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 Overview

The global veterinary MRI market size was valued at USD 205.93 million in 2022 and is expected to expand at a lucrative compound annual growth rate (CAGR) of 7.38% from 2023 to 2030. The growth is primarily driven by the increasing pet humanization, technological advancements, initiatives by key companies, and the adoption of pet insurance. For instance, Time Medical Systems based in Hong Kong, offers 4 magnetic resonance imaging (MRI) scanners in the veterinary space namely, Panion Premie, Panion Pro, Panion, and Panion+. Panion for example is a dedicated open veterinary MRI machine that provides affordable diagnostic MR scans for pets.

The COVID-19 pandemic significantly impacted the market with supply chain challenges and dampened demand. However, it also led to increased awareness regarding animal health, an increase in vet visits, and concerns over zoonoses. The overall impact on the market was thus neutral and the sale of veterinary MRIs is anticipated to continue rising in the coming years. In March 2022 Hallmarq Veterinary Imaging, for instance, reported a key milestone of completing 300,000 animal scans using its MRI and CT machines.

Technological advancements are a key driver contributing to market growth. Companies are involved in the R&D of products, product launches, and upgrades to overcome challenges and increase their market share. For example, in November 2022, Hallmarq Veterinary Imaging launched a zero-helium small animal MRI machine in response to the shortage of helium supply, soaring helium prices, and enhanced sustainability. The new machine does not require helium or any additional power to cool the MRI magnet coils. It instead uses vacuum technology and a conduction-based cooling system.

A steady rise in the population of companion animals is another key factor propelling the growth of the veterinary MRI market. As per the American Pet Products Association (APPA), AVMA, and GVR’s internal estimates, the pet dog population in the U.S. grew from 76 million to about 86 million from 2017 to 2021. Similarly, the cat population has risen from about 58 million in 2017 to around 66 million in 2021.The European Pet Food Industry Federation (FEDIAF) estimates that the dog population across the region increased from about 84 million in 2017 to 92 million in 2021. The cat population in Europe has also increased from around 102 to 113 million from 2017 to 2021.

Solutions Insights

In terms of solutions, MRI scanners accounted for the largest share of over 40% in 2022. Launch of vet-specific equipment by market players, strategic initiatives by the stakeholders, and technological advancements are some of the key factors contributing to the significant share of the segment. For instance, Anicura Valencia Sur Veterinary Hospital in Spain uses an MRI scanner from GE Healthcare for imaging brains and spinal cords in dogs to help diagnose and treat canine epilepsy among others. The hospital has used the scanner to also image cats and rabbits.

The software & services segment is projected to grow at the fastest CAGR of over 8% during the forecast period. This includes software such as the IDEXX Web PACS Software that integrates with DICOM-compliant MRI modalities for optimal sharing, consulting, and storing of diagnostic images. It also comprises training & education services such as the Digital Educational Programme offered by Esaote SPA’s MRI VET Academy.

Animal Type Insights

The small animals segment held the largest revenue share of the market in 2022 and is also anticipated to grow at the fastest CAGR in the coming years. This is owing to increasing pet expenditure and the adoption of pet insurance. Amongst these, dogs dominated the small animal market due to the high popularity of canines as pets and the increasing prevalence of diseases in pets. As the NAPHIA (North American Pet Health Insurance Association) about 4.41 million pets were insured in the region in 2021.

Furthermore, as per Fetch, Inc., MRIs are covered under its pet insurance plans among the other diagnostic tests for any covered condition. The company offers these services to about 0.28 million pets. The large animals segment comprising horses is also expected to grow notably in the coming years. In December 2022, the Animal Hospital at Murdoch University in Australia, invested in a standing MRI machine for horses to improve its diagnostic capabilities and service offerings.

End-use Insights

By end-use, the veterinary hospitals segment accounted for the largest share of more than 50% in 2022. Some of the factors contributing to the high share of the segment include the higher budget capacity of hospital facilities, the notable volume of patients received, and the expansion of service offerings to increase revenue. North Shore Veterinary Hospital in Australia for example, offers MRI services via its 1.5 Tesla Siemens MRI machine. In 2019, Fredrikstad Animal Hospital in Norway, installed GE Healthcare’s SIGNA Explorer MRI scanner to enhance its diagnostic capabilities and service offerings.

The veterinary clinics segment, on the other hand, is expected to witness the fastest CAGR of over 8% in the coming years. The growing number of veterinary clinics, initiatives by companies to increase their product’s affordability, and growing demand for veterinary diagnostics in pets are a few key factors fueling the segment growth. Since 2018, Hallmarq Veterinary Imaging, for instance, has introduced a new financing model to enable practices to gain access to quality MRI equipment. This was based on 3 financial concepts— cash flow management, cost reduction, and return on investment.

Regional Insights

North America dominated the market with a share of over 50% in 2022. This is owing to advanced veterinary healthcare facilities, growing humanizations of pets, and rising pet expenditures. According to the 2021-2022 National Pet Owners Survey by APPA, pet parents in the U.S. spent about USD 123.6 billion on their companion animals. Out of this, USD 34.3 billion was attributed to vet care and product sales.

Asia Pacific is projected to grow at the fastest CAGR of over 9% during the forecast period. This is due to the steadily growing pet population, awareness about pet health, access to veterinary care, and the presence of local companies. Shanghai Toex International Trading Co., Ltd. for example, is a Chinese company that manufactures and markets veterinary equipment including MRIs. The company’s Veterinary MRI Equipment comes with a customizable magnetic field strength of 0.3T, 0.35T, and 0.4T.

Key Companies & Market Share Insights

The market is competitive with the presence of large, medium, and small companies. These companies are constantly involved in increasing their market presence and share via strategic initiatives. These include collaborations, mergers & acquisitions, research & development, expansion of distribution network, product launches & upgrades, and service expansion, among others. For instance, in September 2022, Hallmarq Veterinary Imaging launched Imaging-as-a-Service (IaaS) for Small Animal Practices. This offering is based on a subscription-based business model that provides remote access to licensed MRI technologists for operating the company’s Small Animal MRI machine located within the veterinary care facility. Some prominent players in the global veterinary MRI market include:

• 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 Scope

Global Veterinary MRI Market Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global veterinary MRI market report based on solutions, animal type, end-use, and region:

• Solutions Outlook (Revenue, USD Million, 2018 - 2030)

  • MRI Scanner

  • Software & Services

  • Accessories/ Consumables

• Animal Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Small Animals

    • Dogs

    • Cats

    • Others

  • Large Animals

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Veterinary Hospitals

  • Veterinary Clinics

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Netherlands

    • Sweden

    • Norway

    • Rest of Europe

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Rest of Asia Pacific

  • Latin America

    • Brazil

    • Mexico

    • Rest of Latin America

  • Middle East & Africa

    • South Africa

    • UAE

    • Rest of MEA