Veterinary Radiography System Market to reach valuation of US$ 800 million by 2027
Veterinary Radiography System Market: Introduction
Transparency Market Research has published a new report titled, “Veterinary Radiography System Market.” According to the report, the global veterinary radiography system market was valued at US$ 478.1 Mn in 2018 and is projected to expand at a CAGR of ~6% from 2019 to 2027. 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.
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Veterinary Radiography System: Market Segmentation
The computed radiography segment accounted for major share of the global veterinary radiography system market in 2018. 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.
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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.
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Veterinary Radiography System Market: 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 2018. 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 2018. 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.
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Veterinary Radiography System Market: 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.
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