Major Growth Boosting Factors: The Rising animal health expenditure and growing demand for pet insurance, increasing number of veterinary practitioners in developed regions, and growth in the companion animals market are the primary drivers for the X-ray market during the forecast period.
Revenue Growth Opportunities: The Veterinary X-ray Market is projected to reach USD 872 million, Growing at a CAGR of 6.4%
Recent Developments:
In 2018, Heska Corporation (US) formed a partnership with Pathway Vet Alliance (US). Under the terms of this agreement, Pathway plans to align its internal diagnostic portfolio with Heska, which can provide in-house operational services like point-of-care blood diagnostics, digital imaging, and allergy testing.
In 2018, Carestream Health signed a service partnership agreement with Med Imaging Healthcare, a Diagnostic Imaging equipment maintenance company. The partnership was aimed at providing wider maintenance coverage and support for Carestream customers across Scotland.
In 2016, Heska acquired Cuattro Veterinary (US), a company offering flat-panel digital radiography systems. This international expansion provides Heska with a strong and established platform for launching Heska’s blood diagnostics platforms and programs to international markets.
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On the basis of technology,
The Animal X-ray Market is segmented into direct radiography (DR), computed radiography (CR), and film-based radiography systems. The computed radiography systems segment accounted for the largest share of the veterinary X-ray market in 2017. Benefits offered by CR systems over traditional X-ray systems, resulting in a large-scale replacement of traditional film X-ray systems, is the major factor responsible for the large share of this segment.
Based on type of animal,
The Animal X-ray Market is segmented into small companion animals and large animals. The small companion animals segment accounted for the largest share of the veterinary X-ray market in 2017. The large share of this segment can be attributed to the growing companion animal population, increasing pet care expenditure, growing demand for pet insurance, and technological advancements in imaging modalities for small companion animals.
Based on type,
The veterinary X-ray market is categorized into digital X-rays and analog X-rays. The digital X-rays segment accounted for the largest market share in 2017. The large share of this segment can be attributed to the number of benefits offered by digital X-ray systems over analog systems, including cost savings, improved efficiency and productivity, and patient-centric, value-based imaging.
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Geographical Scenario:
The veterinary X-ray market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of this market in 2017. Rising number of veterinary practices, increasing number of companion animals, and rising companion animal healthcare expenditure are some of the key factors driving the growth of the animal X-ray market in North America.
Global Leaders:
The prominent players in the veterinary X-ray market are IDEXX (US), Fujifilm (Japan), Onex Corporation (Canada), Sedecal (Spain), Agfa-Gevaert (Belgium), Sound Technologies (US), Fujifilm Holdings Corporation (Japan), Canon, Inc. (Japan), Examion (Germany), Konica Minolta (US), DRE Veterinary (US), and Heska Corporation (US).