Global Veterinary X-Ray Market Report 2022-2027: Surge in Pet Ownership Worldwide Fueling Expansion

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Aug 29, 2022, 08:00 ET

DUBLIN, Aug. 29, 2022 /PRNewswire/ -- The "Global Veterinary X-Ray Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.

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.

Market Segmentation:
By Technology

Direct Radiography Systems
Computed Radiography Systems
Film-based Radiography Systems

By Type

Digital X-ray
Analog X-ray

By Mobility

Stationary
Portable

By Animal Type

Small Animals
Large Animals

By Application

Orthopedics
Neurology
Oncology
Cardiology
Other Applications

By Geography

North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
Germany
France
United Kingdom
Spain
Others
Middle East and Africa
Saudi Arabia
Israel
Others
Asia Pacific
China
Japan
South Korea
India
Thailand
South Korea
Taiwan
Indonesia
Others

Key Topics Covered:

1. INTRODUCTION

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET DYNAMICS

5. GLOBAL VETERINARY X-RAY MARKET, BY TECHNOLOGY

6. GLOBAL VETERINARY X-RAY MARKET, BY TYPE

7. GLOBAL VETERINARY X-RAY MARKET, BY MOBILITY

8. GLOBAL VETERINARY X-RAY MARKET, BY ANIMAL TYPE

9. GLOBAL VETERINARY X-RAY MARKET, BY APPLICATION

10. GLOBAL VETERINARY X-RAY MARKET, BY GEOGRAPHY

11. COMPETITIVE ENVIRONMENT AND ANALYSIS

12. COMPANY PROFILES

Companies Mentioned