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

PUNE, India, 2021-Apr-07 — /EPR Network/ — 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. Thereafter market breakdown and data triangulation were used to estimate the market size of segments and subsegments.

Secondary Research;

In the secondary research process, various secondary sources such as annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, trade directories, and databases such as D&B Hoovers and Bloomberg Businessweek were referred to identify and collect information for this study.

Expected Revenue Surge: The Veterinary 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.

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Geographical Scenario in Depth:

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 animal X-ray market in North America.

Leading Key-Players:

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 the X-ray 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 animal X-ray market.

IDEXX is the second-largest player in the veterinary X-ray market. The company has a strong presence in more than 175 countries worldwide. The company focuses on the strategy of product launches to strengthen its product portfolio and increase its geographic presence. For instance, in 2016, the company launched the ImageVue DR50 Digital Imaging System, the first radiography system in veterinary medicine to enable low-dose radiation image capture without sacrificing clear, high-quality diagnostic images.

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