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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The new research report titled "Veterinary Diagnostic Imaging Market, Global Industry Analysis, and Forecast to 2027" gives a detailed analysis and future forecasts of the market.
The report highlights the significant players, including market size, share, and demand, development.
This report further covers the latest trends, technological advancements, and growth opportunities.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the veterinary diagnostic imaging market include GE, IDEXX, Esaote, Agfa Healthcare, Toshiba, Carestream Health, BCF Technology, Mindray, HallmarqS.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Veterinary Diagnostic Imaging Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/veterinary-diagnostic-imaging-market/download-sampleMarket DynamicsThe key factors likely to drive the industry's growth are rising spending on animal health and expanding the pet insurance sector.
Besides the high adoption rate of pets and the growing number of vet practitioners globally, a rise in pet owners' awareness is predicted to fuel these systems' demand over the forthcoming period.
