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Global Veterinary MRI Market to reach USD 364 million by the end of 2030.

Global Veterinary MRI Market Size Study & Forecast, by Solutions (MRI Scanner, Software & Services, Accessories/ Consumables), by Animal Type (Small Animals, Large Animals), by End-use (Veterinary Hospitals, Veterinary Clinics, Others), and Regional Analysis, 2023-2030

Product Code: HLSMD-14589755
Publish Date: 20-12-2023
Page: 200

Global Veterinary MRI Market is valued at approximately USD 205.93 million in 2022 and is anticipated to grow with a healthy growth rate of more than 7.38% over the forecast period 2023-2030. Veterinary MRI, stands forMagnetic Resonance Imaging, is a diagnostic imaging technique used in the field of veterinary medicine. It utilizes powerful magnets and radio waves to generate detailed images of the internal structures and organs of animals. Veterinary MRI enables veterinarians to visualize and diagnose a wide range of health conditions in animals, including neurological disorders, musculoskeletal injuries, and tumors. It plays a crucial role in providing accurate and non-invasive diagnostic information for the effective treatment and care of animals. The Veterinary MRI Market is driven by several key factors such as the increasing prevalence of complex and chronic diseases in companion animals as well as the growing demand for advanced diagnostic imaging techniques.

The Veterinary MRI Market is experiencing significant growth, primarily driven by the continuous increase in the population of companion animals. According to the American Pet Products Association (APPA), Survey for the years 2023-2024, it has been reported that 66% of households in the United States are pet owners. According to estimates provided by the European Pet Food Industry Federation (FEDIAF) in 2021, approximately 90 million households in the European Union own at least one pet. This accounts for approximately 46% of households in the EU. Additionally, the rising awareness among pet owners about the importance of early disease detection and treatment. Furthermore, advancements in veterinary MRI technology, such as improved image quality, faster scanning times, and enhanced patient comfort, are creating lucrative opportunity for the market growth However, the high cost of MRI equipment and limited availability and accessibility of veterinary MRI facilities impede the market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Veterinary MRI Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022. This can be attributed to the presence of advanced veterinary healthcare facilities, the increasing trend of pet humanization, and the upward trajectory of pet expenditures. Asia Pacific is expected to be the fastest growing region during the forecast period, this growth is attributed to several factors, including the steadily increasing pet population in the region, growing awareness about pet health and wellbeing, improved access to veterinary care services, and the presence of local companies catering to the specific needs of the market.

Major market players included in this report are:
Esaote SPA
General Electric Company
Siemens Healthineers
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

Recent Developments in the Market:
Ø In September 2022, Hallmarq Veterinary Imaging introduced a new service called Imaging-as-a-Service (IaaS) for Small Animal Practices. This innovative offering operates on a subscription-based business model, enabling small animal veterinary practices to access licensed MRI technologists remotely. These technologists are responsible for operating Hallmarq’s Small Animal MRI machine, which is conveniently located within the veterinary care facility.
Global Veterinary MRI Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Solutions, Animal Type, End-use, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Solutions:
MRI Scanner
Software & Services
Accessories/ Consumables

