Veterinary X-ray Market worth $872 Million – Growth in Companion Animal Population

PUNE, India, 2021-Aug-04 — /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.

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.

According to the new market research 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” published by MarketsandMarkets™, is projected to reach USD 872 million by 2023 from USD 640 million in 2018, at a CAGR of 6.4%.

Recent Developments:

– 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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Geographically; North America accounted for the largest share of the veterinary X-ray 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 animal x-ray market in North America.

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).

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Market Segmentation in Detailed:

“Computed Radiography Systems Accounted for the Largest Market Share”

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 animal 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 Veterinary X-ray Market”

Based on the type of animal, the X-ray market is segmented into small companion animals and large animals. The small companion animals segment accounted for the largest share of the animal 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.