Veterinary X-ray Market Size, Share, Global Market Research and Industry Forecast Report, 2019-2026 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Veterinary X-ray Market


The global veterinary X-ray market size was valued at USD 423.59 million in 2018 and is expected to grow at a CAGR of 5.6% during the forecast period. The market is driven by technological advancements in animal healthcare, which include effective assimilation of radiology information systems and teleradiology. Rising focus on innovation in animal health is anticipated to fuel demand.
For instance, in 2018, Vetology Innovations LLC, in an attempt to provide automated diagnostic tool for radiographs, launched artificial intelligence-enabled radiology software capable of providing written analysis in 90 seconds after the image is uploaded. Moreover, rising pet adoption, increasing need for diagnostics, and growing adoption of radiography in veterinary dentistry, orthopedics, & traumatology are further anticipated to boost demand, driving market growth.

Increase in incidence of zoonotic diseases is expected to boost demand for effective diagnostic solutions, which is expected to fuel industry growth. Increasing demand for dairy & meat products, rising pet adoption, and growing awareness about various treatment options available for pets are some of the factors boosting growth.
Some of the players are focusing on delivering technologically advanced products to gain higher market penetration. These advanced products that are battery-powered, faster, lighter, & portable with wireless capabilities are gaining popularity over traditional systems in the market. For instance, FDR flex DR system by Fujifilm, which is used for mixed animals and in equine environments, along with FDR D-EVO panels, helps in delivering enhanced images with minimal radiation dose.
Increasing incidence of orthopedic diseases is a major factor aiding growth of veterinary X-ray market. For instance; according to the Equine Veterinary Journal (EVJ), in 2017, orodental diseases had been found to be the most prevalent in countries such as Egypt. Furthermore, according to MyVet Imaging, since the use of digital X-ray technology began in veterinary care in 2016, the cost of the machines has dropped considerably, making the technology more affordable for veterinarians.

Technology Insights of Veterinary X-ray Market

Computed radiography held a dominant share as of 2018, owing to greater market penetration, cost-effectiveness, and ease of installation, as well as being faster than film-based radiography & cheaper than direct radiography. Veterinarians prefer digital radiography to diagnose complex conditions in animals.Demand for efficient treatment options is growing due to increase in trend of pet ownership. For instance, according to a report by American Veterinary Medical Association, in 2017, pet owners spent USD 15.42 billion on pet surgeries in the U.S.
On the other hand, digital or direct capture radiography is anticipated to exhibit lucrative growth over the forecast period. This growth can be attributed to benefits such as efficiency, enhanced imaging, easy accessibility, chemical-free disposal, and digital storage. Furthermore, wireless direct/digital radiography, which is especially used for equine or large animals, is expected to increase market demand over the forecast period.

Type Insights of Veterinary X-ray Market

Digital radiography held a dominant revenue share as of 2018 owing to its various advantages. Some of the benefits of using digital equipment are low labor costs, shorter capture time, and sizeable profit margins for market players. In addition, this technology enables generation of images within a few seconds of exposure, due to which direct exposure to radiation can be reduced. These factors further create lucrative growth opportunities for digital radiography.
Modality Insights
Portable X-rays held a dominant share as of 2018 owing to high adoption of these devices by veterinary practitioners. This can be attributed to benefits of using these devices, including user-friendliness, lightweight, and ease of integration with digital equipment. These types of radiography units are helpful for patients who cannot visit radiology centers.
Stationary segment is expected to witness steady growth in the coming years, as use of these systems is limited to only healthcare settings. Increase in the number of patients visiting veterinary clinics or reference laboratories is anticipated to boost adoption of radiography units over the forecast period.
Animal
Type Insights of Veterinary X-ray Market

