Global Veterinary Imaging Market Opportunities And Strategies 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s veterinary imaging market report forecasts the veterinary imaging market size to grow to $2.36 Billion by 2027, with a CAGR (compound annual growth rate) of almost 8%.
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Veterinary Imaging Market Size Forecast
The global veterinary imaging market is expected to grow from $1.59 billion in 2022 to $1.74 billion in 2023 at a compound annual growth rate (CAGR) of 9.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global veterinary imaging market size is expected to reach $2.36 billion in 2027 at a CAGR of 7.9%.
North America held the largest veterinary imaging market share.
Key Veterinary Imaging Market Driver – Rise In The Prevalence Of Veterinary Diseases
According to a 2020 article released by the World Trade Organisation, a Switzerland-based international organisation, animal diseases account for 20% of worldwide livestock production each year. As a result, the increased prevalence of veterinary diseases is propelling the veterinary imaging market forward.
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Key Veterinary Imaging Market Trend – Product Innovations
Major market players are focusing their efforts on creating new and innovative goods in order to strengthen their market position. For example, Esaote SpA, an Italy-based medical diagnostic equipment manufacturing business, unveiled the Magnifico Vet MRI system in January 2023, a new and unique imaging solution for veterinary facilities. The MagnificoTM Vet MRI system is eco-friendly since it is made of long-lasting green permanent magnet technology, is cryogen-free, and uses far less electricity than superconducting systems. It is outfitted with cutting-edge technologies that provide imaging versatility across a wide range of clinical applications, such as Metal Artefact Reduction (MAR), which enables visualisation for post-surgical imaging, especially when microchips are present, and Speed Up and TR Reduction, which are advanced data acquisition algorithms.
Veterinary Imaging Market Segment
1) By Product: Veterinary Imaging Instruments, Veterinary Software, Veterinary Imaging Reagents
2) By Animal Type: Small Companion Animals, Large Animals
3) By Application: Orthopaedics And Traumatology, Oncology, Cardiology, Neurology
4) By End-Use: Veterinary Clinics And Hospitals, Other End-Uses
Veterinary Imaging Market Major Players and Strategies
Major players in the veterinary imaging market are Agfa-Gevaert N.V., Canon Inc., Carestream Health, Draminski S.A., E.I. Medical Imaging, Esaote S.P.A., Fujifilm Holdings Corporation, GE Healthcare, Heska Corporation, IDEXX Laboratories Inc., Konica Minolta Inc., MinXray Inc., Clarius Mobile Health, Shenzhen Ricso Technology Co. Ltd., and ClearVet Digital Radiography Systems.
In July 2022, Revo Squared LLC was acquired for an unknown sum by Zomedica Corp, a US-based veterinary health company that offers diagnostic and therapeutic solutions for companion animals. Zomedica Corp will use Revo’s revolutionary MicroView digital cytology platform to supply veterinarians with high-quality images as a result of this acquisition. Revo Squared LLC is a medical equipment firm based in the United States that produces veterinary imaging instruments.
The Veterinary Imaging Global Market Report 2023 covers regional data on veterinary imaging market size, veterinary imaging market trends and drivers, opportunities, strategies, and veterinary imaging market competitor analysis. The countries covered in the veterinary imaging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Veterinary imaging is a diagnostic technology that allows veterinarians to get precise images of internal body structures in order to discover and diagnose medical issues in animals.
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