Market Trends of Veterinary Radiography Systems Industry
This section covers the major market trends shaping the Veterinary Radiography Systems Market according to our research experts:
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.
