Global Veterinary X-Ray Market - Forecasts from 2022 to 2027
The global veterinary X-ray market is projected to grow at a CAGR of 6.34% during the forecast period to reach US$801.978 million by 2027, from US$521.538 million in 2020.
A veterinary X-ray machine is a machine designed specifically for use on animals. This offers high-quality radiographs that are used to diagnose or discover a problem in the pet's body, as well as to determine the source and degree of the condition. This can be used to evaluate a broken bone, suspected trauma injuries, or identify a foreign object that a patient has eaten. The extraordinary detail of a digital X-ray makes it a popular choice for usage during a dental exam. Radiographs are quite safe and can be done while the pet is lying still on an X-ray table. The rising demand for pet insurance, supported by increased animal health spending, is one of the primary factors driving the veterinary x-ray market's growth and demand. Furthermore, the rapid growth in the number of veterinarians and rising income levels in developed economies contribute to the worldwide market's growth over the projection period. The Global veterinary X-Ray Market can be segmented by type, mobility, animal type, application, and geography.
The rapid technological advancements in animal healthcare are expected to fuel the growth of the global veterinary X-ray market.
The sector is being driven by technological advancements in animal healthcare, such as effective assimilation of radiology information systems and teleradiology. Demand is further expected to fuel by a growing focus on animal health innovation. For instance, in 2018, Vetology Innovations LLC developed artificial intelligence-enabled radiology software capable of offering textual analysis in 90 seconds after the image is submitted in an effort to provide an automated diagnostic tool for radiographs and, in January 2020, to capitalize on Korea's booming pet care market, Vatech, a medical imaging solutions provider, revealed the world's first veterinary CT scanner, which may aid in cancer and tumor diagnosis, as well as a dental panoramic radiography system. Furthermore, pet owners can now choose effective treatment for their pets with the help of pet health insurance policies, and the rising demand for more effective therapy for pets will further accelerate the expansion of the veterinary X-ray market, as well as offer significant growth opportunities for the market in the forecast period.
The popularity of pet adoption has boosted the industry's expansion. People nowadays are also aware of the importance of pet care. There has been considerable growth in veterinary clinics as pet adoption has surged. As a result, the veterinary X-ray market is expected to increase significantly throughout the forecast period. Pet ownership in the United States increased from 67 percent of homes to an all-time high of 70 percent in 2020, according to the "2021-2022 APPA National Pet Owners Survey."
However, rising pet care expenditures, as well as the high cost of instruments and procedures, may limit the veterinary X-ray market's expansion, while a lack of veterinarians and a lack of animal healthcare knowledge in emerging economies may pose a threat to the market's growth.
By region, North America is expected to hold a dominating share, and the Asia Pacific region is predicted to show fast growth in the global veterinary X-ray market during the forecast period.
The increase in purchasing power of consumers, together with increased knowledge of tumors and malignancies in companion animals, is driving market growth in North America. As more people in these countries adopt pets, there will be a substantial amount of money spent on pet care. The United States generates the most revenue in North America. This is attributed to a surge in pet-care awareness. Furthermore, the companies are increasingly concentrated in the United States, investing heavily in technological innovation. According to the American Pet Products Association's 2021-2022 (APPA) National Pet Owners Survey, approximately 90.5 million families in the United States own a pet. This is from 56% of American homes in 1988, the first year the study was performed, and 67% in 2019. According to the North American Pet Health Insurance Association (NAPHIA), gross written premiums for pet health insurance in the United States reached $1.99 billion in 2020, up 27.5 percent from $1.56 billion in 2019.
The Asia-Pacific market is predicted to increase rapidly as a result of several important players' interest in investing in this region. Furthermore, consumers are becoming more aware of pet care and the therapies offered. The gain in disposable income in these countries is also anticipated to increase market growth over the anticipated period.
During the pandemic, the healthcare business has been particularly hard damaged. The veterinary industry has also suffered a significant setback. The pandemic has disrupted supply chains and put a financial strain on many businesses. As a result, during COVID-19, many have been hesitant to adopt pets and bring pets to clinics. Furthermore, due to nationwide lockdowns, veterinary doctors were not present. As a result, COVID-19 has had a negative influence on this industry.
Direct Radiography Systems
Computed Radiography Systems
Film-based Radiography Systems
Middle East and Africa