The small companion animals segment accounted for dominant revenue share in 2018. Veterinary X-ray has numerous applications in small animal medicine. Humans are witnessing positive health benefits from their pets, which encourages companion animal ownership. Growing concern for pets & increase in willingness to spend on their health, as well as introduction of cost-effective diagnostic imaging solutions are some of the factors anticipated to boost demand in the coming years.
Increase in adoption for noninvasive diagnostic imaging systems by animal health practitioners is contributing to segment growth. Use of advanced radiographic equipment, projections, and film-screen combinations is enhancing diagnostic results. As a result, adoption of veterinary X-rays in large animals segment is expected to witness high growth.
Applications Insights
Orthopedic and traumatology held the largest revenue share as of 2018. This growth can be attributed to rise in the number of injuries in animals, high demand for accurate diagnostics, and increase in the number of animal care facilities.
Imaging modalities have numerous applications in veterinary oncology. This segment is anticipated to witness the fastest CAGR owing to increase in the incidence of cancer in animals. Growing research activities in oncology, rising government initiatives to support R&D activities, and increasing expenditure on animal healthcare by pet owners are some of the key factors driving the adoption of veterinary X-rays in oncology.
Growing prevalence of periodontal diseases in animals is expected to drive adoption of X-ray systems in dentistry. In addition, rising adoption of digital dental imaging owing to benefits such as faster processing and possibility of multiple exposures of dental sensors are anticipated to fuel segment growth during the forecast period.
End-use Insights
Veterinary hospitals dominated the market in 2018. The demand for fast, accurate, and cost-effective diagnostic tools in animal healthcare contribute toward the high demand for X-ray equipment in animal healthcare facilities. Technological advancements in imaging are expected to drive adoption in animal healthcare facilities over the forecast period. These advancements include cloud-based information management systems and pet owner mobile technologies.

Reference laboratories segment is expected to witness lucrative growth as they provide comprehensive diagnostic solutions. Growing collaborations between companies & reference laboratories to offer innovative solutions for pet health and increasing promotional activities worldwide for these laboratories are some key factors propelling segment growth.

Regional Insights of Veterinary X-ray Market

The market was dominated by developed regions, such as North America. North America captured almost 46% share and is expected to maintain its dominance throughout the forecast period. This can be attributed to rise in pet adoption along with increase in healthcare expenditure in the animal health segment.

Asia Pacific is expected to witness lucrative growth due to increase in interest of key players to invest in this market. Rising investment by companies to expand their presence in this region, along with growing demand for veterinary products, is expected to drive growth. In addition, increase in R&D, rise in expenditure in animal healthcare, and availability of low-cost animal health products are also some factors contributing toward growth.

Market Share Insights of Veterinary X-ray Market

Some of the major players operating in this market are Sound; IDEXX Laboratories, Inc.; FUJIFILM Holdings America Corporation; and Carestream Health. Extensive mergers & acquisitions, product portfolio expansion strategies, geographical expansions, and collaborative research initiatives are strategies undertaken. Manufacturers are focusing on R&D for developing innovative diagnostic technologies to gain a competitive edge over others. Well-established players are focusing on expanding their distribution channels by acquiring smaller companies, entering into collaborative agreements with local players, and launching new products to gain better market penetration.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Veterinary X-ray Market Research Report

This report forecasts revenue growth at global, regional, & country levels and provides an analysis of latest industry trends in each of the sub-segments from 2014 to 2026. For the purpose of this study, this market research report has segmented the global veterinary X-ray market report on the basis of technology, type, modality, animal type, application, end use, and region:

Technology Outlook (Revenue, USD Million, 2014 - 2026)

  
Direct (Capture) Radiography
  
Computed Radiography
  
Film-based Radiography

Type Outlook (Revenue, USD Million, 2014 - 2026)

  
Digital
  
Analog

Modality Outlook (Revenue, USD Million, 2014 - 2026)

  
Portable
  
Stationary

Animal Type Outlook (Revenue, USD Million, 2014 - 2026)

  
Small Companion Animals
  
Large Animals
  
Others

Applications Outlook (Revenue, USD Million, 2014 - 2026)

  
Orthopedics and Traumatology
  
Oncology
  
Cardiology
  
Neurology
  
Dental Applications
  
Others (Ophthalmology, Urology, etc.)

End-use Outlook (Revenue, USD Million, 2014 - 2026)

  
Hospitals/Clinics
  
Reference Laboratories
  
Others