Veterinary X-ray Market Worth $651.76 Million By 2026
The global veterinary X-ray market size is expected to reach USD 651.76 million by 2026, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 5.6% during the forecast period. Rising pet adoption is fueling the need for healthcare facilities, and growing penetration of direct (capture) radiography as well as technological advancements in X-ray systems are some key factors driving growth. As per IDEXX Laboratories, there has been an incremental growth of 2.2% in clinical visits per practice for U.S. companion animals in the first quarter of 2019. The aforementioned factors highlight the untapped opportunities for animal diagnostics segment, inclusive of imaging.
X-ray devices help veterinarians and laboratory technicians to diagnose many conditions, including bladder stones & tumors and determine foreign bodies in an animal’s stomach. These devices also assist in locating fractures and internal injuries. Increasing awareness about animal health along with high adoption of advanced technologies is expected to contribute toward market growth over the forecast period. For instance, advancements in digital radiography and rise in awareness about their benefits such as cost-effectiveness and higher efficiency.
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Further key findings from the study suggest:
- Computed radiography held a dominant share in 2018 due to increasing adoption in animal health practices
- Digital X-ray equipment segment is expected to gain popularity in the coming years owing to user-friendliness and enhanced productivity
- The portable segment is anticipated to witness lucrative CAGR over the forecast period due to increase in awareness about its benefits
- Small companion animals segment dominated the veterinary X-ray market as of 2018 due to increasing pet adoption along with rising awareness & concern among pet owners
- The hospitals and clinics segment held a dominant revenue share owing to rise in patient footfall
- North America accounted for a dominant revenue share as of 2018 due to rise in the number of pets and increase in willingness to pay for their healthcare
- SOUND; IDEXX Laboratories, Inc.; FUJIFILM Holdings America Corporation, Heska Corporation, and Canon Inc. are some of the major players with broad product portfolios and significant regional presence
- Companies are adopting various strategies such as product development, mergers & acquisitions, partnerships, collaborations, and regional expansion to gain a competitive edge in the market.