Veterinary X-ray Market Worth $872 million – Growth in Companion Animal Population

PUNE, India, 2021-Mar-18 — /EPR Network/ — The Veterinary X-ray Market size and exhaustive secondary research was done to collect information on the 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 report “Veterinary X-ray Market by Technology (Direct, Computed, Film), Type (Digital, Analog), Mobility (Fixed, Portable), Animal (Companion, Large Animal), Application (Trauma, Oncology, Dental), End User (Clinic, Hospital) – Forecast”, the Animal X-ray Market is projected to reach USD 872 million by 2023 from an estimated USD 640 million in 2018, at a CAGR of 6.4%.

The 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.

Recent Developments in Animal X-ray Market:

# 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.

# In 2016, Heska acquired Cuattro Veterinary (US), a company offering flat-panel digital radiography systems. This international expansion provides Heska with a strong and established platform for launching Heska’s blood diagnostics platforms and programs to international markets.

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“Computed Radiography Systems Accounted for the Largest Market Share”

On the basis of technology, 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 veterinary X-ray 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.

“Small Companion Animals Segment Held the Largest Share of the Animal X-ray Market”

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 veterinary X-ray 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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Geographical View in-detailed:

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 Animal X-ray market in North America.

Global Key Leaders:

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).

Onex Corporation is the leading player in 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.