Europe Veterinary Imaging Market size crossed USD 396.9 million in 2021 and is predicted to exhibit a CAGR of 7.3% from 2022 to 2028. Rising concern of tumor and cancer in small animals will boost the market growth.
Get more details on this report - Request Free Sample PDF
Veterinary imaging is a cost-effective procedure for the diagnosis of diseases. Depending on application, the techniques of veterinary imaging divided into two categories: molecular and structural imaging. These techniques help to detect various diseases and injuries in animals without disturbing their daily life.
Increasing adoption of pet insurance in the region will fuel the market demand. Moreover, increasing adoption of sophisticated treatment coupled with suitable pet insurance plans will also contribute to the European veterinary imaging market growth.
Europe Market, By Product
The veterinary software segment will observe around 6.7% growth rate during the forecast timeframe. The veterinary software provides the opportunity to store information about the pet’s medical history. Furthermore, it also stores the information about their owner’s contact thus, allowing easy access about the medical information to the veterinary practitioners. Additionally, such software are essential for a smooth and integrated operation of various imaging devices.
Europe Market, By Animal Type
Small companion animals segment accounted more than 48.7% Europe veterinary imaging market share in 2021. Small animals are used to study various kind of drug development with respect to diseases. Thus, veterinary imaging is increasingly used at every stages of drug development. Moreover, the advantages of veterinary imaging system such as visualization of brain tumors without the need for film jackets, dark room and photo processing will positively impact the market revenue.
Europe Veterinary Imaging Market, By Application
The cardiology segment held around USD 73.9 million revenue in 2021. A high prevalence of cardiology-related illnesses is observed among pet populations. Moreover, increasing awareness regarding animal diseases among the animal’s owner and presence of various societies to further propagate awareness campaigns surrounding animal health will boost the market growth.
Europe Market, By End-use
Hospitals segment size in the Europe veterinary imaging market was over USD 188.3 million in 2021, due to presence of skilled veterinarians in the hospitals. Furthermore, technological advancement in veterinary imaging system will augment the market value. These advancements include cloud-based information management system and pet owner mobile technologies. Such advancement provides easy access to the pet owners about the animal health. Additionally, significant emphasis on the development and upgradation of veterinary healthcare infrastructure also contributes to the market share.
Europe Market, By Country
Italy veterinary imaging market will register 7.8% CAGR and is anticipated to reach USD 89.8 million by the end of 2028, due to increasing number of pet adoption. For instance, in 2020, according to the Italy - Country Commercial Guide, total pet population is estimated to be 60.3 million animals, including 7 million dogs, 7.3 million cats and 12.9 million birds, among others.
Moreover, there are few organizations in Italy that are creating awareness about various animal diseases. For instance, European Scientific Counsel Companion Animal Parasites (ESCCAP) brings together some of Italy's leading experts in the field of veterinary parasitology.
Competitive Industry Landscape
Major industry players include Agfa-Gevaert Group, Esaote SpA, United Imaging Healthcare, IMV imaging, and Siemens Healthineers, among others.
Players undertake various strategies such as new product launch, mergers, acquisitions, collaborations, geographic expansions to strengthen their market position. For instance, in May 2021, Esaote, the leading company in the biomedical field in Italy launched MyLab X75 ultrasound system. This system enhanced daily comfort and productivity by making ultrasound imaging easier.