Veterinary Radiography System Market to Reach US$ 817.7 Million by 2027: TMR Study

Posted on 2024-03-29 by Transparency Market Research in Healthcare // 0 Comments

Wilmington, Delaware, United States, 2024-Mar-29 — /EPR Network/ — Transparency Market Research Inc. –

Transparency Market Research’s latest report forecasts significant growth in the global veterinary radiography system market. Factors such as the rapid increase in animal diseases, rising ownership of companion animals, prevalence of zoonotic diseases, and improved access to healthcare are expected to be key drivers. The market was valued at US$ 478.1 million in 2018 and is projected to grow at a CAGR of 6.2% from 2019 to 2027.

Veterinary radiography systems play a crucial role in diagnosing and treating various ailments in animals. These systems utilize imaging techniques such as X-rays to capture internal images of animals, aiding veterinarians in diagnosing conditions ranging from bone fractures to soft tissue injuries and internal organ abnormalities.

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High-speed CR Systems to be Extremely Helpful in Evaluation of Tiny Anomalies

Companies in the veterinary radiography system market are expanding their production capacities to cater to the needs of veterinary doctors. They are developing both stationary full systems and portable X-ray units. For instance, OR Technology, a specialist in X-ray solutions, has introduced portable X-ray systems for digital radiology. Additionally, manufacturers are investing in research and development to create digital X-ray units that eliminate the need for cassettes for imaging.

Moreover, there is a growing availability of compact and high-speed desktop units for standard X-ray examinations, leading to the introduction of cost-efficient computed radiography (CR) systems. Consequently, the computed radiography technology segment dominates the veterinary radiography system market. Furthermore, manufacturers are rolling out digital dental radiography systems that are affordable and enhance the overall productivity of veterinary practices. They are focusing on design enhancements by integrating powerful and user-friendly technology.

Key Drivers:-

The surge in pet adoptions, including exotic pets, is anticipated to propel the global veterinary radiography system market in the coming years. In the U.S. alone, approximately 2.7 million animals are adopted annually from shelter homes. Notably, organizations like the British Columbia Society for the Prevention of Cruelty to Animals (BCSPCA) have been instrumental in rescuing and rehoming thousands of animals, further driving the demand for veterinary care.

Pet owners are increasingly prioritizing the health and well-being of their furry companions, leading to a rise in routine health check-ups. This heightened awareness about pet health is expected to contribute significantly to the growth of the veterinary radiography system market globally.

In developed countries like Australia and the United States, where pets are considered integral family members, substantial expenditures are directed towards pet care products and services. For instance, Australia witnessed pet care expenditures of approximately US$ 4.62 billion in 2005, while in the U.S., the pet industry expenditure reached US$ 62.7 billion in 2016. Moreover, there has been a noticeable increase in spending on veterinary care, indicating a growing demand for advanced healthcare services for pets.

The pet industry’s burgeoning growth has attracted entrepreneurs, leading to the emergence of numerous pet startups and the launch of innovative products catering to small animal care. This trend is expected to further fuel the expansion of the global veterinary radiography system market, with projections suggesting significant growth by 2027.

Leading players:

Sound (VCA, Inc.),Canon, Inc.,Fujifilm Holdings America Corporation,Diagnostic Imaging Systems,Merry X-Ray Corporation,Sedecal,IMV imaging,DRE Medical,Midmark Corporation,

Veterinary Radiography System Market – Segmentation

Product

Digital X-ray

Direct
Indirect

Analog X-ray

Technology

Computed Radiography
Digital Radiography
Film Screen Radiography

Animal

Small Companion Animals
Large Animals

Indication

Orthopedic & Rheumatology
Cardiology
Oncology
Nephrology
Others

End User

Veterinary Hospitals
Veterinary Clinics
Diagnostic Canters & Research Centers

Market Drivers and Challenges:

Drivers: Increasing pet adoption rates, growing disposable income, technological advancements in veterinary imaging, rising prevalence of pet diseases.
Challenges: High cost associated with advanced radiography systems, limited awareness in developing regions, regulatory hurdles.

Market Trends:

Adoption of digital radiography systems for superior image quality and faster diagnosis.
Integration of artificial intelligence (AI) for automated analysis and interpretation of radiographic images.
Emphasis on portable and wireless systems for enhanced convenience and mobility.

PACS Support Advanced Diagnostic Imaging of Small Animals

The growth of the veterinary radiography system market is being driven by various factors, including the adoption of picture archiving and communication systems (PACS). Market players are focusing on developing user-friendly PACS solutions to streamline the management and utilization of X-ray images. Veterinarians are increasingly adopting digital technologies for analyzing and viewing X-rays of small animals, leading to higher demand for diagnostic imaging in this segment compared to large animals.

In addition to serving veterinary hospitals, manufacturers are targeting veterinarians in small practices, fueling aggressive growth in the veterinary clinics segment. Consequently, companies are expanding their offerings to include cost-effective full X-ray systems tailored to the budget constraints of small-scale practitioners. There is a rising demand for space-saving X-ray systems designed for standard wall socket operation and featuring a floating tabletop, catering to the evolving needs of veterinary professionals.

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Key Developments:

In January 2019, DRE Medical completed its transition to Medical Surgical Division of Avante Health Solutions. Together with Avante Health Solutions, DRE Medical is likely to expand its product offerings and customer base. This will help the company strengthen its position in the medical equipment market.
In December 2017, BCF and ECM (Echo Control Medical) merged with IMV Technologies to create IMV imaging
In March 2016, Canon, Inc. acquired Toshiba Medical Systems for US$ 5.9 Bn to consolidate its position in the health care segment. In 2018, Canon changed the name of the acquired Toshiba Medical business to Canon Medical Systems.
In October 2015, Canon, Inc. and Fujitsu Limited entered into a collaboration to jointly develop new imaging solutions using network cameras

Regions Covered:

North America(USA, Canada and Mexico)
Europe(UK, Germany, France and the Rest of Europe)
Asia Pacific(China, Japan, India, and the Rest of the Asia Pacific region)
South America(Brazil, Argentina and the Rest of South America)
Middle East and Africa(GCC and Rest of the Middle East and Africa)

Key Market Study Points:

Adoption trends of different types of radiography systems across various veterinary applications.
Regional variations in market dynamics and growth potential.
Impact of regulatory frameworks on market entry and expansion strategies.
Competitive landscape analysis focusing on key players, their market share, and strategic initiatives.

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