The global veterinary MRI equipment market was valued at USD 680.9 million in 2023 and is projected to grow at a CAGR of 13.4% through 2031, reaching USD 1.9 billion. This expansion is driven by:

• Increasing demand for advanced diagnostics: 45% of specialty hospitals now offer MRI scans)
• Rising pet insurance coverage (50% of policies include advanced imaging)
• Technological advancements in high-field 3T systems designed for small animals)

Key Segments:

• High-Field MRI (1.5T-3T) – commanding a 60% market share, is preferred for neurological purposes imaging
• Low-Field MRI (<1T) – XX%, commonly used in general practice
• Portable MRI – XX% emerging for equine and farm animals use

Applications:

• Neurology (45%)
• Oncology (30%)
• Orthopedics (20%)
• Cardiology (5%)

Growth Drivers

1. Neurological Disorder Prevalence

• One in every hundred dogs develops intervertebral disc disease (IVDD)
• Feline hyperesthesia cases are up 25% since 2020

2. Oncology Diagnostics Demand

• 60% improvement in tumor staging accuracy vs X-rays
• The Animal Cancer Foundation recommends MRI for all suspected cases of malignancies

3. Insurance & Affordability

• Trupanion’s 2024 policy covers 80% of MRI costs
• Pay-per-scan leasing models lower upfront costs by 70%

4. Equine & Exotic Animal Use

• Standing MRI systems for horses reduce anesthesia risks
• Avian/pocket pet adaptations gaining traction

Regional Analysis

Case Study:

• The University of Pennsylvania’s Ryan Hospital reduced diagnostic time by 60% by using a 3T MRI for feline neurology cases.

Competitive Landscape

Top 5 Players:

1. Esaote (35% share) – Vet-MR 1.5T with canine/feline protocols
2. Siemens Healthineers (XX%) – Magnetom Vida 3T veterinary package
3. GE Healthcare (XX%) – Portable MRI for equine use
4. Hallmarq (XX%) – Standing equine MRI systems
5. VetMR (XX%) – Specialized neuro coils

Recent Developments:

• FDA clearance for first feline-specific MRI sequences (2024)
• Siemens’ AI-powered VetRad reduces scan time by 40%