Market Size of Global Veterinary Diagnostic Imaging Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.31 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Veterinary Diagnostic Imaging Market Analysis
The Veterinary Diagnostic Imaging Market Size is expected to register a CAGR of 7.31%, during the period (2022-2027).
The COVID-19 pandemic has had a strong impact on overall veterinary healthcare, which is majorly attributed to the restrictions on non-essential procedures or hospital visits. The pandemic led to delayed or missed care for pets in many countries, causing some veterinarians to worry that pet health may suffer. However, veterinarians are attempting to combat this by implementing strict COVID-19 safety measures in their clinics and vastly expanding the use of telemedicine for their patients. The pandemic increased pet adoption in some countries, resulting in more animal health care, which boosted the market for veterinary diagnostic imaging. For instance, in May 2021, the American Society for the Prevention of Cruelty to Animals (ASPCA) released new data which reported that nearly one in five households acquired a cat or dog since the beginning of the COVID-19 crisis. Such adoptions amid the pandemic increased the focus on pet health. Thus, it had a positive impact on the growth of the veterinary diagnostic imaging market.
The increasing adoption of companion and livestock animals was observed in recent years. This is expected to be one of the major drivers in the growth of the studied market. As of February 2021, the Canadian Animal Health Institute (CAHI) shared the results of its 2020 Pet Population Survey. As per the survey, from 2018 to 2020, the Canadian dog population continued to grow, increasing from 7.6 million to 7.7 million, while the population of cats stabilized. As per the same source, cats continue to outnumber dogs, with 8.1 million cats considered household pets in 2020. Additionally, according to the report by Agriculture and Agri-Food Canada, as of January 2021, Canadian farmers had 11.2 million cattle on their farms. This high number of adopted animals indicates the market opportunity for diagnostic imaging.
Similarly, People's Dispensary for Sick Animals, 2021, findings revealed that 51% of the United Kingdom adults own a pet, 26% of United Kingdom (UK) adults have a dog with an estimated population of 9.6 million pet dogs, 24% of the UK adult population have a cat with an estimated population of 10.7 million pet cats and 2% of the UK adult population have a rabbit with an estimated population of 900 thousand pet rabbits.
Hence, owing to the above-mentioned factors, the market studied is expected to witness healthy growth over the forecast period.
