Veterinary MRI Market Report
Veterinary MRI Market by Solution (MRI Scanner, Software & Services, and Accessories/ Consumables), Animal Type (Small Animals and Large Animals), End-Use (Veterinary Hospitals, Veterinary Clinics, and Others), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032.
Veterinary MRI Overview
Veterinary MRI (Magnetic Resonance Imaging) is an advanced diagnostic imaging technique used in veterinary medicine to visualize the internal structures of animals without invasive procedures. It employs powerful magnets and radio waves to create detailed cross-sectional images of soft tissues and organs and bones. This non-invasive method enables veterinarians to identify a wide range of issues which include neurological disorders & musculoskeletal injuries and tumors allowing for more accurate diagnoses and treatment plans. The veterinary MRI market has experienced significant growth due to the increasing demand for high-quality pet healthcare. Pet owners are seeking comprehensive and precise diagnostic options, driving the adoption of advanced imaging technologies like MRI. Veterinary clinics, specialty hospitals, and research facilities are the primary users of veterinary MRI systems.
Global Veterinary MRI Market Analysis
The global veterinary MRI market size was $80.5 million in 2022 and is predicted to grow with a CAGR of 5.2%, by generating a revenue of $133.4 million by 2032.
COVID-19 Impact on Global Veterinary MRI Market
The global veterinary MRI market, like many others, was significantly impacted by the COVID-19 pandemic. Initially, restrictions on non-essential veterinary operations and a decrease in clinic visits by pet owners impacted demand for modern diagnostic equipment such as MRI. However, as the pandemic advanced, there was a growing recognition of the need of early and precise diagnostics, resulting in a boom in demand. Furthermore, the use of telemedicine and online consultations facilitated the discussion and suggestion of MRI scans, propelling market recovery even further. While COVID-19 presented some obstacles at first, the veterinary MRI market displayed resilience and adaptability, emphasising the essential role it plays in animal healthcare.
Advantages of Veterinary MRI in Diagnosing and Treating Animals to Drive the Market Growth
Several reasons are propelling the veterinary MRI market forward. For instance, pet owners and veterinarians are becoming more aware of MRI's diagnostic potential in diagnosing complex medical disorders in animals. Second, technological developments have made veterinary MRI more accessible and affordable, which has resulted in greater usage. Furthermore, the growing pet insurance sector is driving more pet owners to seek advanced diagnostic procedures for their animals, such as MRI. Furthermore, the rising prevalence of diseases in companion animals, as well as the growing demand for precise and non-invasive diagnostic techniques, are propelling the market forward. Overall, these factors lead to the growing veterinary MRI market.
Challenges and Limitations of Veterinary MRI in Diagnostic Imaging for Animals to Restrain the Market Growth
Despite its potential growth, the veterinary MRI market is being hampered by several issues. For smaller veterinary procedures, the high initial expenses of acquiring and maintaining MRI equipment might be a considerable barrier. Furthermore, the requirement for specialised training to operate MRI scanners and interpret results can restrict accessibility. Furthermore, the scarcity of veterinary-specific MRI equipment and facilities in some locations might hinder market expansion. Lastly, concerns about the safety of the anaesthesia required for imaging sedated animals may deter some pet owners from pursuing MRI diagnostics. Overcoming these obstacles is critical for the veterinary MRI market to attain its full potential.
Advancements in Veterinary MRI to Drive Excellent Opportunities for Future
Advances in veterinary MRI are expected to create huge potential for future market expansion. MRI scanners are getting more small, efficient, and cost-effective as technology advances, making them more accessible to a wider spectrum of veterinary practises. These developments are also resulting in higher image quality and shorter scan times, which increase diagnostic accuracy and patient comfort. Furthermore, current research and development activities are broadening the range of uses for veterinary MRI, allowing for the identification and diagnosis of a broader range of animal illnesses. As the veterinary community recognises the importance of MRI in improving patient care and outcomes, demand for these advanced diagnostic tools is likely to increase, generating significant growth in the veterinary MRI market in the coming years.
Global Veterinary MRI Market, by Solution, 2022
The MRI scanner sub-segment accounted for the highest market share in 2022. The dominance of MRI scanners in veterinary medicine arises from their exceptional diagnostic capabilities and safety for animals. MRI (Magnetic Resonance Imaging) employs a strong magnetic field and radio waves to produce detailed cross-sectional images of the body's internal structures enabling veterinarians to visualize soft tissues and organs and joints with unparalleled clarity. This level of detail aids in the accurate detection of various conditions such as tumors & musculoskeletal issues and neurological disorders. What sets MRI apart is its non-invasive nature. Unlike other imaging techniques that might involve radiation or invasive procedures, MRI utilizes magnetic fields and radio waves, posing minimal risk to animals. This aspect makes it particularly suitable for diagnosing issues in pets, domestic animals, and wildlife without subjecting them to undue stress or harm. Furthermore, MRI technology has evolved to become more compact and user-friendly, allowing veterinary clinics to integrate it into their diagnostic workflow with ease. While other imaging modalities remain important in veterinary care, the comprehensiveness, safety, and accuracy of MRI have positioned it as the primary choice for in-depth diagnostics in animals. As technology continues to advance, the veterinary community can anticipate even more refined and efficient MRI solutions tailored to their unique needs.