By Animal Type:
Small Animals
Large Animals

By End-use:
Veterinary Hospitals
Veterinary Clinics
Others

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Million)
1.2.1. Veterinary MRI Market, by Region, 2020-2030 (USD Million)
1.2.2. Veterinary MRI Market, by Solutions, 2020-2030 (USD Million)
1.2.3. Veterinary MRI Market, by Animal Type, 2020-2030 (USD Million)
1.2.4. Veterinary MRI Market, by End-use, 2020-2030 (USD Million)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Veterinary MRI Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Veterinary MRI Market Dynamics
3.1. Veterinary MRI Market Impact Analysis (2020-2030)
3.1.1. Market Drivers
3.1.1.1. Increasing prevalence of complex and chronic diseases in companion animals
3.1.1.2. Growing demand for advanced diagnostic imaging techniques
3.1.2. Market Challenges
3.1.2.1. High Cost of Veterinary MRI Equipment
3.1.2.2. Limited availability and accessibility of veterinary MRI facilities
3.1.3. Market Opportunities
3.1.3.1. Advancements in veterinary MRI technology
3.1.3.2. Rising awareness among pet owners about the importance of early disease
Chapter 4. Global Veterinary MRI Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Veterinary MRI Market, by Solutions
5.1. Market Snapshot
5.2. Global Veterinary MRI Market by Solutions, Performance – Potential Analysis
5.3. Global Veterinary MRI Market Estimates & Forecasts by Solutions 2020-2030 (USD Million)
5.4. Veterinary MRI Market, Sub Segment Analysis
5.4.1. MRI Scanner
5.4.2. Software & Services
5.4.3. Accessories/ Consumables
Chapter 6. Global Veterinary MRI Market, by Animal Type
6.1. Market Snapshot
6.2. Global Veterinary MRI Market by Animal Type, Performance – Potential Analysis
6.3. Global Veterinary MRI Market Estimates & Forecasts by Animal Type 2020-2030 (USD Million)
6.4. Veterinary MRI Market, Sub Segment Analysis
6.4.1. Small Animals
6.4.2. Large Animals
Chapter 7. Global Veterinary MRI Market, by End-use
7.1. Market Snapshot
7.2. Global Veterinary MRI Market by End-use, Performance – Potential Analysis
7.3. Global Veterinary MRI Market Estimates & Forecasts by End-use 2020-2030 (USD Million)
7.4. Veterinary MRI Market, Sub Segment Analysis
7.4.1. Veterinary Hospitals
7.4.2. Veterinary Clinics
7.4.3. Others
Chapter 8. Global Veterinary MRI Market, Regional Analysis
8.1. Top Leading Countries
8.2. Top Emerging Countries
8.3. Veterinary MRI Market, Regional Market Snapshot
8.4. North America Veterinary MRI Market
8.4.1. U.S. Veterinary MRI Market
8.4.1.1. Solutions breakdown estimates & forecasts, 2020-2030
8.4.1.2. Animal Type breakdown estimates & forecasts, 2020-2030
8.4.1.3. End-use breakdown estimates & forecasts, 2020-2030
8.4.2. Canada Veterinary MRI Market
8.5. Europe Veterinary MRI Market Snapshot
8.5.1. U.K. Veterinary MRI Market
8.5.2. Germany Veterinary MRI Market
8.5.3. France Veterinary MRI Market
8.5.4. Spain Veterinary MRI Market
8.5.5. Italy Veterinary MRI Market
8.5.6. Rest of Europe Veterinary MRI Market
8.6. Asia-Pacific Veterinary MRI Market Snapshot
8.6.1. China Veterinary MRI Market
8.6.2. India Veterinary MRI Market
8.6.3. Japan Veterinary MRI Market
8.6.4. Australia Veterinary MRI Market
8.6.5. South Korea Veterinary MRI Market
8.6.6. Rest of Asia Pacific Veterinary MRI Market
8.7. Latin America Veterinary MRI Market Snapshot
8.7.1. Brazil Veterinary MRI Market
8.7.2. Mexico Veterinary MRI Market
8.8. Middle East & Africa Veterinary MRI Market
8.8.1. Saudi Arabia Veterinary MRI Market
8.8.2. South Africa Veterinary MRI Market
8.8.3. Rest of Middle East & Africa Veterinary MRI Market

Chapter 9. Competitive Intelligence
9.1. Key Company SWOT Analysis
9.1.1. Company 1
9.1.2. Company 2
9.1.3. Company 3
9.2. Top Market Strategies
9.3. Company Profiles
9.3.1. Esaote SPA
9.3.1.1. Key Information
9.3.1.2. Overview
9.3.1.3. Financial (Subject to Data Availability)
9.3.1.4. Product Summary
9.3.1.5. Recent Developments
9.3.2. General Electric Company
9.3.3. Siemens
9.3.4. Hallmarq Veterinary Imaging
9.3.5. Shenzhen Anke High-tech Co., Ltd.
9.3.6. Time Medical Systems
9.3.7. IDEXX Laboratories, Inc.
9.3.8. Shenzhen Basda Medical Apparatus Co., Ltd
9.3.9. Willows Veterinary Centre and Referral Service
9.3.10. North West MRI
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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