Veterinary MRI Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Veterinary MRI market is segmented by Product Type, Application, Animal Type (Small Animals, Large Animals) and Geography.

Market Snapshot

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Study Period:

2018 - 2026

Base Year:

2020

Fastest Growing Market:

Asia Pacific

Largest Market:

North America

CAGR:

5.7 %

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Market Overview

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 developed countries have the leading position in companion animal-ownership, owing to several factors, like favorable economic conditions, among others. As reported in 2017, by the ASPCA (American Society for the Prevention of Cruelty to Animals), every year, around 6.5 million companion animals enter animal shelters nationwide.

In the United States, out of those animals, approximately 3.3 million are dogs and 3.2 million are cats. ASPCA also estimated that 3.2 million shelter animals are adopted as pets each year; among which, around 1.6 million are dogs and the rest 1.6 million are cats.

The emerging markets, such as China and India, are also experiencing fast growth in animal adoption, along with general awareness about animal health. The large livestock population in India is one of the key factors contributing to this market’s growth.

Scope of the Report

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 the abnormalities in animals.

By Product Type
MRI Systems
Imaging Software
Others
By Application
Cardiology
Oncology
Neurology
Orthopedics
Other Applications
By Animal Type
Small Animals
Large Animals
Geography
North America
United States
Canada
Mexico
Europe
United Kingdom
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle-East and Africa
GCC
South Africa
Rest of Middle-East and Africa
South America
Brazil
Argentina
Rest of South America

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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.

According to the MSD manuals, it was estimated that more than 10% of the animals that are examined by a veterinarian have some form of cardiovascular disease. Unlike diseases of other organ systems, cardiovascular diseases generally do not go away, but almost always become more serious and may lead to death. Hence, due to the increasing need for care, the segment is expected to grow over the forecast period.

Vet MRI - 2.png

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United States to Dominate the Market

The United States 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 market growth.

According to the 2017-2018 National Pet Owners Survey conducted by the American Pet Products Association (APPA), 68% of US households, or about 85 million families, own a pet. This is up from 56% of US households in 1988, the first year the survey was conducted. Dogs and cats are the most common pets with population of nearly 60 million and 47 million, respectively. §Hence, the increased pet and livestock ownership and increased awareness about their health are major factors, driving the growth of this market.

Vet MRI - 3.png

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Competitive Landscape

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.

Table of Contents

  1. 1. Introduction

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Increased Pet Ownership and Initiatives for Animal Health

      2. 4.2.2 Technological Advancements in Veterinary Imaging

    3. 4.3 Market Restraints

      1. 4.3.1 High Cost of MRI Systems

      2. 4.3.2 Lack of Skilled Veterinarians

    4. 4.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product Type

      1. 5.1.1 MRI Systems

      2. 5.1.2 Imaging Software

      3. 5.1.3 Others

    2. 5.2 By Application

      1. 5.2.1 Cardiology

      2. 5.2.2 Oncology

      3. 5.2.3 Neurology

      4. 5.2.4 Orthopedics

      5. 5.2.5 Other Applications

    3. 5.3 By Animal Type

      1. 5.3.1 Small Animals

      2. 5.3.2 Large Animals

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Mexico

      2. 5.4.2 Europe

        1. 5.4.2.1 United Kingdom

        2. 5.4.2.2 Germany

        3. 5.4.2.3 France

        4. 5.4.2.4 Italy

        5. 5.4.2.5 Spain

        6. 5.4.2.6 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 Australia

        5. 5.4.3.5 South Korea

        6. 5.4.3.6 Rest of Asia-Pacific

      4. 5.4.4 Middle-East and Africa

        1. 5.4.4.1 GCC

        2. 5.4.4.2 South Africa

        3. 5.4.4.3 Rest of Middle-East and Africa

      5. 5.4.5 South America

        1. 5.4.5.1 Brazil

        2. 5.4.5.2 Argentina

        3. 5.4.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Esaote SpA

      2. 6.1.2 Hallmarq Veterinary Imaging Inc.

      3. 6.1.3 Imotek International Ltd

      4. 6.1.4 Universal Medical Systems Inc.

      5. 6.1.5 Bruker Corporation

      6. 6.1.6 MR solutions

      7. 6.1.7 Burgess Diagnostics Ltd

      8. 6.1.8 Shenzhen Mindray Bio-Medical Electronics Co.

      9. 6.1.9 Mediso Ltd

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments

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Frequently Asked Questions

The Veterinary MRI Market market is studied from 2018 - 2026.

The Veterinary MRI Market is growing at a CAGR of 5.7% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

  • Esaote SpA
  • Bruker Corporation
  • Mediso Ltd.
  • MR Solutions
  • Imotek International Ltd

Are the major companies operating in Veterinary MRI Market.

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