Veterinary X-ray Market to Grow with a CAGR of 6.01% through 2028
Advancements in veterinary medicine and increased
awareness of animal health are expected to drive the Global Veterinary X-ray Market
growth in the forecast period, 2024-2028.
According to TechSci Research report, “Veterinary
X-ray Market – Global Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the Global Veterinary X-ray Market stood at USD
614.78 million in 2022 and is anticipated to grow with a CAGR of 6.01% in the
forecast period, 2024-2028. This can be attributed to emerging markets. Emerging
economies are witnessing an increase in pet ownership and a desire for improved
veterinary care. This trend presents a significant growth opportunity for the
global veterinary X-ray market. Market players are expanding their presence in
these regions to tap into the growing demand.
Furthermore, effective utilization of advanced X-ray
technology requires specialized knowledge. As a result, ongoing education and
training for veterinarians and technicians will remain essential. Industry
players are likely to invest in training programs to ensure the proper use of
these advanced systems. The demand for veterinary X-rays has been on the rise
due to several factors, including a growing emphasis on innovation in animal
healthcare, an increased need for diagnostic tools, a rise in pet adoption
rates, and the greater use of radiography in various veterinary fields like
orthopedics and dentistry. Additionally, the increasing occurrence of zoonotic
diseases has spurred the demand for more effective diagnostic solutions, which
is expected to drive global market growth. Furthermore, ongoing technological
advancements in X-ray diagnostics are anticipated to further boost their
adoption. For instance, in September 2022, SK Telecom in Korea introduced an
AI-based X-ray diagnosis service called X Caliber, which provides rapid
analysis to veterinarians.
The emergence of the COVID-19 pandemic had an impact
on the entire healthcare sector, including veterinary medicine. The pandemic
temporarily slowed down the market's growth since many non-essential surgeries
were restricted worldwide during the outbreak. Moreover, strict limitations on
the movement of people and goods led to reduced patient flow into veterinary
clinics. The shortage of skilled veterinarians, coupled with postponed elective
surgeries, disrupted the operations of veterinary facilities, negatively
affecting market providers to some extent.
However, the pandemic also led to an increase in pet
ownership in certain countries, resulting in higher demand for veterinary
diagnostic testing. For instance, the American Society for the Prevention of
Cruelty to Animals (ASPCA) reported in May 2021 that one out of every five
households had adopted a cat or dog since the early stages of the COVID-19
pandemic. These increased adoptions during the pandemic heightened awareness
about companion animal healthcare, which is expected to boost the demand for
veterinary diagnostic services during the forecast period.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC on "Global Veterinary X-ray Market.”
In the field of veterinary medicine, advanced imaging
technologies like digital radiography and dedicated X-ray rooms are rapidly
gaining popularity for their role in injury prevention, early diagnosis, and
disease detection. Veterinarians prefer digital radiography for assessing
complex animal conditions. The growing trend of pet ownership is driving the
demand for effective treatment options, and as a result, the demand for
veterinary X-rays is expected to continue rising in the forecast period.
The Global Veterinary X-ray Market is segmented into animal
type, solutions, technology, portability, type, application, end-use, regional
distribution, and company.
Based on its technology, the computed radiography (CR)
segment established its dominance in the global veterinary x-ray market in
2022. The digitalization of clinical data has become exceptionally vital in the
field of veterinary science, necessitating the use of advanced methods like CR
for animal diagnostic testing. Similarly, the utilization of computed
radiography in small animals and the equine industry is on the rise due to the
numerous advantages it offers. Additionally, benefits like the ability of CR to
provide a single image displaying both bone detail and soft tissues are
expected to drive the growth of this segment.
On the other hand, digital radiography, a newer
technology increasingly prevalent in veterinary medicine, boasts numerous
applications. This segment is projected to experience the fastest CAGR owing to
its benefits, such as the capability to centrally store and easily search
patient images, along with the quick sharing of images over the internet. This
has streamlined radiology workflows by eliminating many manual processes, such
as retrieving previous studies, resulting in increased productivity and
enhanced point-of-care services for patients, especially in farm settings.
Based on type, the digital category held the top
position in the worldwide market in terms of type in 2022 and is also the
segment with the most rapid growth. This is primarily attributed to the
numerous benefits of digital x-ray technology when compared to traditional
x-ray methods.
The advantages associated with the use of digital
devices encompass a shorter image capture time, increased efficiency, and the
generation of clearer and more detailed images. Additionally, this technology
allows for the almost instantaneous production of images shortly after
exposure, thus reducing direct radiation exposure. These factors collectively
contribute to the promising and profitable future growth of digital
radiography.
Major companies operating in Global Veterinary
X-ray Market are:
- IDEXX Laboratories, Inc.
- Heska Corp
- Sound Technologies Inc
- FUJIFILM Holdings Corporation
- Carestream Health Inc
- Shenzhen Mindray Bio-Medical
Electronics Co Ltd
- Midmark Corp
- Canon Medical Systems Corp
- AGFA-Gevaert NV
- Sedecal Control SA
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“The increasing adoption of digital radiography, the
rise of specialized veterinary imaging solutions, the integration of AI, the
expansion of telemedicine, a focus on sustainability and safety, and global
market expansion are all factors that will shape the industry's future. As the
veterinary healthcare landscape continues to evolve, the market will adapt to
meet the demands of both veterinary professionals and the animal-loving public,
ultimately improving the quality of care for our animal companions,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Veterinary X-ray Market By Animal
Type (Small Animals, Large Animals), By Solutions (Equipment, Accessories/
Consumables, PACS), By Technology (Direct (Capture) Radiography, Computed
Radiography, Film-based Radiography), By Portability (Fixed, Mobile), By Type
(Digital, Analog), By Application (Orthopedics and Trauma, Respiratory,
Gastrointestinal, Dentistry, Others), By End-Use (Veterinary Clinics &
Hospitals, Others), By Region, By
Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Veterinary X-ray Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Veterinary X-ray Market.
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