Veterinary X-ray Market to witness major growth in coming years

Veterinary X-ray Market size is projected to experience significant growth from 2018 to 2024. Rising pet population across the world is the kay factor that will drive veterinary X-ray market growth during the forecast period. According to European Pet Food Industry Statistics, there were around 75 million pet owning homes in Europe in 2014. Moreover, growing prevalence of animal injuries and diseases, rising animal healthcare expenditure and increasing adoption of pets across the globe will further accelerate the veterinary X-ray market growth.

Increasing number of veterinary hospitals and clinics coupled with growing awareness among pet owners regarding early disease diagnosis and treatment will enhance the industry growth. Availability of pet insurance and reimbursement policies will surge the demand for various diagnostic procedures. However, high costs of veterinary treatment and limited number of veterinary doctors in rural areas may hamper the veterinary X-ray business growth over the analysis period.

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Digital X-ray segment is projected to show significant growth throughout the forecast timeframe. High segmental growth is attributable to benefits offered by digital X-ray such as clear image and rapid results due to instant exposure technology. Growing preference of veterinary doctors towards digital X-ray will thus increase its demand thereby augmenting segment growth over the forecast period.

Companion animal segment is anticipated to witness lucrative growth over the analysis timeframe owing to high adoption rate of companion animals. Growing concern among pet owners pertaining to animal health in developed and developing countries coupled with high healthcare expenditure will further spur the segmental growth.

Orthopedic segment will show lucrative growth during forecast period. Growing number of orthopedic diseases among animals is a primary factor that will drive the segmental growth. High adoption of X-ray imaging in diagnosis of various diseases such as arthritis, dysplasia and osteochondritis will spur the market size in coming years.

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Portable X-ray system segment held considerable market share in 2017 and is projected to show lucrative growth during analysis period. Portable X-ray systems are lightweight and compact. Technological developments in portable systems will further favor segment growth. For instance, OR technology manufactured Leonardo DR mini, the lightest portable X-ray system that weighs only 9.5 kg. Availability of such advanced devices will increase its adoption thereby stimulating segmental growth.

Hospitals held considerable market share in 2017 and will witness similar trend in the foreseeable future. Availability of sophisticated and advanced equipment in hospital settings, presence of skilled veterinary doctors and availability of well-developed veterinary facilities will surge segment share. Moreover, compliance of hospitals with pet insurance companies will increase the number of surgeries in hospital settings thereby enhancing the segmental growth during the forecast period.

U.S. veterinary X-ray market held considerable revenue share in 2017 and will show lucrative growth over analysis timeframe. High growth is attributable to increasing number of veterinary clinics and hospitals in the country that will surge the demand of veterinary X-ray machines. Moreover, strong foothold of key industry players in the U.S. coupled with technological advancements in the veterinary  X-ray machines will foster the U.S. veterinary X-ray market growth.

Some of the major industry players operating in veterinary X-ray market include Fujifilm, Onex Corporation, Heska Corporation, Toshiba Corporation, Siemens, GE Healthcare, OR Technology, DRE Veterinary, Konica Minolta and Med Imaging. Industry players are primarily focusing on innovative product launch and inorganic strategies including merger, acquisition, and collaboration to sustain industry competition.

Company Profiles:

  • Fujifilm
  • Onex Corporation (Carestream Health)
  • Heska Corporation
  • Toshiba Corporation
  • Siemens AG
  • GE healthcare
  • Med Imaging
  • OR Technology
  • DRE Veterinary
  • Konica Minolta

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