The global veterinary x-ray market was valued at USD 449.6 million in 2018 and is expected to grow at a CAGR of 5.3% over the forecast period. The market is projected to grow on account of growing technological advancements in animal healthcare comprising effective assimilation of radiology information systems and teleradiology.
The global Veterinary X-Ray market size is expected to reach close to 3.0 by 2029 with an annualized growth rate of 45.5% through the projected period.
Growing animal health expenditure and rising demand for pet insurance, increasing number of veterinary practitioners in developing regions, and growing companion animal sector are the main drivers of development in the forecast period for the veterinary x-ray industry. However, the increasing cost of pet treatment and the high cost of veterinary x-ray equipment and procedures are expected to limit the growth of this business in the coming years, yet to a lower extent. Nevertheless, the increase in the prevalence of pet diseases such as orthopedic disorders along with the increase in government-introduced pet insurance schemes will fuel market demand over the forecast period.
The global veterinary x-ray market is categorized based on technology, type, modality, animal type, application, end-use. Regionally, North America was the largest market in 2018; however, Asia Pacific is expected to be the fastest growing region by 2025, with a CAGR of over 6%.
Key players serving the global veterinary x-ray market include Canon, Inc., DRE Veterinary, FUJIFILM Holdings America Corporation, Heska Corporation, Boehringer Ingelheim GmbH, Carestream Health, Animale Esaote SpA, IDEXX Laboratories, Inc., Control-X Medical, Allpro Imaging among other prominent players.
Key Segment Of The Veterinary X-Ray Market
Based on Product, 2022-2030 (USD Million)
• X-ray Imaging (Radiography)
• Computed Radiography
• Direct (Capture) Radiography
• Film-based Radiography
• Ultrasound Imaging
• 3D/4D Ultrasound Imaging
• 2D Ultrasound Imaging
• Doppler Imaging
• Computed Tomography Imaging
• Video Endoscopy Imaging
• Single-slice CT
• Multi-slice CT
• Other instruments
• X-Ray/CT Contrast Reagents
• MRI Contrast Regents
• Ultrasound Contrast Regents
• Nuclear Imaging
Services, 2022-2030 (USD Million)
• Interventional Radiology & Endoscopy
• Advanced Imaging Services
Veterinary PACS, 2022-2030 (USD Million)
• CVIS PACS
• RIS PACS
Based on the Type of Animal, 2022-2030 (USD Million)
• Large Animals
• Small Companion Animals
• Others (Exotic Animals & Birds)
Based on Applications, 2022-2030 (USD Million)
• Orthopedics and Traumatology
• Other (ophthalmology & dentistry)
Based on End-user, 2022-2030 (USD Million)
• Reference Laboratories
Regional Overview, 2022-2030 (USD Million)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
Currently, the global veterinary x-ray industry is relying on North America heavily, as the USA has the largest veterinary x-ray market in the size of the retail value. The world’s pet population has a steady growth. All of the top 10 veterinary x-ray markets in 2018 are from North America, Western Europe, Asia Pacific and Lain America. They are the U.S., U.K., Germany, Japan, Brazil, France, Italy, Australia, Canada, and Mexico. Indeed, these countries also have significant pet populations and higher amount of expenditure for spending on pets. Most of the top 10 countries in market size are developed countries; hence, the consumers from those countries would have more purchasing power in comparison to developing countries, such as China and South Africa.
With the gradual growth in world’s pet population in the next five years, it is believed that the veterinary x-ray market would expand into a larger scale, as the demand for veterinary x-ray, is correlated to pet population positively. The U.S., Brazil, Mexico, China, United Kingdom, India, Canada, Argentina, and Japan are among the top ten markets that would have the highest veterinary x-ray growth between 2019 and 2025. The veterinary x-ray companies should focus on those growing markets, in order to tackle more veterinary x-ray business opportunities in the future. The trend of aging pet would keep on due to the extensive and complete veterinary care services are provided in the market. Thus, the demand of veterinary x-ray good and services for senior pets would rise steeply. Also, the increment in expenditure per pet would be one of the market expansions factors in the coming years.
The global veterinary x-ray market has been segmented based on technology, type, modality, animal type, application, end-use.
Portable X-rays held the majority of the market share owing to rise in adoption of these products by a large number of veterinary practitioners. This is also attributed to the advantages associated with usage of these products which include portability, user-friendliness, lightweight, & ease of digital equipment integration. Over the forecast years Adroit Market Research anticipates that the stationary segment is projected to witness a steady growth.
Furthermore, the small companion animals segment accounted for majority of the market share. The growth is attributed to numerous benefits associated with the applications of veterinary X-ray for animal care. The rising concern towards pet care, introduction of cost-effective diagnostic imaging solution coupled with rising healthcare expenditure towards animal health is anticipated to offer fresh revenue generation avenues for the market players across the globe.
Based on regions, the global veterinary X-ray market is segmented into North America, Europe, Asia Pacific, Central and South America and Middle East & Africa. In the year 2018, the U.S. veterinary X-ray market dominated the global market and is projected to witness similar trend over the forecast period. The market dominance is attributed to the growing number of veterinary clinics across the region. Moreover, the presence of major players across the region is projected to fuel market growth over the forecast period.
However, the Asia Pacific veterinary x-ray market is anticipated to witness highest CAGR owing to growing number of pet care adoption scenario. The market growth is further attributed to rising disposable income across the region; however underdeveloped veterinary infrastructure is anticipated to hinder market growth over the forecast period.