Veterinary diagnostic imaging plays a crucial role in diagnosing various animal diseases by providing high-quality images of the internal structures of animals. These imaging modalities help veterinarians detect injuries, cancer, heart or skeletal problems, and other abnormalities in pets. X-ray imaging, ultrasound imaging, MRI imaging, and CT imaging are commonly used veterinary diagnostic modalities. Technological advancements have improved the imaging capabilities and made these modalities more efficient for diagnosis. The increasing adoption of pets and growing pet healthcare expenditure are fueling the demand for advanced veterinary diagnostic imaging modalities for improved diagnosis and treatment decisions.
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:
Integration of artificial intelligence in veterinary imaging is one of the key trends in this market. AI algorithms are facilitating automated diagnoses, improved image quality, workflow enhancement, and reduced diagnostic time. Integration of AI is allowing automated detection of anatomical structures, diseases, and other abnormalities in veterinary images. For instance, Anthropic has developed an AI-integrated veterinary X-ray imaging solution that can automatically detect 24 common bone fractures and other abnormalities in canine X-ray images. Such AI-driven solutions are improving the accuracy and efficiency of veterinary diagnostic imaging. Rising adoption of portable and handheld veterinary imaging devices is another trend. Compact devices allow on-site/point-of-care imaging, reducing patient transport and improving accessibility of diagnostic services.
Porter’s Analysis
Threat of new entrants: Low barrier to entry due to low capital requirements but established players have strong brand equity and distribution network.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes but suppliers have brand loyalty.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiated products and services leading to switching costs for buyers.
Threat of new substitutes: Threat of substitutes is low as diagnostic imaging solutions integrated with AI and cloud technologies have increased efficiency.
Competitive rivalry: High due to global presence of few large players investing in R&D and acquisitions for product development.
Key Takeaways
The Global Veterinary Diagnostic Imaging Market Size is expected to witness high growth. 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.
North America holds the leading position accounting for the largest share in the global market owing to growing pet population, rising veterinary healthcare expenditure and pet insurance purchase. Europe follows North America in terms of revenue share in the global Veterinary Diagnostic Imaging market.
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 of their global footprints to consolidate their market shares in lucrative regions.
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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