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Veterinary Imaging Equipment Market 2024 - By Size, Industry Scope, Global Share, Key Country Analysis And Forecast To 2033
Veterinary Imaging Equipment Market
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According to The Business Research Company's, 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 rise in pet ownership, prevalence of veterinary diseases, 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, growing research in veterinary imaging. Major trends in the forecast period include advancements in imaging technologies, growing focus on point-of-care imaging, integration of artificial intelligence (ai), specialized imaging for exotic animals, telemedicine and remote imaging consultations.
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Market Drivers and Trends:
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.
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 Ginland-based designer and manufacturer of imaging systems, launched 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.
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Major Key Players of the Market:
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.
Veterinary Imaging Equipment Market 2024 Key Insights:
• 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%.
• Expanding Livestock Populations Fueling The Veterinary Imaging Equipment Market
• Innovation In Imaging Equioment Market
• North America was the largest region in the veterinary imaging equipment market in 2023
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