|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The veterinary MRI market is expected to witness a CAGR of 5.7% over the forecast period.
The supply chain was disrupted, leading to difficulty in moving animal products, such as meat, milk, and eggs to markets. However, catering to the disrupted demand-supply chain, the Food and Agriculture Organization, in April 2020, published a new policy regarding the production of livestock and the supply chain of livestock products during the pandemic to ensure sufficient production of livestock. In May 2020, Animal Health Europe announced the European Commission adding veterinary medicines to the ‘'Communication for the Implementation of the Green Lanes under the Guidelines for Border Management Measures’', to protect health and ensure the availability of goods and essential services for the stable supply of safe, nutritious food and protection of pets during the pandemic. Therefore, the pet cancer therapeutics market was affected too much by lockdowns and restrictions. A new article by the Nature Conservancy of Canada in April 2022 showed that there had been an increase in the demand for dog services on the Prince Edward Island of Canada, as the COVID restrictions began to ease off. The article indicated that the dog care business in the region has almost doubled in the previous two months for certain pet care facilities. This increase in pet care after the COVID-19 pandemic will positively impact the studied market in the forecast period.
The market for veterinary MRI is expected to grow over the forecast period, which is majorly attributed to the increasing awareness about veterinary healthcare and the growing pet ownership along with rising expenditure on veterinary health. The past few years have observed a significant rise in the adoption of companion animals, including dogs and cats. Cattle and swine were adopted for various commercial purposes. According to the American Society for the Prevention of Cruelty to Animals (ASPCA), every year, around 6.5 million companion animals enter animal shelters countrywide in the United States. Out of these animals, approximately 3.3 million are dogs. They also estimated that 3.2 million shelter animals are adopted as pets every year, among which 1.6 million are dogs. The American Pet Products Association (APPA) stated in its 2020 report that 68% of US households (or approximately 85 million families) own a pet. The survey also revealed that the total expenditure on pets in the United States was approximately USD 103.6 billion in 2020. According to the report, about 90 million dogs are owned in the United States. Hence, the rise in pet ownership indirectly generates a rise in the demand for proper diagnosing of various diseases that can help treat these animals, which is further expected to propel the growth of the market studied over the forecast period.
However, the high cost of MRI systems and lack of skilled veterinarians are expected to hinder the market growth.
Scope of the Report
As per the scope, magnetic resonance imaging is a medical imaging technique, which is used in radiology to produce pictures of the anatomy and the physiological processes of the body in both health and disease. These pictures are further used to diagnose and detect the presence of abnormalities in the body. Veterinary MRIs are specially designed to diagnose abnormalities in animals. The veterinary MRI market is segmented by product type (MRI systems, imaging software, and others), application (cardiology, oncology, neurology, orthopedics, and other applications), animal type (small animals, and large animals), and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across the major regions globally. The report offers the values (USD million) for the above segments.
|By Product Type|
|By Animal Type|
Key Market Trends
Cardiology is Expected to Witness Healthy Growth in the Application Segment
Cardiac diseases in animals can be congenital (they may present from birth) or acquired (occur at later stages in life). Many cardiac diseases in animals are heritable (passed on through the generations). Heritable cardiac diseases can be congenital or acquired. Often, heritable heart diseases occur with a higher prevalence in certain breeds of animals. Some of the most common diseases are congenital heart defects (patent ductus arteriosus, ventricular septal defect, pulmonic stenosis, sub-valvular aortic stenosis, and tricuspid valve dysplasia), mitral valve dysplasia, valve disease, mitral valve disease, cardiomyopathies, etc. The increasing trend for pet adoption in the country is also propelling the growth of the market studied. For Instance, as per the report published by the FEDIAF in 2021, Germany has a pet population of 26,400,000 of which 10,700,000 comprises dogs, and 15,700,000 comprises cats. The above source also reported that Germany is the leading country in Europe having the largest pet population of cats and dogs. Various research studies provide insight into the usage of MRI for cardiac diseases. According to a research study published in November 2021 and titled "The Feline Cardiomyopathies: 2. Hypertrophic Cardiomyopathy," hypertrophic cardiomyopathy (HCM) is the most prevalent type of feline cardiomyopathy that has been clinically observed. It may affect up to 15% of domestic cats, mostly as a subclinical condition. Fortunately, only a tiny percentage of these cats develop severe HCM that results in cardiac failure or arterial thromboembolism (ATE). Thus, such research studies are expected to increase market growth as the disease is not easily observed. Hence, such disease require medical imaging devices such as MRI which is expected to increase market growth.
