by Veterinary diagnostic imaging refers to advanced medical imaging techniques such as X-ray, ultrasound, MRI, CT, and endoscopy used to visualize organs, soft tissues, bones or fluids within the body of animals and diagnose diseases and injuries. With growing adoption of companion animals and rising spending on animal health, there is an increasing need for efficient veterinary diagnostic tests and procedures that help better care for pets and livestock.
The global Veterinary Diagnostic Imaging Market is estimated to be valued at US$ 962.7 Mn 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 key trends: Rising ownership of companion animals globally is one of the major drivers of the veterinary diagnostic imaging market. According to the recent study by the American Pet Products Association, around 85 million households in the US own at least one pet. Growing humanization of pets has encouraged pet owners to spend more on animal health which contributes to the adoption of advanced veterinary diagnostic imaging modalities. This growing demand for pets is expected to augment the veterinary diagnostic imaging market during the forecast period.
SWOT Analysis
Strength: The veterinary diagnostic imaging market possesses advanced diagnostic imaging technology such as MRI, CT, X-ray, and ultrasound that provide accurate diagnosis.
Weakness: High costs associated with veterinary diagnostic imaging equipment and procedures hamper the growth of the market.
Opportunity: Rising pet ownership and increasing animal healthcare expenditure presents an opportunity for market growth.
Threats: Lack of knowledge regarding animal health issues in developing regions poses a threat to market expansion.
Key Takeaways
The global veterinary diagnostic imaging market demand is expected to witness high growth owing to rising animal healthcare expenditure worldwide. The global Veterinary Diagnostic Imaging Market is estimated to be valued at US$ 962.7 Mn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030.
Regional analysis
North America is expected to continue dominating the veterinary diagnostic imaging market during the forecast period. This is attributed to increased pet care spending and growing awareness among pet owners regarding early disease diagnosis in animals. Factors such as rising incidence of animal diseases and increasing number of veterinary practices also support market growth in the region.
Key players
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. These players are focusing on new product launches and expansion strategies to strengthen their global presence
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
