Veterinary MRI Market Analysis

Veterinary MRI Market Analysis

To get key market trends

  Download Free Sample

Based on solution, the veterinary MRI market is segmented into MRI scanner systems, software, and consumables. The MRI scanner systems segment accounted for the largest market share in 2022. The market size of MRI scanner systems in 2022 was estimated around 39.4 million and is expected to grow at CAGR of 5.6%. The factors contributing to the growth of this segment are the high prevalence of animal diseases, increased awareness about animal health, pet insurance, and safe and accurate diagnosis of diseases using technologically advanced MRI scanner systems.

Based on application, the global veterinary MRI market is classified into neurology, oncology, cardiology, orthopaedics, and other applications. The neurology segment held the highest market share i.e., 32.2% in 2022. MRI is most commonly used to diagnose diseases related to the brain and spinal cord in animals. Some neurological diseases, such as tumours, infarcts, meninges, stenosis, and herniated discs, are diagnosed using MRI. The increasing adoption of MRI in veterinary hospitals and the rising prevalence of diseases are expected to drive the growth of this market.

Based on animal type, the veterinary MRI market is subdivided into small animals, large animals, and other animals. The small animal segment is classified into dogs, cats, and other small animals. Whereas the large animal segment is classified into cattle, horses, and other large animals. The small animal segment accounted for the largest market share, i.e., 55% of the market share in 2022. The largest share of this segment is attributed to factors such as rising adoption of companion animals like dogs and cats, rising focus on pet health, increasing pet insurance and healthcare expenditure.
 

Based on end-user, the veterinary MRI market is classified into veterinary hospitals & research institutes and veterinary clinics. In 2022, the veterinary hospitals and research institutes segment accounted for the highest revenue share in this market and is expected to grow at CAGR of 5.7% during the forecast period. The increasing prevalence of animal diseases for which the MRI is used as a diagnostic tool increases the demand for this market. The increasing number of veterinary practitioners and increasing research and development activities for detecting and treating different diseases in animals will support the market expansion.
 

In 2022, the North America veterinary MRI market was evaluated to be around USD 36.6 million due to the high demand for pet insurance, the rapidly increasing number of companion animals, and the increased focus on animal health. During the forecast period, it is expected that Asia Pacific will dominate the market because this region has the highest number of domesticated animals, is increasing animal adoption, and focuses on animal health.