The global veterinary imaging instrument industry size was valued at USD 1.44 billion in 2021 and will exhibit a CAGR of 5.7% from 2022 to 2030, according to the "Veterinary Imaging Instrument Industry Data Book, 2023 – 2030," published by Grand View Research. Soaring penetration of pet insurance across emerging and advanced economies and growing adoption rates have spurred market growth. The North American Pet Health Insurance Association noted that 3,979,282 pets were insured in the U.S. in YE 2021. Prominently, MRI, CT, ultrasound, digital image management and X-ray have become instrumental in the field of veterinary. Moreover, the advent of artificial intelligence in veterinary radiology will redefine veterinary practices.
X-ray applications in veterinary care present compelling opportunities with high accuracy, non-invasiveness and safety. The prevalence of lung disease, arthritis, pneumonia, cancer and potential trauma has fueled the demand for pet X-rays. Lately, digital x-ray machines have received an impetus for a clearer image and reduced radiation exposure.
The veterinary x-ray market size stood at USD 546.96 million in 2021 and will likely witness a 4% CAGR during the assessment period. Technologically advanced equipment can help boost a pet's life, prevent premature death, minimize treatment costs and augment the chance of full recovery. With radiology gaining prominence to streamline workflow, industry leaders are expected to seek digital x-rays for increased quality, speed of diagnosis and early detection of symptoms.
Order your copy of the Free Sample of "Veterinary Imaging Instrument Industry Data Book - Veterinary X-Ray, Veterinary Ultrasound, Animal MRI and Animal/Veterinary CT Imaging Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030" Data Book, published by Grand View Research
Stakeholders have furthered their emphasis on ultrasound to reshape healthcare for cats, dogs, cows, horses, goats, pigs, small mammals, reptiles and exotic animals. Ultrasound has become sought-after to examine the internal organs accurately and keep ionized radiation risk at bay. Furthermore, these devices have underscored pregnancy detection, enhanced healthcare and advanced diagnosis. The veterinary ultrasound market size amassed USD 326.71 million in 2021 and will expand at a CAGR of 6.8% over the forecast period. The growth outlook is partly due to the surge in cardiac disorders among animals.
Market players are likely to explore growth opportunities from the following trends:
- CT imaging has gained ground to provide images that might not be precise in ultrasound or other procedures.
- Endoscopy among animals has become pronounced to examine reproductive tracts, female urinary, and nasal passages and study intestines and stomachs.
- The Asia Pacific market is well-positioned in the industry against the backdrop of a soaring pet population, growing healthcare infrastructure and heightened awareness about animal diseases.
The U.S. and Canada are poised to provide lucrative growth opportunities for animal health experts, veterinary technicians and veterinarians. To reiterate, the bullish outlook is majorly due to the trend for pet insurance and a surge in animal health expenditure. According to NAPHIA's State of the Industry 2022 Report, nearly 4.41 million pets were insured in North America by the end of 2021. Additionally, stakeholders are zeroing in on soaring pet ownership, innovations in veterinary radiology software and the availability of myriad diagnostics alternatives. In essence, around 70% of U.S. households owned a pet as of 2022, the data cited in the Lemonade website showed.
Millennials and baby boomers are expected to seek health upsides of animal companionship across North America. The Centers for Disease Control and Prevention asserts that pets can help manage depression and loneliness with companionship. Moreover, it can minimize the feelings of PTSD symptoms and enhance cognitive functions in older adults. These trends are expected to ramp up the number of veterinarians across the region. The American Veterinary Medical Association suggested that there were 124,069 veterinarians in the U.S. as of 2022.
The competitive scenario alludes to an increased emphasis on organic and inorganic strategies to tap into the global landscape. Well-established and emerging players are slated to invest in product offerings, technological advancements, innovations, RD activities, collaboration and partnerships. For instance, in January 2023, GE HealthCare joined forces with Sound Technologies to distribute Vscan Air wireless ultrasound device that offers intuitive software, clear image quality and whole-patient scanning capabilities in the U.S.
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