Veterinary Ultrasound Imaging Is Fastest Growing Segment Fueling The Growth Of Veterinary Diagnostic Imaging Market

The global Veterinary Diagnostic Imaging Market is estimated to be valued at US$ 1.9 billion in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Veterinary diagnostic imaging includes X-ray, ultrasound, MRI and CT scans which are used to capture internal images of animals for diagnosis of various illnesses and injuries. These techniques help veterinarians examine the internal structures of animals non-invasively.

Market key trends:

One of the major trends in the veterinary diagnostic imaging market is growing demand for portable and handheld ultrasound scanners. Traditionally, ultrasound probes were attached to a cart-based system but now manufacturers are focusing on developing compact, affordable and wireless ultrasound devices which can easily be carried by veterinarians. These handheld ultrasounds offer convenience of use in clinics as well as at ambulatory settings. Since they are affordable and offer good image quality, portable ultrasounds are gaining popularity among small animal veterinarians globally.

Segment Analysis

The global veterinary diagnostic imaging market is segmented by technology, animal type, application, end-user and region. Based on technology, the x-ray segment dominated the market in 2021 with over share and is expected to continue its dominance over the forecast period. X-ray imaging is preferred for general diagnosis and as a first-line examination technique due to its relatively low cost and ability to provide good anatomic detail.

Key Takeaways

The Global Veterinary Diagnostic Imaging Market Growth was valued at US$ 1.9 billion in 2023. It is expected to grow at a CAGR of 7.3% during the forecast period of 2023 to 2030. North America dominated the market with over 35% share in 2021 owing to the increasing pet adoption and growing pet insurance coverage in the region. Meanwhile, Asia Pacific is projected to witness the highest CAGR during the forecast period due to rising awareness about animal health and increasing per capita animal healthcare expenditure in countries like India and China.

Key players operating in the veterinary diagnostic imaging market are Esaote SPA, Epica Animal Health, IDEXX Laboratories, Carestream Health, IMV Imaging, Fujifilm Holdings Corp., Hallmarq Veterinary Imaging, and Canon Medical Systems Corporation, among others. IDEXX Laboratories leads the global market with over 20% share in 2021 aided by its wide product portfolio and global presence. Fujifilm also has a sizable share due to its long-standing presence and continued investments in R&D.

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