Global Veterinary MRI Market, by Animal Type, 2022
The small animals sub-segment accounted for the highest market share in 2022. The size of these animals allows for more efficient imaging within the constraints of MRI equipment, leading to better image quality and diagnostic accuracy. Such animals' compact anatomy simplifies positioning and reduces the need for complex adjustments. Moreover, small animals like dogs and cats commonly experience health issues that necessitate advanced imaging, driving the demand for veterinary MRI. This is especially relevant in veterinary orthopaedics and neurology, where MRI aids in diagnosing issues such as joint diseases and spinal cord injuries. The shorter lifespan of small animals compared to larger ones means that disease progression occurs more rapidly, requiring prompt and precise diagnostics. MRI's non-invasive nature and high-resolution imaging provide valuable insights, facilitating timely interventions. Furthermore, the cost-effectiveness of veterinary MRI procedures for smaller animals, when compared to larger species, contributes to its popularity.
Global Veterinary MRI Market, by End-use, 2022
The veterinary hospitals sub-segment accounted for the highest market share in 2022. Veterinary hospitals have emerged as the primary users of veterinary MRI due to their pivotal role in delivering advanced healthcare to animals. These hospitals serve as crucial centers for diagnosing and treating a diverse range of animal health issues. Veterinary MRI technology offers unparalleled insights into the internal structures of animals, aiding in the accurate diagnosis of ailments spanning from orthopaedic and neurological conditions to soft tissue injuries. In this context, the concentration of veterinary expertise and resources within hospitals drives the demand for MRI. Veterinarians, specialized technicians, and supportive staff collaborate within these hospitals to provide comprehensive care. Such collaborative environments foster seamless integration of MRI into the diagnostic process.
Global Veterinary MRI Market Share, by Region, 2022
The North America veterinary MRI market generated the highest market share in 2022. The region boasts a well-established network of advanced veterinary clinics and research institutions with cutting-edge facilities. Such institutions have the resources to invest in high-tech equipment, like MRI machines, to provide accurate and comprehensive diagnostic services for animals. Furthermore, North America benefits from a strong culture of innovation and research in veterinary medicine. This encourages the adoption of novel technologies such as veterinary MRI, enabling practitioners to delve deeper into understanding animal health conditions. The region's economic stability allows for significant investment in healthcare infrastructure, ensuring accessibility to sophisticated diagnostic tools for animals in need. Geographically, North America's expansive landscape encompasses a diverse range of animal species, from household pets to exotic creatures. This necessitates versatile diagnostic solutions, with MRI playing a pivotal role in offering non-invasive insights into diverse anatomical structures and ailments. Additionally, the collaboration between veterinary professionals and MRI manufacturers fosters continuous refinement of equipment and techniques, tailoring them to the specific needs of animals.
Competitive Scenario in the Global Veterinary MRI Market
Agreement and investment are the two key strategies opted by the leading companies in this market. Some of the key market players are Esaote SPA, General Electric Company, Siemens, Hallmarq Veterinary Imaging, Shenzhen Anke High-tech Co., Ltd., Time Medical Systems, IDEXX Laboratories, Inc., Shenzhen Basda Medical Apparatus Co., Ltd, Willows Veterinary Centre and Referral Service, and North West MRI.
Historical Market Estimations
Base Year for Market Estimation
Forecast Timeline for Market Projection
North America, Europe, Asia-Pacific, and LAMEA
Segmentation by Solutions
Segmentation by Animal Type
Segmentation by End-use
Key Companies Profiled
Q1. What is the size of the global veterinary MRI market?
A. The size of the global veterinary MRI market was over $80.5 million in 2022 and is projected to reach $133.4 million by 2032.
Q2. Which are the major companies in the veterinary MRI market?
A. Esaote SPA, General Electric Company, Siemens, Hallmarq Veterinary Imaging, and Shenzhen Anke High-tech Co., Ltd. are the major companies in the veterinary MRI market.
Q3. What are the strategies opted by the leading players in this market?
A. Agreement and investment are the two key strategies opted by the operating companies in this market.
Q4. Which companies are investing more on R&D practices?
A. Time Medical Systems, IDEXX Laboratories, Inc., Shenzhen Basda Medical Apparatus Co., Ltd, Willows Veterinary Centre and Referral Service, and North West MRI are investing more on R&D practices.