Executive Summary

The global veterinary radiography systems market is expected to grow at a steady rate in the coming years. The growing demand for animal healthcare services, the increasing prevalence of animal diseases, and technological advancements in veterinary radiography systems are some of the major factors driving market growth. However, the high cost of these systems and the lack of skilled professionals are expected to hinder market growth to some extent.

Important Note: The companies listed in the image above are for reference only. The final study will cover 18–20 key players in this market, and the list can be adjusted based on our client’s requirements.

Key Market Insights

The global veterinary radiography systems market is expected to grow from USD 718.4 million in 2020 to USD 1,117.2 million by 2028, at a CAGR of 6.7% during the forecast period. The growing demand for animal healthcare services, the increasing prevalence of animal diseases, and technological advancements in veterinary radiography systems are some of the major factors driving market growth.

Market Drivers

1. Growing Demand for Animal Healthcare Services

The demand for animal healthcare services is increasing globally, driven by the rising pet ownership and the growing awareness about animal health. As per the American Pet Products Association (APPA), pet ownership in the US increased from 67% in 2019 to 70% in 2020. This increase in pet ownership is expected to drive the demand for veterinary radiography systems.

2. Increasing Prevalence of Animal Diseases

The prevalence of animal diseases is increasing globally, which is driving the demand for veterinary radiography systems. According to the World Organisation for Animal Health (OIE), animal diseases cause significant economic losses, and their impact on public health is significant. Veterinary radiography systems help in diagnosing and treating various animal diseases, which is expected to drive their demand.

3. Technological Advancements in Veterinary Radiography Systems

Technological advancements in veterinary radiography systems have improved their efficiency, accuracy, and ease of use. These advancements have led to the development of digital radiography systems that offer better image quality and faster processing times. As a result, the adoption of veterinary radiography systems is increasing globally.

Market Restraints

1. High Cost of Veterinary Radiography Systems

The high cost of veterinary radiography systems is a major factor hindering market growth. These systems are expensive, and their maintenance costs are also high. This makes it difficult for small and medium-sized veterinary clinics to invest in these systems, which is expected to restrict market growth.

2. Lack of Skilled Professionals

The lack of skilled professionals is another factor that is expected to hinder market growth. The operation of veterinary radiography systems requires specialized training, and there is a shortage of skilled professionals in many regions. This is expected to restrict the adoption of veterinary radiography systems in these regions.

Market Opportunities

1. Growing Demand from Emerging Markets

The growing demand for animal healthcare services in emerging markets presents significant opportunities for market players. The rising disposable incomes, increasing pet ownership, and growing awareness about animal health are driving the demand for veterinary radiography systems in these markets.

2. Rising Adoption of Digital Radiography Systems

The adoption of digital radiography systems is increasing globally, driven by their improved efficiency, accuracy, and ease of use. Digital radiography systems offer better image quality, faster processing times, and the ability to share images easily with other healthcare providers. As a result, the adoption of digital radiography systems is expected to increase in the coming years, creating significant opportunities for market players.

Market Dynamics

The veterinary radiography systems market is dynamic and is characterized by the presence of several players operating in the market. The market is highly competitive, and players are adopting various strategies to maintain their market position. These strategies include mergers and acquisitions, partnerships, collaborations, and product launches.

Regional Analysis

The global veterinary radiography systems market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is the largest market for veterinary radiography systems, driven by the increasing prevalence of animal diseases and the growing demand for animal healthcare services. The Asia Pacific is expected to grow at the fastest rate during the forecast period, driven by the rising pet ownership and the increasing adoption of digital radiography systems.

Competitive Landscape

Leading companies in the Veterinary Radiography Systems Market:

1. Fujifilm Holdings Corporation
2. IDEXX Laboratories, Inc.
3. Carestream Health, Inc.
4. Diagnostic Imaging Systems, Inc.
5. Sedecal USA, Inc.
6. Sound Technologies, Inc. (Heska Corporation)
7. Vetel Diagnostics
8. MinXray, Inc.
9. Canon Inc.
10. Onex Corporation (IMV Technologies)

Please note: This is a preliminary list; the final study will feature 18–20 leading companies in this market. The selection of companies in the final report can be customized based on our client’s specific requirements.

