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How is the Growth Rate of the Veterinary Imaging Market Estimated for 2024-2033?

Over the past few years, the veterinary imaging market has seen robust growth. It is projected to grow from $1.74 billion in 2023 to $1.89 billion in 2024, demonstrating a compound annual growth rate (CAGR) of 8.8%. The notable growth witnessed in recent history can be traced back to factors such as the rise in pet ownership, advancements in veterinary care, higher incidence of veterinary diseases, pet humanisation trends, and expansion of the companion animal sector.

Expectations are high for rapid expansion in the veterinary imaging market in the coming years. The market is predicted to surge to $2.55 billion by 2028, with a compound annual growth rate (CAGR) of 7.8%. This anticipated increase during the projection period can be linked to a growing emphasis on preemptive veterinary care, a rise in specialty veterinary services, global proliferation of veterinary services, incorporation of advanced technology in veterinary practices, and a heightened awareness of zoonotic diseases. Noteworthy trends during this forecast period encompass customization to cater to various animal species, the advent of 4D imaging technology, improvements in ultrasound technology, more frequent utilization of digital radiography, and the application of veterinary imaging in research.

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What Key Drivers Are Propelling the veterinary imaging Market’s Growth?

The veterinary imaging market is anticipated to grow due to the rising demand for meat and dairy products. These products are derived from animals like beef, pork, poultry, dairy items like milk, cheese, and yogurt and others. Veterinary imaging is essential in maintaining the health of livestock animals, which are the primary sources for meat and dairy products. For instance, the OECD-FAO Agricultural Outlook 2022-2031, a report from a France-based government agency, the Organization for Economic Co-operation and Development, predicts global meat production to hit 377 million tons by 2023. Consequently, the increased demand for meat and dairy products is fueling the growth of the veterinary imaging market.

What Are the Distinct Segments of the Veterinary Imaging Market?

1) By Product: Veterinary Imaging Instruments, Veterinary Software, Veterinary Imaging Reagents

2) By Animal Type: Small Companion Animals, Large Animals

3) By Application: Orthopedics And Traumatology, Oncology, Cardiology, Neurology

4) By End-Use: Veterinary Clinics And Hospitals, Other End-Uses

Which New Trends Are Making Waves in the Veterinary Imaging Market?

Prominent players in the veterinary market, including companies like Hallmarq Veterinary Imaging, are pioneering the introduction of cutting-edge tools such as the zero-helium small animal 1.5T MRI, specifically designed to enhance the veterinary disease diagnosis process. This innovative machine utilizes a strong vacuum with a conduction cooling mechanism, making it possible to discard the conventional requirement for materials such as helium, a quench pipe, an oxygen monitor, a routine external chiller, or any supplementary energy. In April 2023, Hallmarq Veterinary Imaging, a leading diagnostic imaging service provider based in the UK, unveiled this groundbreaking MRI machine. Intent on expanding the accessibility of diagnostic care for small animals, this MRI system simultaneously reduces the financial uncertainties, environmental impact, and supply chain issues typically associated with traditional helium-based MRI systems. It showcases a significant leap from Hallmarq’s earlier systems by marrying the proven efficiency of past machines with an environmentally-friendly cooling system.

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Which Regions Are Significant to the Growth of the Veterinary Imaging Market?

North America was the largest region in the veterinary imaging market in 2023. The regions covered in the veterinary imaging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Veterinary Imaging Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the veterinary imaging market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Veterinary Imaging Market Include

1. Veterinary Imaging Market Executive Summary

2. Veterinary Imaging Market Segments

3. Veterinary Imaging Market Size And Template Market Growth Rate

4. Key Veterinary Imaging Market Trends

5. Major Veterinary Imaging Market Drivers

……

25. Key Mergers And Acquisitions In The Veterinary Imaging Market

26. Top Veterinary Imaging Companies

27. Veterinary Imaging Market Opportunities And Strategies

28. Veterinary Imaging Market, Conclusions And Recommendations

29. Appendix

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