The study involved four major activities to estimate the current market size for veterinary X-ray products. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size.
According MarketsandMarkets Research – The Veterinary X-ray Market is projected to reach USD 872 million, at a CAGR of 6.4%.
The Key Factors Who will Drives the Market Growth?
- 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
- Untapped Emerging Markets
Recent Developments in Detailed:
- In 2018, Heska Corporation (US) formed a partnership with Pathway Vet Alliance (US). Under the terms of this agreement, Pathway plans to align its internal diagnostic portfolio with Heska, which can provide in-house operational services like point-of-care blood diagnostics, digital imaging, and allergy testing.
- In 2018, Carestream Health signed a service partnership agreement with Med Imaging Healthcare, a Diagnostic Imaging equipment maintenance company. The partnership was aimed at providing wider maintenance coverage and support for Carestream customers across Scotland.
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Market Segmentation in Depth:
On the basis of technology, the veterinary X-ray 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. 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, segmented into small companion animals and large animals. The small companion animals segment accounted for the largest share of the market. 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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Worldwide Geographical Segmentation in-detailed:
Geographically, the veterinary X-ray market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of this market in 2017. 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 X-ray market in North America.
Some key players mentioned in the research report are:
The prominent players in the veterinary X-ray market are 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).