Veterinary Imaging Market Trends

Growth Drivers

• Growing importance of maintaining animal health: Enhanced focus on animal welfare and preventive care is creating a surge in early diagnosis and, hence, fueling the market. This can be testified by the explosive value of the animal health industry, which is expected to reach USD 163.3 billion by 2034. The heightening prevalence of chronic ailments and musculoskeletal disorders in pets and livestock is also boosting the significance of this sector. Evidencing the same, a study on the impact of disease and infections on livestock production in Tanzania revealed that up to a 31.0% morbidity rate and 58.4% mortality rate were observed across dairy farms in 2022. These push farmers and food safety authorities to invest in this category.
• Government-backed investments and initiatives: Considering the negative influence of ailments on the food quality and environmental balance, more government authorities are showing interest in engaging sources for the expansion of the market. For instance, in 2023, the Department of Animal Husbandry and Dairying allocated a total of Rs. 630.70 crore in funding to empower the maintenance and monitoring of animal health. This indicates the stability of both cash inflow and capital influx in this sector, attracting more MedTech pioneers to participate and invest. Moreover, such allocations act as a financial cushion for innovation in this category.
• Increasing engagement in extensive research: Amplifying volume of investments in medicinal and clinical research boosts demand for advanced technologies, propelling the pace of innovation in the market. Besides, the tendency to develop therapeutic resistance among animals also forces dedicated public and private pharmaceutical entities to conduct rigorous R&D to identify the root cause of disease and effective drug candidates. This subsequently augments a surge in implementing next-generation technologies in this field. Following the same pathway, in September 2022, Konica Minolta launched its VETSMART Digital Imaging System that uses AI to optimize technique based on patient size and exam type.

Historic Expansion in Pet Population Benefiting the Market

Count of Dogs & Cats Owning Households in the U.S.

Source: AVMA

Trend in Pet Care Expenditure Securing Steady Cash Inflow in the Market

Pet Care Expenditure in the U.S. (2023)

Source: AVMA

Challenges

• Lack of resources and professionals: The shortage of specialized infrastructure and workforce remains a persistent roadblock in the rapid expansion of the market. Testifying to the same, the Global Animal Health Association estimated that more than 75 million pets in the U.S. to not have access to care by 2030. This underscores the urgent need for measurable reinforcement in associated medical settings, which also contributes to the minimization of this disparity. Moreover, more training and employment programs are needed to support this cohort.
• Limitations in financial backing and affordability: Unlike human health systems, animal-related medical response is often neglected in various regions, specifically in countries with constrained resources. The absence of standardized reimbursement frameworks is also a contributing factor to making services largely out-of-pocket. This restricts consumer access in the market, particularly among pet owners with lower budgets. To address this lack, both public and private organizations are needed to engage in widespread accessibility initiatives.