Veterinary X-ray Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2028

Published Date : Jan 2021 | No. of Pages : 250 Pages | Category : Healthcare

The global Veterinary X-ray market size is expected to be worth around US$ 651.80 million by 2028, according to a new report by Vision Research Reports.

The global Veterinary X-ray market size was valued at US$ 423.66 million in 2020 and is anticipated to grow at a CAGR of 5.10% during forecast period 2021 to 2028.

Growth Factors

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.

Report Highlights

Computed radiography held a dominant share as of 2020, 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.

Digital radiography held a dominant revenue share as of 2020 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.

Portable X-rays held a dominant share as of 2020 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.

The small companion animals segment accounted for dominant revenue share in 2020. 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.

Orthopedic and traumatology held the largest revenue share as of 2020. This growth can be attributed to a 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, the 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.

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.

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.

Key Players

IDEXX Laboratories, Inc.; FUJIFILM Holdings America Corporation; and Carestream Health.

Market Segmentation

  • Technology Outlook 

    • Direct (Capture) Radiography

    • Computed Radiography

    • Film-based Radiography

  • Type Outlook

    • Digital

    • Analog

  • Modality Outlook 

    • Portable

    • Stationary

  • Animal Type Outlook 

    • Small Companion Animals

    • Large Animals

    • Others

  • Applications Outlook 

    • Orthopedics and Traumatology

    • Oncology

    • Cardiology

    • Neurology

    • Dental Applications

    • Others (Ophthalmology, Urology, etc.)

  • End-use Outlook 

    • Hospitals/Clinics

    • Reference Laboratories

    • Others

  • Regional Outlook

    • North America

      • The U.S.

      • Canada

    • Europe

      • The U.K.

      • Germany

      • France

      • Italy

      • Spain

    • Asia Pacific

      • Japan

      • China

      • India   

    • Latin America

      • Brazil

      • Mexico

    • Middle East & Africa

      • South Africa

The Veterinary X-ray 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 X-ray 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 X-ray market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Veterinary X-ray 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 X-ray 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 X-ray 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 X-ray 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 X-ray 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 X-ray market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Veterinary X-ray 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 X-ray 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.

The Veterinary X-ray 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 X-ray 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 X-ray 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 X-ray market. These factors have benefited the growth of the global market for Veterinary X-ray. 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 X-ray. 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 X-ray are as follows:

  • Historic 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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