Newark, NJ, Feb. 20, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, theglobal veterinary x-ray market is expected to grow from USD 651.07 Million in 2017 to USD 1,167.47 Million by 2025 at a CAGR of 7.81% during the forecast period from 2018-2025.

Radiology systems are the most preferred diagnostic tools a veterinarian uses to diagnose diseases in animals. It contains of diagnostic medical descriptions including ultrasound, magnetic resonance tomography, magnetic resonance imaging and atomic imaging. This is a non-invasive way to diagnose the disease. It is a painless procedure, however, animals are often anesthetized to reduce anxiety and stress during the procedure. The rise in the number of pets and the increase in awareness about the well-being of pets is driving the growth of this sector. According to the American Pet Products Association, in 2016, American families had approximately 35% of cats and 44% of dogs, making them around 85.8 million cats and 78 million dogs owned by the United States

The global market for veterinary X-rays is expected to grow rapidly during the forecast period, due to the increasing incidence of animal bone diseases, the increasing number of pets around the world, and the increase in the number of veterinary practitioners worldwide, as it is the main factor driving the market. The high cost of veterinary X-ray tools and the shortage of skilled veterinary technicians may limit market growth. However, high levels of pet insurance may boost future market opportunities.

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Key players operating in the global veterinary X-ray market are IDEXX Laboratories, Fujifilm, Onex Corporation, Agfa-Gevaert Group, Sound Technologies, Sedecal, Examion, Canon, DRE Veterinary, Heska Corporation, Fovea, Clearvet, Control-X Medical, Allpro Imaging, Vetel Diagnostics, Pixxgen and Konica Minolta among others. To enhance their market position in the global veterinary X-ray market, the key players are now focusing on adopting the strategies such as recent developments, product innovation, joint venture, mergers & acquisitions, collaborations, and partnership. Major firms are increasingly investing on research and development activities and development of newer products.

Computed radiography systems is dominating the segment and was valued around USD 286.44 Million in 2017

The technology segment is classified into computed radiography systems segment, direct radiography systems and film-based radiography systems. Computed radiography systems is dominating the segment and was valued around USD 286.44 Million in 2017. Increasing demand for affordable digital X-ray equipment and benefits offered by CR systems over other technologies are contributing for the growth of the segment.

The digital X-rays segment held the largest share of around 56.31% in 2017

Type section includes digital X-rays and analog X-rays. The digital X-rays segment held the largest share of around 56.31% in 2017. X-ray systems offer various benefits over analog systems, which include less costly, improved efficiency, and patient-centric imaging are some of the factors driving the growth of the segment.

The Stationary X-Ray Systems segment is dominated and expected to witness the highest market share of 56 % in the forecast period

The segment is classified into stationary x-ray systems and portable x-ray systems. The stationary x-ray systems is dominated and expected to witness the highest market share of 56% in the forecast period. While new technology advancement and rising use of portable x-ray systems are boosting this segment.

The small companion animals segment is dominated and is expected to held largest share of 61.17% in 2017

Animal type segment includes small companion animals and large animals. The small companion animals segment is dominated and is expected to held largest share of 61.17% in 2017. Increased adoption of pets, growing companionship and demand of highly accurate diagnostic solutions are boosting the growth of the segment.

The orthopedic & trauma segment is dominating and was valued around USD 214.83 million in 2017

Application segment is bifurcated into orthopedics & trauma, dental applications, oncology and other applications. Orthopedic & trauma segment is dominating and was valued around USD 214.83 million in 2017 due to increase in injuries among animals and availability of animal care facilities are contributing to the growth of the segment.

The veterinary hospitals & academic institutes segment is anticipated to grow with the highest CAGR of 9.14% in the forecast period

End user section includes veterinary hospitals & academic institutes and veterinary clinics. The veterinary hospitals & academic institutes segment is anticipated to grow with the highest CAGR of 9.14% in the forecast period. The growth can be accredited to developments in technologies for cost-effective, fast and precise diagnostic tools for animal healthcare.

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Regional Segment Analysis of the Veterinary X-ray market

The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region captured the largest share of global veterinary X-ray market and was valued in USD 318.99 Million in 2017 whereas Asia pacific is expected to attain the lucrative growth in the forecast period. North America region is expected to dominate the market due to pet adoption coupled with increasing healthcare expenditure and increase in R&D with growing demand for veterinary equipment. Asia pacific is expected to register the highest growth in the forecast period owing to growing demand for veterinary products and availability of low-cost animal health products are anticipated to drive the growth. Figured radiography and film-based radiography are inexpensive in this region as compared to industrialised regions.

About the report:

The global veterinary x-ray market is analysed on the basis of value (USD Million). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porters five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

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Global Veterinary X-ray Market is Expected to Reach USD 1,167.47 Million by 2025 : Fior Markets - GlobeNewswire