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North American Veterinary Imaging Market revenue to cross $1.1 Bn by 2028
Published Date: 2022-01-13
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North American Veterinary Imaging Market size is anticipated to reach USD 1.1 billion by 2028, according to a latest forecast report by Graphical Research.
Owing to the increasing animal health expenditure, the rate of adoption of veterinary imaging for the proper treatment of animals is noted to increase in North America. For instance, in 2020, according to the Insurance Information Institute (III), total pet industry expenditures in the U.S. totaled USD 103 billion, up 6.7 percent from USD 97.1 billion in 2019. Thus, rising animal health expenditure in U.S. is expected to boost the market growth.
Technological advancement in veterinary imaging such as introduction of magnetic resonance imaging (MRI), laparoscopy, 3D printing and ultrasound scans resulted in high-quality real information on muscle structures and internal bone of the animal. Such advancement in veterinary imaging is expected to create a profitable opportunity in the market. Moreover, the adoption of digital radiograph replacing the X-ray film for digital communication enabled veterinarians to improve the animal health is also noted to augment the market demand.
The veterinary imaging reagents segment accounted for over 33% market share in 2021. Veterinary imaging reagents help the instruments with better visibility while also simplifying the detection of problems in the animals. For instance, in order to enhance the visibility of structures recognized by X-ray techniques such as projection radiography and computed tomography, several reagents are used. Further, the use of nonionic contrast agents in CT scan can markedly improve the diagnostic sensitivity and accuracy of CT scan, thereby offering better results.
The Large animals segment held more than 38% market share in 2021 due to the increasing R&D activities, the veterinary imaging products are noted to be upgraded for large animals. Additionally, with the increasing focus on the dairy industry, providing optimum care for large animals is gaining significant traction. Hence, the increasing number of veterinary practitioners and hospitals in the region for the treatment of large animals is anticipated to boost the market growth.
Browse detailed statistical insights from the report, “North America Veterinary Imaging Market Forecast 2028 By End-use (Hospitals, Clinics), By Product (Veterinary Imaging Instruments [Radiography (X-ray) Systems, Ultrasound Systems, Computed Tomography Systems, Magnetic Resonance Imaging Systems, Video Endoscopy Imaging Systems, Nuclear Imaging Scanners] Veterinary Software, Veterinary Imaging Reagents [Ultrasound Contrast Reagents, MRI Contrast Reagents, X-Ray/CT Contrast Reagents, Nuclear Imaging Reagents), By Animal Type (Small Companion Animals, Large Animals), By Application (Orthopedics and Traumatology, Oncology, Cardiology, Neurology), Research Report, Country Outlook (U.S., Canada), COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
The oncology segment was valued at over USD 195.8 million revenue in 2021 credited to the increasing prevalence of cancer in animals. Moreover, increasing R&D activities in detecting and treating cancer will further boost the market revenue. Significant support from pet insurance providers for covering pet diagnostic services, including veterinary imaging, in pet insurance plans boosts the pet ownership statistics and
The clinic segment dominated around USD 249.4 million revenue in 2021. Availability of technologically advanced devices in clinics that are helpful to diagnose various diseases will drive the market growth. Moreover, quality treatment and early detection of diseases in clinics will further boost the market size. Additionally, increasing awareness among pet owners about the preventive and routines care is expected to influence the market expansion.
Canada veterinary imaging industry is slated to surpass USD 86.8 million by 2028 attributed to increasing awareness among the pet owners about the health of companion animals. Also, growing zoonotic diseases are expected to drive the demand for veterinary imaging devices among veterinarians. Moreover, increasing animal healthcare spending for effective animal treatment will fuel the market value. Furthermore, increasing incidence of internal injuries in animal will foster the market revenue.
The North American veterinary imaging market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2017 to 2028, for the following segments:
North America Market, By Product
- Veterinary imaging instruments
- Radiography (X-ray) systems
- Ultrasound systems
- Computed tomography systems
- Magnetic resonance imaging systems
- Video endoscopy imaging systems
- Nuclear imaging scanners
- Other imaging systems
- Veterinary software
- Veterinary imaging reagents
- Ultrasound contrast reagents
- MRI contrast reagents
- X-ray/CT contrast reagents
- Nuclear imaging reagents
North America Market, By Animal Type
- Small companion animals
- Large animals
- Other animals
North America Market, By Application
- Orthopedics and traumatology
North America Market, By End-use
The above information has been provided for the following countries:
- North America