Veterinary X-ray Market to Surge at a Robust Pace in Terms of Revenue Over 2026
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The global veterinary x-ray market is primarily driven by rapid rise in pet population across the world. The Pet Food Manufacturers Association, the U.K., estimated that 11 million households in the country had pets IN 2016, which grew to 12 million in 2017, and it is projected that the number of pet ownership will increase in the near future. Moreover, according to the Animal Medicines Australia, there were more than 24 million pets in the country in 2016, out of which, 4.8 million were dogs, and it rose by approximately 3% from 2013 to 2016. With the growth in pet population, demand for diagnosis of pets has also been increasing across the world, which is directly propelling the growth of the global veterinary x-ray market. In addition, rise in incidences of orthopedic diseases among animals is likely to drive the global veterinary x-ray market in the near future.
Despite the increasing incidence of orthopedic diseases among animals and growing pet population worldwide, high cost of veterinary X-ray instruments and limited number of skilled veterinary technicians are likely to restrain the growth of the global veterinary X-ray market during the forecast period. In many rural areas, the ratio or number of doctors against farm animal is very low. For instance, in Kansas (the U.S.), the size of cattle population is more than 240,500 against which the number of accredited veterinary technicians is only 8, i.e. 30,062: 1 in ratio (animal to veterinary technician).
Rise in percentage of pet insurance shows that pet owners are highly conscious about the well-being of their pets and this removes the cost burden of treatment associates with pets. With the help of pet health insurance policies, pet owners are able to opt for effective treatment for their pets, which in turn, creates an opportunity for market players to introduce advanced equipment for pet treatment.
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In terms of product type, the global veterinary X-ray market can be segmented into portable and stationary. The portal product segment can be further classified into mobile and handheld. Based on animal type, the global veterinary X-ray market can be divided into companion and livestock. Based on companion animal, the market can be sub-segmented into feline, canine, and equine, while in terms of livestock, it can be sub-divided into ovine, bovine, porcine, and others. By end-user, the global veterinary X-ray market can be categorized into veterinary hospitals, veterinary clinics, and others.
Geographically, the global veterinary X-ray market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America constituted the dominant share of the global veterinary X-ray market in 2017 due to the presence of a large number of veterinary clinics and hospitals in the region. Factors, such as, well-established veterinary infrastructure and increasing adoption of pets are likely to boost the growth of the global veterinary X-ray market in Europe during the forecast period. The significant share of Asia Pacific in the global veterinary X-ray market can be attributed to the rise in disposable income among people and growing pet population in the region. However, underdeveloped veterinary infrastructure is likely to hinder the growth of the veterinary X-ray market in Middle East & Africa during the forecast period.
Key companies operating in the global veterinary X-ray market include Comeselectro, Sedecal, CFD, I.P.S. Medical, Control X- Medical, Examion, Fovea, Cuattro, and Vet-Ray.
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