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The veterinary imaging equipment market has experienced significant growth in recent years and is poised for continued expansion. This article explores the factors driving this growth, key trends, and the market outlook through 2028.

Current Market Size and Growth

• 2023 Market Size: $1.88 billion
• 2024 Projected Market Size: $2 billion
• CAGR: 6.7%

Key Growth Drivers in Recent Years

• Rise in Pet Ownership: Increased pet ownership has driven demand for veterinary services.
• Prevalence of Veterinary Diseases: More frequent veterinary diseases necessitate advanced imaging equipment.
• Expansion of Veterinary Services: Growing veterinary services infrastructure boosts market demand.
• Increased Animal Health Expenditure: Higher spending on animal health propels market growth.
• Awareness and Education: Enhanced awareness and education about animal health contribute to market expansion.

Future Market Projections

• 2028 Projected Market Size: $2.59 billion
• CAGR: 6.7%

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Future Growth Drivers

• Rising Demand for Specialty Services: Increased need for specialized veterinary care.
• Telemedicine and Remote Imaging: Growth in telemedicine and remote diagnostic services.
• Globalization of Veterinary Services: Expansion of veterinary services across borders.
• Focus on Preventive Care: Greater emphasis on preventive veterinary care.
• Research in Veterinary Imaging: Ongoing research fuels innovation and market growth.

Key Market Trends

• Advancements in Imaging Technologies: Continuous improvements in imaging technology.
• Focus on Point-of-Care Imaging: Greater emphasis on portable and accessible imaging solutions.
• Integration of Artificial Intelligence (AI): AI applications enhance diagnostic accuracy and efficiency.
• Specialized Imaging for Exotic Animals: Development of imaging solutions tailored for exotic pets.
• Telemedicine and Remote Consultations: Increased use of telemedicine for veterinary consultations.

Impact of Livestock Populations on Market Growth
The rising global livestock population is anticipated to significantly boost the veterinary imaging equipment market.

• Projected Livestock Growth by 2050:
  • Cattle: 2.6 billion
  • Goats and Sheep: 2.7 billion

Implications for the Market

• Increased Disease Detection and Treatment: Higher livestock populations will lead to greater demand for diagnostic and treatment equipment.
• Market Demand: Surge in livestock-associated diseases drives market need for veterinary imaging equipment.

Leading Companies in the Market
Prominent players in the veterinary imaging equipment market include:

• 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.

Innovation in Veterinary Imaging Equipment
Portable and Wireless Devices
Key companies are focusing on developing portable and wireless imaging devices.

• Example: Planmed Verity VET
  • Launch Date: September 2022
  • Features: High-resolution CT scanner for 3D imaging of animal skeletal structures.
  • Benefits: Provides precise volumetric images for accurate diagnosis and treatment planning.

Strategic Acquisitions

• Mindray’s Acquisition of HyTest Invest Oy: In September 2021, Mindray strengthened its diagnostic equipment portfolio through the acquisition, enhancing R&D capabilities and competitive edge.

Market Segmentation
By Type

• Radiography (X-Ray) System
• Ultrasound Imaging System
• Computed Tomography Imaging System
• Video Endoscopy Imaging System
• Magnetic Resonance Imaging System
• Other Types

By Animal Type

• Small Companion Animals
• Large Animals
• Other Animal Types

By Modality

• Portable
• Stationery

By Application

• Orthopedics and Traumatology
• Oncology
• Cardiology
• Neurology
• Other Applications

By End User

• Veterinary Hospitals
• Veterinary Clinics
• Academic and Research Organizations
• Other End Users

Regional Insights
North America

• Largest Market: North America was the largest region in the veterinary imaging equipment market in 2023, driven by advanced veterinary healthcare infrastructure and high pet ownership rates.

In summary, the veterinary imaging equipment market is set for robust growth driven by advancements in technology, rising demand for veterinary services, and the increasing livestock population. Key trends like portable devices, AI integration, and telemedicine will shape the market’s future, offering exciting opportunities for innovation and expansion.

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