The veterinary MRI market is expected to grow at a CAGR of 6.5% during the forecast period of 2024 to 2032. Animal products such as meat, milk, and eggs were unable to reach markets as a result of the disruption in the supply chain. In response to the disruption in the demand-supply chain, the Food and Agriculture Organization published in April 2020 a new policy regarding the production of livestock and the supply chain of livestock products during the pandemic 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 health and ensure the availability of goods and services for the stable supply of safe, nutritious food and the protection of pets during the pandemic. Consequently, lockdowns and restrictions had an excessive impact on the market for cancer therapeutics for pets. As COVID restrictions began to relax in April 2023, a new Nature Conservancy of Canada article revealed an increase in the demand for dog services in the Canadian province of Prince Edward Island. According to the article, the dog care business in the region has nearly doubled over the past two months at certain pet care facilities. However, the high cost of MRI systems and the dearth of qualified veterinarians are anticipated to impede market expansion.
Raising Understanding of Veterinary Healthcare
The market for veterinary MRI is anticipated to expand over the forecast period, which is primarily attributable to the growing awareness of veterinary healthcare, the increasing pet ownership, and the rising expenditures on veterinary health. Over the past few years, the adoption of companion animals, including dogs and cats, has increased significantly. Cattle and pigs were domesticated for commercial purposes. The American Society for the Prevention of Cruelty to Animals (ASPCA) estimates that approximately 6.5 million companion animals enter animal shelters in the United States annually. There are approximately 3,3 million dogs among these animals. Additionally, they estimated that 3,2 million shelter animals are adopted annually, of which 1,6 million are dogs. In its 2020 report, the American Pet Products Association (APPA) stated that 68% of US households (or approximately 85 million families) own a pet. In addition, the survey revealed that the total amount spent on pets in the United States in 2020 was approximately $103.6 billion. The report indicates that approximately 90 million dogs are owned in the United States. Consequently, the increase in pet ownership indirectly generates an increase in the demand for accurate diagnosis of various diseases that can aid in the treatment of these animals, which is expected to further propel the growth of the studied market over the forecast period.
Technological Innovations to Boost the Market Growth
Technological advances are a major factor in the expansion of the market. Companies engage in product R&D, product launches, and product upgrades to overcome obstacles and expand their market share. Hallmarq Veterinary Imaging, for instance, launched a zero-helium small animal MRI machine in November 2023 in response to the helium supply shortage, soaring helium prices, and increased sustainability. To cool the MRI magnet coils, the new machine requires neither helium nor additional power. It employs vacuum technology and a conduction-based cooling system as an alternative.
Increase In the Number of Companion Animals
A consistent increase in the number of companion animals is another factor driving the expansion of the veterinary MRI market. According to the American Pet Products Association (APPA), and the American Veterinary Medical Association (AVMA), the U.S. dog population will increase from 76 million in 2017 to 86 million in 2021. Similarly, the population of cats has increased from approximately 58 million in 2017 to approximately 66 million in 2021. According to the European Pet Food Industry Federation (FEDIAF), the region's dog population increased from approximately 84 million in 2017 to 92 million in 2021. From 2017 to 2021, the cat population in Europe increased from approximately 102 million to 113 million.
MRI Scanners Dominate the Market by Solution
In terms of solutions, MRI scanners represented over 42% of the market in 2023. Launch of vet-specific equipment by market participants, strategic initiatives by stakeholders, and technological advancements are some of the key factors driving the segment's significant share. For instance, the Anicura Valencia Sur Veterinary Hospital in Spain uses a GE Healthcare MRI scanner to image the brains and spinal cords of dogs to diagnose and treat conditions such as canine epilepsy. The hospital has also scanned cats and rabbits with the scanner. During the forecast period, the software & services segment is anticipated to grow at the highest CAGR of over 8.3%. This includes software such as the IDEXX Web PACS Software, which integrates with DICOM-compliant MRI modalities for optimal image sharing, consultation, and storage. It also includes training and education services, such as the Digital Educational Program provided by the MRI VET Academy of Esaote SPA.
Small Animals Leading the Animal Type Segment
The small animal segment held the largest revenue share of the market in 2023 and is expected to grow at the highest CAGR during the forecast period. This is due to rising pet-related expenses and the adoption of pet insurance. Dogs dominated the market for small animals due to the popularity of canines as pets and the rising prevalence of diseases among pets. In 2021, according to the North American Pet Health Insurance Association, approximately 4.41 million pets were insured in the region. Moreover, according to Fetch, Inc., MRIs are among the diagnostic tests covered by its pet insurance plans for any covered condition. The business provides these services to approximately 0.28 million pets. The segment of large animals that includes horses is also anticipated to expand significantly in the coming years. The Animal Hospital at Murdoch University in Australia purchased a standing MRI machine for horses in December 2023 to enhance its diagnostic and service capabilities.
