The veterinary MRI market is anticipated to expand at a CAGR of 6.5% between 2024 and 2032. Due to the disruption in the supply chain, animal products including meat, milk, and eggs were unable to reach the market. In response to the disruption in the demand-supply chain, the Food and Agriculture Organization published in April 2020 a new policy regarding livestock production and the supply chain for livestock products during the pandemic in order to ensure adequate livestock production. Animal Health Europe announced in May 2020 that the European Commission would add veterinary medicines to the "Communication for the Implementation of the Green Lanes under the Guidelines for Border Management Measures" to protect public health and ensure the availability of goods and services for the stable supply of safe, nutrient-rich food and the protection of pets during the pandemic. Therefore, lockdowns and restrictions had a disproportionate effect on the market for cancer treatments for pets. In April 2023, as COVID restrictions began to loosen, a new Nature Conservancy of Canada article revealed a rise in demand for dog services in the Canadian province of Prince Edward Island. The dog care business in the region has nearly doubled in the past two months, according to the article. However, the high price of MRI systems and the scarcity of qualified veterinarians are expected to impede market expansion.
The market for veterinary MRI is anticipated to expand over the forecast period, primarily due to the increasing awareness of veterinary healthcare, the rising pet ownership rate, and the rising expenditures on veterinary healthcare. The adoption of companion animals, such as dogs and cats, has increased significantly in recent years. Cattle and swine were domesticated for economic reasons. According to the American Society for the Prevention of Cruelty to Animals (ASPCA), approximately 6.5 million companion animals enter animal shelters annually in the United States. Approximately 3.3 million dogs are included among these animals. In addition, they estimated that 3.2 million shelter animals are adopted annually, 1.6 million of which are dogs. American Pet Products Association (APPA) reported in its 2020 report that 68 percent of US households (or approximately 85 million families) own a pet. In addition, the total amount spent on pets in the United States in 2020 was approximately $103.6 billion, according to the survey. According to the report, there are approximately 90 million dog owners in the United States. Consequently, the rise in pet ownership indirectly increases the demand for accurate diagnoses of various diseases that can aid in the treatment of these animals, which is expected to propel the growth of the studied market over the forecast period.
The expansion of the market is largely due to technological advancements. To overcome obstacles and increase their market share, businesses engage in research and development, product launches, and product upgrades. In November 2023, Hallmarq Veterinary Imaging, for example, introduced a zero-helium small animal MRI machine in response to the helium supply shortage, soaring helium prices, and increased sustainability. The new MRI machine requires neither helium nor additional power to cool the magnet coils. As an alternative, it employs vacuum technology and a conduction-based cooling system.
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Another factor contributing to the expansion of the veterinary MRI market is the consistent rise in the number of companion animals. The American Pet Products Association (APPA) and the American Veterinary Medical Association (AVMA) predict that the number of dogs in the United States will increase from 76 million in 2017 to 86 million in 2021. In a similar fashion, the cat population has increased from approximately 58 million in 2017 to approximately 66 million in 2021. According to the European Pet Food Industry Federation (FEDIAF), the dog population in the region will increase from approximately 84 million in 2017 to 92 million in 2021. Europe's cat population increased from approximately 102 million to 113 million between 2017 and 2021.
In 2023, MRI scanners represented over 42% of the market for solutions. Launch of vet-specific equipment by market participants, strategic initiatives by stakeholders, and technological advancements are among the key factors driving the segment's substantial share. In order to diagnose and treat conditions such as canine epilepsy, the Anicura Valencia Sur Veterinary Hospital in Spain uses a GE Healthcare MRI scanner to image the brains and spinal cords of dogs. Using the scanner, the hospital has also scanned cats and rabbits. The software & services segment is anticipated to experience the highest CAGR of over 8.3% during the forecast period. This includes IDEXX Web PACS Software, which integrates with DICOM-compliant MRI modalities for optimal image sharing, consultation, and storage. It also consists of training and education services, such as the Digital Educational Program offered by the MRI VET Academy of Esaote SPA.
The market segment for small animals held the largest revenue share in 2023 and is anticipated to grow at the highest CAGR during the forecast period. This is a result of rising pet-related costs and the growing popularity of pet insurance. Due to the popularity of canines as pets and the escalating prevalence of diseases among small animals, dogs dominated the market for small animals. According to the North American Pet Health Insurance Association, in 2021 there will be approximately 4.41 million insured pets in the region. Moreover, according to Fetch, Inc., its pet insurance plans cover MRIs for any covered condition. Approximately 0.28 million animals are serviced by the company. In the coming years, the segment of large animals that includes horses is also anticipated to expand significantly. In December 2023, the Animal Hospital at Murdoch University in Australia acquired a standing MRI machine for horses to enhance its diagnostic and service capabilities.
