PUBLISHER: Grand View Research | PRODUCT CODE: 1178602
PUBLISHER: Grand View Research | PRODUCT CODE: 1178602
The North America & Europe companion animal diagnostics imaging market size is expected to reach USD 3.24 billion by 2030, registering a CAGR of 7.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. Key factors driving the industry include increasing expenditure on pets, technological advancements, expansion of service offerings by clinics & hospitals, and increasing prevalence of diseases in companion animals. For instance, in January 2021, Agfa-Gevaert Group's digital radiology solution was deployed at the Livet Equine Veterinary Medical Center, which conducts about 50,000 to 60,000 clinical exams annually in France.
The COVID-19 pandemic led to a negative impact on the industry that included reduced demand, supply chain hurdles, low sales, and limited access to veterinary care. However, there was a significant increase in the pet adoption rate amid the pandemic, which is one of the key factors propelling the market growth. About one in five households adopted a dog or cat since the emergence of COVID-19 according to a U.S. survey conducted by the American Society for the Prevention of Cruelty to Animals in 2020. In addition, as pet parents become more sensitive to their pet's health & well-being there has been a growing demand for veterinary diagnostics including diagnostic imaging.
Technological advancement is a key factor driving industry growth. Global companies, such as IDEXX Laboratories, Sound Imaging, and Heska Corp., are increasingly spending on R&D activities to develop better products and expand their industry share. Increased penetration of emerging technologies, such as AI and machine learning, is also fueling technological growth. According to an article published in Innovative Veterinary Care in January 2021, with AI-based imaging software, vet professionals can access 200 times more data than without. In addition, such software can analyze mass information and conclude sensitive radiographs, MRI, CT, ultrasound, and other imaging interpretations rapidly.