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North America is Expected to Dominate the Market Over the Forecast Period
North America region is expected to retain its significant market share, owing to factors, such as rising pet adoption and the increasing per capita animal healthcare expenditure. In addition, the rise in the prevalence of various animal diseases and injuries has been identified as the major factor, fueling the market growth. The National Pet Owners 2021–2022 Survey was published by the American Pet Products Association (APPA). The spending on caring for pets grew over the previous year, according to 35% of pet owners, who said they spent more on food, wellness products, and other pet care items in the last 12 months than in the year before. As per the 2020 National Pet Owners Survey, conducted by the American Pet Products Association (APPA), around 67% of United States households, or about 84.9 million families, own a pet. Not only has ownership been increasing in recent years, but the livestock population has also increased steadily. Similarly, according to the United States Department of Agriculture’s National Agricultural Statistics Service, there are 30.1 million beef cows in the United States as of Jan. 1, 2022, down 2% from 2020. 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 to be household pets in 2020. The same source also states that within the population of dogs and cats, the percentage of pets receiving veterinary medical care during the past 12 months increased more significantly for cats than for dogs. According to the Animal Cancer Foundation, 65 million dogs and 32 million cats in the United States are diagnosed with cancer. Moreover, approximately 6 million new cancer diagnosed in pets every year. With increasing ownership of pets and livestock, United States citizens become more considerate of the health of these animals. According to the American Pet Products Association, the expenditure on pets in the United States is also rising, which may propel market growth. With increased ownership of pets and livestock, United States citizens have also become more considerate toward the health of these animals. According to the American Pet Products Association, the expenditure on pets in the United States in 2020 was USD 126 billion, which will fuel the market studied.
Thus, the aforementioned factors are expected to increase the market growth.
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The veterinary MRI market is moderately competitive with a presence of global, as well as local companies. Most of the companies involved in the market are the international players and it is observed that the market penetration is diffcult as the cost of manufacturing is higher for this market. However, the companies in the veterinary MRI market are focusing on implementation of the technology to its products to gain the attention of more consumers.
Imotek International Ltd
- In April 2022, three new purpose-built clinics Veterinary Urgent Care Clinics launched in San Diego in Rancho Peñasquitos, Oceanside, and Irvine in Orange County.
- In August 2021, National Veterinary Associates and Ethos Veterinary Health agreed to join the NVA community and partner in advancing veterinary medicine for patients and their families.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increased Pet Ownership and Initiatives for Animal Health
4.2.2 Technological Advancements in Veterinary Imaging
4.3 Market Restraints
4.3.1 High Cost of MRI Systems
4.3.2 Lack of Skilled Veterinarians
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value – USD million)
5.1 By Product Type
5.1.1 MRI Systems
5.1.2 Imaging Software
5.2 By Application
5.2.5 Other Applications
5.3 By Animal Type
5.3.1 Small Animals
5.3.2 Large Animals
5.4.1 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.4.4 Middle-East and Africa
220.127.116.11 South Africa
18.104.22.168 Rest of Middle-East and Africa
5.4.5 South America
22.214.171.124 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Esaote SpA
6.1.2 Hallmarq Veterinary Imaging Inc.
6.1.3 Imotek International Ltd
6.1.4 Universal Medical Systems Inc.
6.1.5 Bruker Corporation
6.1.6 MR solutions
6.1.7 Burgess Diagnostics Ltd
6.1.8 Shenzhen Mindray Bio-Medical Electronics Co.
6.1.9 Mediso Ltd
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Frequently Asked Questions
What is the study period of this market?
The Global Veterinary MRI Market market is studied from 2019 - 2027.
What is the growth rate of Global Veterinary MRI Market?
The Global Veterinary MRI Market is growing at a CAGR of 5.7% over the next 5 years.
Which region has highest growth rate in Global Veterinary MRI Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Veterinary MRI Market?
North America holds highest share in 2021.
Who are the key players in Global Veterinary MRI Market?
Esaote SpA, Bruker Corporation, Mediso Ltd., MR Solutions, Imotek International Ltd are the major companies operating in Global Veterinary MRI Market.