Animals may have congenital (present at birth) or acquired cardiac conditions (occur at later stages in life). Numerous animal cardiac disorders are inherited (passed on through the generations). Congenital or acquired, cardiac diseases that are heritable can be inherited. Certain animal breeds frequently have a greater incidence of inherited heart diseases. The most prevalent diseases include 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 rising trend of pet adoption in the country also contributes to the market's expansion. According to a report published by FEDIAF in 2021, there are 26,400,000 pets in Germany, of which 10,700,000 are dogs and 15,600,000 are cats. According to the source cited previously, Germany has the largest cat and dog population in Europe. Numerous research studies shed light on the application of MRI in the diagnosis of cardiac diseases. Hypertrophic cardiomyopathy (HCM) is the most frequently observed form of feline cardiomyopathy, according to a November 2021 study titled "The Feline Cardiomyopathies: 2. Hypertrophic Cardiomyopathy." Up to fifteen percent of domestic cats may be affected, primarily as a subclinical condition. A negligible percentage of these cats develop severe HCM, resulting in cardiac failure or arterial thromboembolism, which is fortunate (ATE). Due to the difficulty of detecting the disease, it is anticipated that these studies will stimulate market growth. As a result, these diseases necessitate medical imaging devices such as MRI, which is expected to stimulate market growth.
In 2023, veterinary hospitals held the largest market share, surpassing 50%. The higher budget capacity of hospital facilities, the large number of patients served, and the expansion of service offerings to boost revenue all contribute to the segment's high market share. Using its 1.5 Tesla Siemens MRI machine, the North Shore Veterinary Hospital in Australia provides MRI services. The SIGNA Explorer MRI scanner from GE Healthcare was installed at Fredrikstad Animal Hospital in Norway in 2019 to enhance its diagnostic and service capabilities. In contrast, it is anticipated that veterinary clinics will experience the highest CAGR in the coming years, at over 8.3%. Increasing veterinary clinics, efforts by companies to make their products more affordable, and rising demand for veterinary diagnostics in pets are some of the factors driving the expansion of this market segment. In 2018, for instance, Hallmarq Veterinary Imaging introduced a new financing model to enable practices to acquire high-quality MRI equipment. This conclusion was reached based on three financial principles: cash flow management, cost reduction, and return on investment.
In 2023, North America held a market share greater than fifty percent. This is due to the growth of veterinary healthcare facilities, the increasing humanization of pets, and the increase in pet costs. According to the 2021-2023 National Pet Owners Survey conducted by the American Pet Products Association, pet owners in the United States spent approximately $123.6 billion on their companion animals. Veterinary services and product sales contributed $34.3 billion to this total.
The National Pet Owners 2021–2023 Survey was released by the American Pet Products Association (APPA). Three-fifths of pet owners reported spending more on pet food, wellness products, and other pet care items in the past year compared to the prior year. According to the 2020 National Pet Owners Survey conducted by the American Pet Products Association (APPA), approximately 67% of U.S. households, or approximately 84.9 million families, own a pet. In recent years, not only has livestock ownership increased but so too has the livestock population. According to the National Agricultural Statistics Service of the United States Department of Agriculture, as of January 1, 2023, there were 30,1 million beef cows in the United States, a decrease of 2% from 2020. As of February 2021, the Canadian Animal Health Institute (CAHI) has released the results of its 2020 Pet Population Survey. According to the survey, between 2018 and 2020, the dog population in Canada increased from 7.6 million to 7.7 million, while the cat population remained stable. According to the same source, 8.1 million cats will be considered household pets in 2020, surpassing the number of dogs. According to the same source, the proportion of cats receiving veterinary care has increased significantly more than that of dogs in the past year. According to the Animal Cancer Foundation, 65 million dogs and 32 million cats in the United States are affected by cancer. In addition, approximately six million new cases of cancer are diagnosed annually in domesticated animals. Citizens of the United States are more concerned about the health of their pets and livestock as the number of animals they own rises. According to the American Pet Products Association, pet-related spending is also increasing in the United States, which may stimulate market growth. As the number of pets and livestock owned by U.S. citizens has increased, they have become more concerned with their health. According to the American Pet Products Association, pet-related spending in the United States will reach USD 126 billion in 2020, thereby fueling the market under study. Thus, it is anticipated that the aforementioned factors will stimulate market expansion.
Asia-Pacific is anticipated to have the highest CAGR of over 9.1% during the forecast period. This is due to the growing pet population, awareness of pet health, availability of veterinary care, and presence of local businesses. For example, Shanghai Toex International Trading Co., Ltd. is a Chinese company that manufactures and sells MRIs and other veterinary equipment. The adjustable magnetic field strength of the company's Veterinary MRI Equipment ranges from 0.3T to 0.35T to 0.4T.
The market for veterinary MRI is moderately competitive, with both international and local companies present. As a result of the market's higher manufacturing costs, market penetration is deemed challenging, as the majority of market participants are multinational corporations. To attract more customers, companies in the veterinary MRI market are focusing on incorporating technology into their products. There are large, medium, and small companies competing in the market. In September 2023, for instance, Hallmarq Veterinary Imaging launched Imaging-as-a-Service (IaaS) for Small Animal Practices. This offering is based on a subscription-based business model that provides remote access to licensed MRI technologists to operate the Small Animal MRI machine within the veterinary care facility. Esaote SPA, General Electric Company, Siemens, Hallmarq Veterinary Imaging, Shenzhen Anke High-tech Co., Ltd., Time Medical Systems, IDEXX Laboratories, Inc, and others are key players in the global veterinary MRI market.
