Global Veterinary X-ray Market is expected to grow at a CAGR of 7.81% during the forecast period from 2018-2025
A new research report published by Fior Markets with the title Global Veterinary X-ray Market by Technology, Type (Direct X-Ray Systems, Analog X-Ray Systems), Mobility, Animal, Application (Trauma, Oncology, Dental), End User, and Region and Global Forecast 2018-2025.
As per the report, the global veterinary X-ray market is expected to reach from USD 651.07 Million in 2017 to USD 1,167.47 Million by 2025 at a CAGR of 7.81% from 2018 to 2025. North America has captured the largest market share and generating the highest revenue during the forecast period. Increasing pet adoption coupled with increasing healthcare expenditure and increase in R&D with growing demand for veterinary equipment are driving the growth of the market in assessment period.
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Major players operating in the market are IDEXX Laboratories, Fujifilm, Onex Corporation, Agfa-Gevaert Group, Sound Technologies, Sedecal, Examion, Canon, DRE Veterinary, Heska Corporation, Fovea, Clearvet, Control-X Medical, Allpro Imaging, Vetel Diagnostics, Pixxgen, Konica Minolta and others. Major players are engaged in developing new technologies to retain their foothold in the global market. For instance, in July 2017, Canon launched the new Canon series of CXDI Digital Radiography (DR) Detectors at the 2017 Association for Medical Imaging Management (AHRA) show. Moreover, in 2018, Carestream Health partnered with Med Imaging Healthcare, which is a diagnostic imaging equipment maintenance company. This partnership is aimed at providing wider maintenance coverage and support for customers across Scotland.
The technology segment is classified into computed radiography systems segment, direct radiography systems and film-based radiography systems. Computed radiography systems held the largest market share of 52.31% in 2017. Increasing demand for affordable digital X-ray equipment is boosting the growth of the segment. Type segment is divided into digital X-rays and analog X-rays. The digital X-rays segment held the largest share of the segment. Animal type segment is divided into small companion animals and large animals. The small companion animals segment is dominating in the forecast period. Increased adoption of pets and growing companionship are boosting the growth of the segment. Application segment is bifurcated into orthopedics & trauma, dental applications, oncology and other applications. Orthopedic & trauma segment is dominating due to increase in injuries among animals and availability of animal care facilities. End user segment is classified into veterinary hospitals & academic institutes and veterinary clinics. The veterinary hospitals & academic institutes segment is anticipated to grow with the highest CAGR of 9.14% in the forecast period. The growth can be attributed to advancements in technologies for cost-effective, fast and accurate diagnostic tools for animal healthcare.
Increase in prevalence of injuries and diseases in animals and rise in awareness among pet owners for better treatment options are expected to enhance the growth of the segment. In addition, upsurge in population of livestock and high demand for dairy & meat products are also driving the market. Lack of professionals may restrict the growth of the market. However, increasing technological advancements and increase in pet adoptions are further augmenting the growth of the market.
About the report:
The global Veterinary X-ray market is analysed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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