Global Veterinary MRI Market Set to Reach $360 Million by 2030, Driven by Rising Pet Expenditures and Strategic Initiatives by Companies - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Veterinary MRI Market Size, Share & Trends Analysis Report By Solutions (MRI Scanner, Software & Services, Accessories/ Consumables), By Animal Type (Small Animals, Large Animals), By End-use, By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.

The global veterinary MRI market size is expected to reach USD 360 million by 2030. The market is expected to expand at a lucrative CAGR of 7.38% from 2023 to 2030.

The key factors driving the growth include the rising pet expenditures, rate of advanced diagnostics procedures, strategic initiatives by companies, and increasing adoption by end-users. In October 2020, Davies Veterinary Specialists in the U.K. and part of Mars Veterinary Health invested about 1.5 million pounds in acquiring new magnetic resonance imaging (MRI) and CT systems. This supported its growth objectives of establishing new veterinary teams and increasing the hospital footprint.

The COVID-19 pandemic impacted the market notably with both challenges and opportunities. Market stakeholders witnessed limited access to veterinary care during the first half of 2020, while manufacturers faced operational and supply chain hurdles. However, the pandemic raised awareness about animal health in general as pet parents stayed at home and were thus more attuned to changes in their pet's behavior. This factor combined with the growing humanization of pets is expected to fuel the market's growth in the coming years.

The expansion of service offerings to include MRI training and education is another key factor contributing to the market growth. MRI scanners should be operated by trained technologists as many factors have to be considered when preparing an animal for an MRI. Most times, this training is not part of the veterinary curriculum and must be acquired as part of the training program in a radiologic technology school or by attending special training sessions. MRI VET Academy by Esaote SPA offers free online learning courses that introduce general practitioners to the neurological patient, and common spinal and brain diseases.

The growing adoption of MRI solutions by end-users is also expected to account for significant market growth in the near future. AnimalScan for instance offers CT and MRI services for veterinarians, pet owners, and clinic operators across the U.S. AnimalScan use and recommend Siemens MRI scanner for veterinary neurological use.

Companies Mentioned

• 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
• North West MRI

Veterinary MRI Market Report Highlights

• The small animal type segment held the largest revenue share in 2022. It is also expected to grow the fastest CAGR of about 7% from 2023 to 2030
• Based on solutions, the MRI scanner segment accounted for the largest revenue share of about 40% in 2022. The software & services segment, on the other hand, is expected to grow at a notable CAGR of about 8% during the forecast period
• Shenzhen Basda Medical Apparatus Co., Ltd is a Chinese company that develops, produces, and sells medical imaging, radiotherapy products & digital solutions for human and veterinary health. The company offers a range of products in the veterinary space including ultrasound, CT, MRI, and digital radiography equipment
• The veterinary hospitals end-use segment dominated the market in 2022 with a share of around 50%. The veterinary clinics segment is projected to grow at the fastest CAGR of 8.28% in the coming years
• In August 2021, Rowe Veterinary Referrals in the UK - part of IVC Evidensia Referrals network - installed a brand new 3.0T MRI scanner for diagnosing conditions more efficiently and effectively
• North America held the largest share of about 50% in 2022. Asia Pacific, on the other hand, is expected to grow at the fastest CAGR of about 9% over the forecast period

Key Attributes:

Report Attribute	Details
No. of Pages	150
Forecast Period	2023 - 2030
Estimated Market Value (USD) in 2023	$218 Million
Forecasted Market Value (USD) by 2030	$360 Million
Compound Annual Growth Rate	7.3%
Regions Covered	Global

Key Topics Covered:

Chapter 1 Research Methodology & Scope

Chapter 2 Executive Summary

Chapter 3 Veterinary Mri Market Variables, Trends & Scope

3.1 Market Lineage Outlook

3.1.1 Parent Market Analysis

3.1.2 Ancillary Market Analysis

3.2 Veterinary Mri Market Dynamics

3.2.1 Market Driver Analysis

3.2.2 Market Restraint Analysis

3.2.3 Market Opportunity Analysis

3.2.4 Market Challenge Analysis

3.3 Industry Analysis

3.4 Regulatory Framework

3.5 Estimated Animal Population, By Species & By Key Markets, 2018 To 2022

3.6 Pricing Analysis

3.7 Covid-19 Impact Analysis

Chapter 4 Solutions Estimates & Trend Analysis, 2018 - 2030 (USD Million)

Chapter 5 Animal Type Estimates & Trend Analysis, 2018 - 2030 (USD Million)

Chapter 6 End-Use Estimates & Trend Analysis, 2018 - 2030 (USD Million)

Chapter 7 Regional Estimates & Trend Analysis, By Solutions, By Animal Type, By End-Use, 2018 - 2030 (USD Million)

Chapter 8 Competitive Landscape

For more information about this report visit https://www.researchandmarkets.com/r/q29fet

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