Segmentation

The veterinary radiography systems market is segmented based on product type, application, animal type, and end-user. Based on product type, the market is segmented into digital radiography systems and analog radiography systems. Based on application, the market is segmented into orthopedics and traumatology, oncology, cardiology, neurology, and others. Based on animal type, the market is segmented into small companion animals, large animals, and others. Based on end-user, the market is segmented into veterinary hospitals, clinics, and others.

Category-wise Insights

1. Digital Radiography Systems

Digital radiography systems are expected to dominate the market during the forecast period, driven by their improved efficiency, accuracy, and ease of use. Digital radiography systems offer better image quality, faster processing times, and the ability to share images easily with other healthcare providers.

2. Orthopedics and Traumatology

Orthopedics and traumatology are the largest application segments in the veterinary radiography systems market. This is due to the high prevalence of bone and joint injuries in animals.

3. Small Companion Animals

Small companion animals are the largest animal type segment in the veterinary radiography systems market. This is due to the high prevalence of pet ownership and the growing demand for animal healthcare services.

Key Benefits for Industry Participants and Stakeholders

1. Better Diagnosis and Treatment of Animal Diseases

Veterinary radiography systems help veterinarians diagnose and treat various medical conditions in animals, leading to better health outcomes.

2. Increased Revenue and Market Share

The growing demand for animal healthcare services and the increasing adoption of veterinary radiography systems present significant opportunities for industry participants to increase their revenue and market share.

SWOT Analysis

Strengths:

• Technological advancements in veterinary radiography systems
• Growing demand for animal healthcare services

Weaknesses:

• High cost of veterinary radiography systems
• Lack of skilled professionals

Opportunities:

• Growing demand from emerging markets
• Rising adoption of digital radiography systems

Threats:

• Stringent regulatory requirements
• Intense competition among market players

Market Key Trends

1. Technological Advancements in Veterinary Radiography Systems

Technological advancements in veterinary radiography systems have improved their efficiency, accuracy, and ease of use. These advancements have led to the development of digital radiography systems that offer better image quality and faster processing times. As a result, the adoption of veterinary radiography systems is increasing globally.

2. Rising Demand for Animal Healthcare Services

The demand for animal healthcare services is increasing globally, driven by the rising pet ownership and the growing awareness about animal health. This is expected to drive the demand for veterinary radiography systems.

Covid-19 Impact

The Covid-19 pandemic has had a significant impact on the veterinary radiography systems market. The pandemic has led to the closure of veterinary clinics and hospitals, which has resulted in a decline in the demand for veterinary radiography systems. However, as the pandemic subsides and the demand for animal healthcare services increases, the market is expected to recover and grow in the coming years.

Key Industry Developments

1. In October 2020, Fujifilm Holdings Corporation launched the FDR D-EVO II VET digital radiography system. The system is designed to provide high-quality images with a lower radiation dose.
2. In August 2020, Heska Corporation launched the Element DC Digital Imaging System. The system is designed to provide fast and accurate radiographic images of animals.

Analyst Suggestions

1. Focus on Emerging Markets

Industry participants should focus on emerging markets such as Asia Pacific and Latin America, which present significant growth opportunities.

2. Invest in Technological Advancements

Industry participants should invest in technological advancements to develop innovative veterinary radiography systems that offer better efficiency, accuracy, and ease of use.

Future Outlook

The global veterinary radiography systems market is expected to grow at a steady rate in the coming years. The growing demand for animal healthcare services, the increasing prevalence of animal diseases, and technological advancements in veterinary radiography systems are expected to drive market growth. However, the high cost of these systems and the lack of skilled professionals are expected to hinder market growth to some extent.

Conclusion

The veterinary radiography systems market is dynamic and is characterized by the presence of several players operating in the market. The market is highly competitive, and players are adopting various strategies to maintain their market position. The global veterinary radiography systems market is expected to grow at a steady rate in the coming years, driven by the growing demand for animal healthcare services, the increasing prevalence of animal diseases, and technological advancements in veterinary radiography systems. Industry participants should focus on emerging markets and invest in technological advancements to develop innovative veterinary radiography systems that offer better efficiency, accuracy, and ease of use.