Veterinary Radiography Systems Market - Growth, Trends, and Forecasts (2023-2028)

The veterinary radiography systems market is expected to register a CAGR of 6.2% over the forecast period.

Key Highlights

• The increasing adoption of pets significantly contributed to the growth of the market. For instance, according to the PDSA PAW report published in June 2021, 2.0 million people in the United Kingdom owned pets between March 2020 to May 2021. This impacted the market growth during the COVID-19 pandemic positively. Furthermore, according to a 2020 research article published on Health for Animals, the WVA and local veterinary associations in Europe declared veterinary services as ‘essential’ in the same way as human healthcare services in 2020. Therefore, many veterinarians continued to practice during the COVID-19 pandemic.
• The increased pet ownership and rising prevalence of animal diseases and injuries are the major drivers for the market. For instance, according to the American Pet Products Association's 2021-2022 National Pet Owners Survey, around 69.0 million Americans own a dog, 45.3 million own cats, 11.8 own freshwater fish, 9.9 million own birds, 6.2 million own small animals, 5.7 million own reptiles, 3.5 million own horses, and 2.9 million own saltwater fish. Similarly, according to the survey conducted by the Dibevoand the Dutch Food Industry Companion Animals (NVG) in 2021, in the Netherlands, around 25.0% of households owned a cat, and around 20.0% owned a dog. The total number of pets in the Netherlands is estimated to be almost 27.0 million.
• Furthermore, an article by the government of Canada on reportable diseases in terrestrial animals, updated in February 2021, listed several conditions that affect the animals, including companion animals in the region. The extensive list of diseases includes equine infectious anemia, equine piroplasmosis, Newcastle disease, pullorum disease, and vesicular stomatitis, among others. Thus, an increase in infections among companion animals is anticipated to propel the demand for veterinary radiography systems. Therefore, significant market growth is expected over the forecast period.
• The increasing animal health expenditure is also anticipated to surge the market growth. For instance, per the report published by the North American Pet Health Insurance Association (NAPHIA) in 2021, the pet insurance sector of North America exceeded USD 2.83 billion by the end of 2021, and the industry witnessed double growth over the past four years. It also reported total premium volume for pet insurance in the United States was around USD 2.6 billion in 2021. The total number of pets insured in the United States at the end of 2021 was 3.9 million, around a 28.0% increase from 2020. Increasing animal healthcare expenditure may encourage many new and key players to enter the market, increasing the market share over the forecast period.
• However, the lack of veterinarians may impede the market growth over the forecast period.

Veterinary Radiography Systems Market Trends

Digital X-Ray Segment is Expected to Witness Healthy Growth over the Forecast Period

Digital X-ray is a form of radiography that uses X-ray-sensitive plates to directly capture data during patient examination, immediately transferring it to a computer system. Thus, digital radiography uses a digital image capture device instead of X-ray film. Nowadays, veterinary radiography systems are extensively used to understand the complex conditions animals suffer. This provides the advantages of immediate image preview and availability, elimination of costly film processing steps, and a more comprehensive dynamic range, making them more forgiving of over and under-exposure and providing the ability to apply special image processing techniques that enhance the overall display quality of the image.

Increasing pet ownership and animal health expenditure are the major factors driving the segment's growth. For instance, as per the report published by the FEDIAF in 2021, in the European Union, around 140.0 million pets were reported (including Switzerland and Norway), of which about 64.0 million were dogs and 76.0 million were cats. It also said that France and Germany constitute the highest pet population in the European Union, around 22,600,000 and 26,400,000, respectively. The report also indicated that cats are the leading pet animal in the European Union. Lithuania and Estonia comprise an equal balance of dog and cat populations. Spain shows more preference toward dogs, and its pet population surpasses the cat population by 3.0 million. Similarly, according to the report published by Animal Health Europe in 2021, Europe's animal medicines industry spends around 7.8% of turnover on research and development, on par with the technology hardware and equipment industry. Such investments may lead to the introduction and development of sophisticated diagnostics systems.

Furthermore, the increasing cases of chronic diseases in livestock and companion animals drive the segment's growth. For instance, as per the report published by the CDC in September 2021, Bovine Spongiform Encephalopathy (BSE) is one of the most prevalent chronic diseases among cattle in Canada. The report stated that the true prevalence of Bovine Spongiform Encephalopathy (BSE) in Canada was 90.0% likely to be between 18-fold and 48-fold higher than the prevalence of BSE in the United States (3.0 to 8.0 cases per million in Canada, whereas around 0.167 cases per million in the United States). Thus, such cases are anticipated to propel the demand for veterinary radiography systems.

Therefore, the abovementioned factors indicate that the segment is anticipated to witness considerable growth over the forecast period.

North America is Expected to Witness Significant Growth over the Forecast Period

North America is expected to dominate the overall veterinary radiography systems market over the forecast period. The major factors contributing to the market growth in the region are the prevalence of an increasing number of people adopting pets and several facilities providing pet care services. Additionally, the rising adoption of key strategies such as partnerships and acquisitions and growing investments are expected to lead to market growth. According to the Government of Canada press release published in June 2021, the pet population in Canada increased by a CAGR of 0.4% from 27.5 million pets in 2016 to 27.9 million in 2020. Thus, the rising number of companion animals may increase the number of veterinary visits, propelling the demand for veterinary radiography systems.

Key product launches, high concentration of market players or manufacturer's presence, acquisition and partnerships among major players, and increasing pet adoption in the United States are some of the factors driving the growth of the veterinary radiography systems market in the country. For instance, according to the National Pet Owners Survey 2021-2022 conducted by the American Pet Products Association (APPA), 70% of households own a pet in the United States, which equates to 90.5 million homes. This number is expected to grow substantially in the coming years.

Therefore, owing to the aforementioned factors, the market's growth is anticipated in North America.

Veterinary Radiography Systems Market Competitor Analysis

The majority of veterinary radiography systems are being manufactured by global players. Market leaders with more funds for research and better distribution system have established their position in the market. Moreover, Asia-Pacific is witnessing the emergence of some small players due to the rise of awareness. The veterinary radiography systems market is consolidated in nature due to the presence of several companies operating globally and regionally. The competitive landscape includes an analysis of a few international and local companies which hold market shares and are well-known, including Canon Inc., Carestream Health, Fujifilm Holding Corporation, Heska Corporation, and IDEXX Laboratories, among others.

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