Rising animal health expenditure and growing demand for pet insurance, increasing number of veterinary practitioners in developed regions, and growth in the companion animals’ market are the primary drivers for the veterinary X-ray market during the forecast period.
What the Market Looks Like?
Predicted to grow at a CAGR of 6.4% during the forecast period, the global Veterinary X-ray Market is estimated to reach USD 872 million by the end of 2023.
On the basis of technology, the market is segmented into direct radiography (DR), computed radiography (CR), and film-based radiography systems. The computed radiography systems segment accounted for the largest share of the market in 2017. Benefits offered by CR systems over traditional X-ray systems, resulting in a large-scale replacement of traditional film X-ray systems, is the major factor responsible for the large share of this segment.
Based on the type of animal, the veterinary X-ray market is segmented into small companion animals and large animals. The small companion animals segment accounted for the largest share of the market in 2017. The large share of this segment can be attributed to the growing companion animal population, increasing pet care expenditure, growing demand for pet insurance, and technological advancements in imaging modalities for small companion animals.
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What Drives the Market?
The growth of the global market for Veterinary X-ray is primarily influenced by the following factors:
- Growth in Companion Animal Population
- Rising Demand for Pet Insurance with Growing Animal Health Expenditure
- Growth in the Number of Veterinary Practitioners and Income Levels in Developed Economies
Geographical growth scenario of Veterinary X-ray Market
North America accounted for the largest share of the market in 2017, followed by Europe and the Asia Pacific. Rising number of veterinary practices, increasing number of companion animals, and rising companion animal healthcare expenditure are some of the key factors driving the growth of the market in North America.
Leading market players and strategies adopted
The prominent players in the Veterinary X-ray market include IDEXX (US), Fujifilm (Japan), Onex Corporation (Canada), Sedecal (Spain), Agfa-Gevaert (Belgium), Sound Technologies (US), Fujifilm Holdings Corporation (Japan), Canon, Inc (Japan), Examion (Germany), Konica Minolta (US), DRE Veterinary (US), and Heska Corporation (US).
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Onex Corporation is the leading player in the market. The company provides imaging systems through its subsidiary Carestream Health. Onex focuses on organic and inorganic growth strategies to strengthen its product portfolio. For instance, in 2015, the company launched the Vita Flex CR X-ray system for companion and livestock animals to cater to the specific needs of the veterinary X-ray market.