Global Veterinary MRI Market Size

Veterinary MRI Market Analysis

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.