Veterinary Mri Market Size, Share, Industry Trends and Forecast to 2030

1. What is the Market Size & CAGR of Veterinary MRI Market in 2021?

The global Veterinary MRI market is estimated to be valued at USD 125.5 million in 2021 with a Compound Annual Growth Rate (CAGR) of 5.2% from 2021 to 2028. This significant growth is driven by the increasing adoption of advanced imaging technologies in veterinary medicine and the rising prevalence of chronic diseases in animals.

2. COVID-19 Impact on the Veterinary MRI Market

The COVID-19 pandemic has had a mixed impact on the Veterinary MRI market. While the initial lockdowns and restrictions led to a temporary decline in the demand for non-essential veterinary services, the market has since rebounded due to the growing importance of pet care and the increasing investments in veterinary healthcare.

3. Veterinary MRI Dynamics

The Veterinary MRI market is driven by factors such as the rising prevalence of cancer and neurological disorders in animals, the increasing focus on preventive healthcare for pets, and the advancements in MRI technology. Additionally, the growing awareness about early disease detection and treatment among pet owners is expected to drive market growth in the coming years.

4. Segments and Related Analysis

4.1 By Product Type:

- Low-field MRI Systems

- High-field MRI Systems

The high-field MRI systems segment accounted for the largest market share in 2021, owing to their superior imaging quality and clarity compared to low-field systems.

4.2 By Animal Type:

- Companion Animals

- Livestock Animals

Companion animals segment is expected to witness significant growth due to the increasing adoption of pets and the rising awareness about pet healthcare among owners.

5. By Region Analysis

5.1 North America

- The North American Veterinary MRI market is projected to lead the global market due to the presence of key market players, technological advancements, and high pet ownership rates in the region.

5.2 Europe

- Europe is expected to witness significant growth in the Veterinary MRI market, driven by the increasing investments in veterinary healthcare infrastructure and the rising demand for advanced imaging technologies.

5.3 Asia Pacific

- The Asia Pacific region is anticipated to register the highest CAGR during the forecast period, attributed to the growing pet population, rising disposable incomes, and the increasing focus on pet healthcare.

6. Key Market Players and Competitive Landscape

Some of the key players in the Veterinary MRI market include Siemens Healthineers, Esaote S.p.A., Hallmarq Veterinary Imaging, and General Electric Company. These companies are focusing on product launches, collaborations, and acquisitions to strengthen their market presence.

7. Recent Happenings in the Veterinary MRI Market

- In July 2021, Siemens Healthineers launched a new range of veterinary MRI systems with advanced imaging capabilities and improved patient comfort features.

- In February 2022, Hallmarq Veterinary Imaging introduced a portable MRI system for equine imaging, aimed at improving diagnostic capabilities in large animals.

- The Veterinary MRI market is witnessing significant advancements in technology and product innovation, driven by the increasing demand for accurate and efficient diagnostic imaging solutions for animals.