Veterinary Radiography System Market Size, Share, Growth, Trends, Consumption, Revenue, Company Analysis, Regional Insights and Forecast 2021-2028

Published Date : Nov 2020 | No. of Pages : 200 Pages | Category : Healthcare

Veterinary Radiography System Market size was valued at US$ 480 Mn in 2020 and to surpass around US$ 810 million by 2028 with a CAGR of 6.3% from 2021 to 2028.

Digital radiography is becoming increasingly mainstream in the veterinary radiography system market. Rapid increase in the number of animal diseases, rise in companion animal ownership, high prevalence of zoonotic diseases, and increase in access to health care are anticipated to drive the global veterinary radiography system market.

The global veterinary radiography system market is driven by increase in pet population, rise in pet adoption, surge in R&D expenditure on animal health, and introduction of new products in radiography by global players for the better diagnosis of animals. Moreover, pet owners across the globe spend billions of dollars every year for the diagnosis of diseases affecting their pets. Increase in expenditure on animal health is expected to boost the growth of the global veterinary radiography system market in the next few years.

High Cost and Lack of Skilled Personnel to Hamper Market

  • The global veterinary radiography system market is technology driven. Introduction of new technologies in the market increases the demand for these systems due to improved efficiency and outcomes. However, high cost of these new devices raises the affordability issue, which hampers the growth of the veterinary radiography system market, especially in the developing countries. Moreover, lack of reimbursement affects demand for veterinary radiography systems.
  • Veterinary radiography systems have witnessed rise in adoption among veterinarians in the last decade. However, standardization in training for new technologically advanced radiography systems and accreditation guidelines to ensure physician competence is still lacking.

PACS Support Advanced Diagnostic Imaging of Small Animals

Several drivers such as the introduction of picture archiving and communication systems (PACS) are contributing toward the growth of the veterinary radiography system market. Companies in the market landscape are increasing efforts to develop user-friendly PACS solutions for management of the production and the use of X-ray images. Veterinarians are investing in novel digital technologies for analyzing and viewing X-rays of small animals. This is evident since diagnostic imaging of small animals is estimated to be high compared to large animals.

Apart from veterinary hospitals, manufacturers are catering to the needs of veterinarians in small practices. As such, veterinary clinics end user segment is anticipated for aggressive growth in the market for veterinary radiography system. Hence, companies in the market for veterinary radiography systems are increasing the availability of cost-effective full X-ray systems that cater to limited spending of small-scale practitioners. There is a growing demand for space-saving X-ray systems for standard wall socket operation with a floating tabletop.

Screen-film Radiography Versus Digital Radiography: Which is better?

Needle-based storage-phosphor detector radiography is gaining importance in the veterinary radiography system market. This technique is found to be superior to conventional storage-phosphor and mammography screen-film systems. Needle-based detector systems perform better than screen-film systems in diagnostic imaging of small animals. On the other hand, screen-film radiography is a better alternative to digital radiography, since the latter has limited spatial resolution.

The veterinary radiography system market is anticipated to grow at a CAGR of 6.3% during the forecast period. Technological advancements have led to innovations in digital radiography. Though screen-film radiography has better spatial resolution, companies in the veterinary radiography system market are increasing R&D to enhance intrinsic sharpness and noise level of digital radiography systems. This is evident, since digital radiography is projected for exponential growth during the forecast period. As digital radiography systems are limited in spatial resolution, screen-film systems are limited compared to diagnostic imaging.

Market Segmentation

The computed radiography segment accounted for major share of the global veterinary radiography system market in 2020. The digital radiography segment is poised to expand at a higher CAGR during the forecast period. The film screen radiography segment is likely to grow at a sluggish pace due to limited applications in imaging procedures and old technology. Additionally, reduced R&D initiatives for the improvement of these devices hampers the growth of the segment. Players such as Sound (VCA, Inc.), Canon, Inc., and Fujifilm Holdings America Corporation dominate the digital veterinary radiography system market. Based on end user, the veterinary hospitals segment accounted for major share of the global veterinary radiography system market in terms of revenue in 2018. The segment is projected to grow at a moderate pace during the forecast period.

Veterinary hospitals are major end users of veterinary radiography systems, which are used in the treatment of diseases such as orthopedic & rheumatic; cardiologic, oncologic, and nephrological. Veterinary hospitals are an important distribution channel for veterinary radiography systems. According to government healthcare facilities, veterinary hospitals have reimbursement plans and advanced technology systems for veterinary disease treatment. In terms of animal, the global veterinary radiography system market has been bifurcated into small companion animals and large animals. The small companion animals segment is projected to expand at a high CAGR during the forecast period, owing to surge in population of companion animals such as dogs and cats and increase in concerns about pet health among owners. Rise in demand for high quality proteins propels the livestock animals segment. Increase in pet ownership and spending capacity of pet owners augments the small companion animals segment.

Prominent Regions

Increase in pet population and introduction of new products by global players for better diagnosis and treatment of animals are the key factors attributed to North America’s dominance of the global veterinary radiography system market in 2020. The U.S. held a major share of the market in North America as well as globally. Rise in insurance for pet animals plays a vital role in increasing expenditure on companion animals in the region. Europe and Asia Pacific are the other regions that led the global market in 2020. The veterinary radiography system market is well-developed in regions such as North America and Europe. However, the market in regions such as Latin America and Asia Pacific exhibits significant growth potential. The veterinary radiography system market in South Africa is growing at a steady pace due to increase in number of pet animals. The market in Saudi Arabia and the UAE is driven by increase in poultry production.

Key Players

Leading players are strengthening their positions in the global veterinary radiography system market. These players are collaborating with other companies to secure and strengthen their positions in the global veterinary radiography system market. In January 2019, DRE Medical completed its transition to Medical Surgical Division of Avante Health Solutions. Together with Avante Health Solutions, DRE Medical is likely to expand its product offerings and customer base. It would also help the company to strengthen its position in the medical equipment market. In December 2017, BCF and ECM (Echo Control Medical) merged with IMV Technologies to create IMV imaging. Leading players in the global veterinary radiography system market include Sound (VCA, Inc.), Canon, Inc., Fujifilm Holdings America Corporation, Diagnostic Imaging Systems, Merry X-Ray Corporation, Sedecal, IMV imaging, DRE Medical, and Midmark Corporation. Few distributors include Triangle X-Ray Company, Ozark Imaging, and United Radiology Systems, Inc.

Market Segmentation

By Animal

  • Small Companion Animals
  • Large Animals

By Technology

  • Computed Radiography
  • Digital Radiography
  • Film Screen Radiography

By Indication

  • Orthopedic & Rheumatology
  • Cardiology
  • Oncology
  • Nephrology
  • Others

By Product

  • Digital X-ray
    • Direct
    • Indirect
  • Analog X-ray

By End User

  • Veterinary Hospitals
  • Veterinary Clinics
  • Diagnostic Centers & Research Centers

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa

Report Scope

The Veterinary radiography system market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Veterinary radiography system market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Veterinary radiography system market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Veterinary radiography system market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Veterinary radiography system market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Veterinary radiography system capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Veterinary radiography system by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Veterinary radiography system market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Veterinary radiography system market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Veterinary radiography system market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Veterinary radiography system industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

Veterinary radiography system market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Veterinary radiography system market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Veterinary radiography system market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Veterinary radiography system market. These factors have benefited the growth of the global market for Veterinary radiography system. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Veterinary radiography system. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Veterinary radiography system are as follows:

  • History Year: 2017-2020
  • Base Year: 2020
  • Forecast Year 2021 to 2028

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2028);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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