Cardiac Conditions to Remain the Fastest Growing Segment During the Forecast Period
Cardiac conditions in animals can be congenital (present at birth) or acquired (occur at later stages in life). Numerous cardiac disorders in animals are inherited (passed on through the generations). Congenital or acquired, heritable cardiac diseases can be inherited. Often, certain animal breeds have a higher incidence of heritable heart diseases. 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. are among the most common diseases. The rising trend of pet adoption in the country is also driving the expansion of the studied market. According to a report published by FEDIAF in 2021, Germany has a total pet population of 26,400,000, of which 10,700,000 are dogs and 15,600,000 are cats. According to the source cited previously, Germany is the country in Europe with the largest cat and dog population. Numerous research studies shed light on the application of MRI for cardiac diseases. According to a November 2021 study titled "The Feline Cardiomyopathies: 2. Hypertrophic Cardiomyopathy," hypertrophic cardiomyopathy (HCM) is the most commonly observed form of feline cardiomyopathy. Up to 15% of domestic cats may be affected, primarily as a subclinical condition. Fortunately, a negligible proportion of these cats develop severe HCM, resulting in cardiac failure or arterial thromboembolism (ATE). As the disease is difficult to detect, it is anticipated that such studies will stimulate market growth. Consequently, such diseases necessitate medical imaging devices such as MRI, which is anticipated to stimulate market expansion.
Veterinary Hospitals Dominated the Market by End Use
In 2023, veterinary hospitals accounted for the largest share of the market, surpassing 50%. The higher budget capacity of hospital facilities, the significant volume of patients served, and the expansion of service offerings to increase revenue all contribute to the segment's high share. For instance, the North Shore Veterinary Hospital in Australia provides MRI services using its 1.5 Tesla Siemens MRI machine. GE Healthcare's SIGNA Explorer MRI scanner was installed at Fredrikstad Animal Hospital in Norway in 2019 to enhance its diagnostic capabilities and service offerings. In contrast, veterinary clinics are anticipated to experience the highest CAGR in the coming years, at over 8.3%. The increasing number of veterinary clinics, efforts by companies to make their products more affordable, and the rising demand for veterinary diagnostics in pets are some of the factors driving the segment's expansion. In 2018, Hallmarq Veterinary Imaging, for example, introduced a new financing model to enable practices to acquire MRI equipment of high quality. This was determined by three financial principles: cash flow management, cost reduction, and return on investment.
North America Remains as the Global Leader
In 2023, North America dominated the market with a share of greater than 50%. This is due to the development of veterinary healthcare facilities, the increasing humanization of pets, and the rise in pet expenses. According to the APPA's 2021-2023 National Pet Owners Survey, pet owners in the United States spent approximately USD 123,6 billion on their companion animals. Veterinary care and product sales made up 34,3 billion dollars of this total.
American Pet Products Association released the National Pet Owners 2021–2023 Survey (APPA). 35% of pet owners reported spending more on pet food, wellness products, and other pet care items in the last 12 months than they did in the previous year. According to the American Pet Products Association's (APPA) 2020 National Pet Owners Survey, 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 the livestock population has also grown steadily. According to the National Agricultural Statistics Service of the United States Department of Agriculture, there are 30,1 million beef cows in the United States as of January 1, 2023, a decrease of 2% from 2020. The Canadian Animal Health Institute (CAHI) has released the results of its 2020 Pet Population Survey as of February 2021. According to the survey, the dog population in Canada increased from 7.6 million to 7.7 million between 2018 and 2020, while the cat population remained stable. According to the same source, cats will continue to outnumber dogs in 2020, with 8,1 million cats considered household pets. According to the same source, within the population of dogs and cats, the proportion of pets receiving veterinary medical care increased significantly more for cats than for dogs over the past year. According to the Animal Cancer Foundation, cancer affects 65 million dogs and 32 million cats in the United States. Additionally, approximately 6 million new cases of cancer are diagnosed annually in pets. Citizens of the United States become more concerned about the health of pets and livestock as their ownership of such animals increases. According to the American Pet Products Association, pet-related spending in the United States is also on the rise, which may stimulate market expansion. Citizens of the United States have become more considerate of the health of pets and livestock as their ownership of such animals has increased. According to the American Pet Products Association, pet-related spending in the United States will reach USD 126 billion in 2020, fueling the studied market. Thus, the aforementioned factors are anticipated to stimulate market expansion.
During the forecast period, Asia-Pacific is anticipated to have the highest CAGR of over 9.1%. This is a result of the increasing pet population, awareness of pet health, accessibility to veterinary care, and the presence of local businesses. For instance, Shanghai Toex International Trading Co., Ltd. is a Chinese company that manufactures and sells veterinary equipment, such as MRIs. The magnetic field strength of the company's Veterinary MRI Equipment is adjustable between 0.3T, 0.35T, and 0.4 T.
Competition to Intensify During the Forecast Period
The veterinary MRI market is moderately competitive, with global and local companies present. As manufacturing costs are higher for this market, market penetration is observed to be difficult, as the majority of market participants are multinational corporations. However, companies in the veterinary MRI market are concentrating on incorporating technology into their products to attract more customers. The market is competitive, with large, medium, and small companies present. For example, Hallmarq Veterinary Imaging launched Imaging-as-a-Service (IaaS) for Small Animal Practices in September 2023. 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 located within the veterinary care facility. Some key players in the global veterinary MRI market are Esaote SPA, General Electric Company, Siemens, Hallmarq Veterinary Imaging, Shenzhen Anke High-tech Co., Ltd., Time Medical Systems, IDEXX Laboratories, Inc, and others.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Veterinary MRI market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Application
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Solutions
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Animal Type
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End-use
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
