globenewswire.com/news-release/2023/02/20/2611365/0/en/Respiratory-Syncytial-Virus-Diagnostic-Testing-Market-Value-to-Exceed-US-1-9-Bn-by-2031-TMR-Study.html

𝐀𝐛𝐨𝐮𝐭 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡

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