Veterinary X-ray Market worth $872 Million – Geographical Analysis and Leading Key Players

PUNE, India, 2021-Aug-27 — /EPR Network/ —

The Key Growth Elements in Detailed?

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.

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.

Worldwide Growth Opportunities in Terms of Revenue:

The Veterinary X-ray Market is projected to reach USD 872 million by 2023 from USD 640 million in 2018, at a CAGR of 6.4%.

“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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Regional Growth, Development and Demand Analysis:

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.

Major 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).

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 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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Recent Developments 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.