The Veterinary X-ray market is expected to grow with a CAGR of 6.4% over the forecast period.
The COVID-19 has disrupted many industries over the globe. The Healthcare industry is among those which was majorly hit during the pandemic time, Hence veterinary industry has also hit badly. This pandemic has created a problem in the supply chain and has also increased the financial burden of many companies. So, during COVID-19 the people are not adopting the pets, people are reluctant to take the pets to the clinics also, moreover veterinary doctors were also not present, due to the nationwide lockdown. Hence COVID-19 did impact this industry negatively.
The rising in the number of pet adoption has increased the growth of this industry, nowadays people are not only adopted the pet, but the awareness on the pet care has also increased to multiple folds. Since the adoption of pets has increased, so nowadays there is a significant increase in the number of veterinary clinics as compared to the past five years, it can be clearly seen that pet care has been increased to multiple levels and hence there will be significant growth in veterniary x-ray market in forecast years.
Key Market Trends
The Computed Radiography Segment is Expected to Witness a Major Share in Studied Market over the Forecast Period
Computed Radiography is having the maximum contribution in its overall market share, owing to the greater market penetration, cost-effectiveness, and ease of installation. These reasons were responsible for the high market share in this domain. Moreover, veterinarians prefer digital radiography for the detection or treatment of complex cases in animals.
Portable-X-rays also held a significant share in this domain, as more pet doctors are preferring this, because of their lightweight, user-friendliness, and ease of integration with digital machines. The small type animals have a good revenue in this market, as the adoption of small animals is more than the large animals.
Based on application, the oncology segment is expected to have very good growth in the forecast period, as there are a lot R&Ds are going on for cancer therapies and also there is a rise in the number of cancer cases in small and large animals, hence this segment will grow during the forecasted period.
North America Dominated the overall Market and is Expected to Retain its Dominance.
North America has the largest market in the Veterinary X-ray market, as more people are adopting pets in these nations, hence there will be a significant amount to be spent on pet care as well. In North America, the US contributes the maximum revenue generation. This is due to the rise in awareness in pet care, also the players/companies are more in the USA and they are spending a lot of capital in advancement in technology, R&Ds, etc. According to a report by American Veterinary Medical Association, in 2017, American pet owners have spent around USD 15.42 billion on pet surgeries. This clearly shows that the market will be going to increase significantly during the forecast period.
The Asia-Pacific market is expected to grow significantly due to interest in investing by several key players in this domain. Moreover, people are getting aware more and more of pet care and the treatments available for it. The rise in disposable in these countries can also be attributed to the market growth in the forecast period.
The Veterinary X-ray market is highly competitive with many key players dominating the market. The presence of major market players, such as Fujifilm Holdings Corporation, Toshiba Corporations, Siemens Healthineers, GE Healthcare, OR Technology, and Konica Minolta among others is intensifying the competition. The market players are adopting strategies, such as rising R&D investments, mergers, acquisitions, and product innovations in order to sustain the increasing market rivalry.
In Jan 2020, United Petfood acquires an Italian private company named Effeffe.
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