Market Trends of Global Veterinary X-Ray Industry
This section covers the major market trends shaping the Veterinary X-Ray Market according to our research experts:
Digital X-Ray Segment is Expected to Witness a Major Share in Studied Market Over the Forecast Period
Digital X-ray is a form of X-ray in which images are acquired digitally. Advantages include time efficiency through bypassing chemical processing and the ability to digitally transfer and enhance quality images using low radiation. The growth in the digital animal X-ray is mainly due to the increasing awareness among vets and the growing need for advanced systems to diagnose the increasing disease burden in animals. The rising prevalence of diseases such as arthritis, cancer, and others among animals is expected to drive the demand for digital X-rays, thereby contributing to the growth of the studied segment.
As per the article published in IVF Journal in May 2021, osteoarthritis affects 20% of dogs older than one year and 80% of dogs over eight annually. On the other hand, according to an NCBI article published in May 2022, the lifetime prevalence of malignant tumors increased with increasing dog size class. The age-adjusted prevalence for medium, standard, large, and giant dogs were 1.65, 2.92, 3.67, and 2.99, respectively. Such a high burden of chronic diseases among pets is expected to drive the demand for the digital x-ray market, fueling segment growth.
Moreover, rising obesity among animals is also expected to contribute to the growth of the digital x-ray segment. For example, according to Association for Pet Obesity Prevention data in 2021, the prevalence of obesity in dogs was 44%, and among cats was 45% in 2021 in the United States. Thus such rising obesity prevalence among animals is also expected to drive the demand for the digital x-ray, thereby contributing to the growth of the studied segment.
North America is Expected to Hold Significant Share in the Market Over the Forecast Period
North America is expected to have a notable share in the market owing to the rising pet adoptions along with the presence of key market players. The market for veterinary X-rays is also expected to grow owing to the factors, such as the implementation of strategic initiatives by the market players, and the growing burden of diseases in animals.
For instance, according to the 2021-2022 National Pet Owners Survey, conducted by the American Pet Products Association (APPA), in 2021, around 70% of United States households own a pet, which equates to 90.5 million homes, including 45.3 million cats and 69 million dogs. As per the same source, the number of United States households having small animals is 6.2 million in 2021. The high pet adoption is augmenting the growth of the market studied. Furthermore, as per the Animal Cancer Foundation data in 2021, 65 million dogs and 32 million cats in the United States are diagnosed with cancer annually. Moreover, approximately 6 million cancer diagnoses are made in pets every year. Likewise, per an NCBI article published in September 2021 titledPeriodontal disease is a frequent problem seen in veterinary practices in Canada and reported an average prevalence of 9.3% to 18.2% within the dog population, while the detailed examinations of anesthetized dogs report a much higher prevalence of periodontal disease between 44% and 100%. Such increasing prevalence of various diseases among animals is expected to drive the demand for veterinary X-rays, thereby contributing to the growth of the market.
Additionally, the rising funding activities by various organizations in order to provide veterinary x-ray facilities in North America are also expected to contribute to the growth of the market. For instance, in August 2022, the Hawaii Island Humane Society was awarded USD 1.5 million from Bob Renee Parsons to support the final renovations of the Anne Barasch Ryan Animal Hospital in the United States. The hospital included surgical sites and diagnostic equipment such as X-ray machines.
Thus, due to the above-mentioned factors, such as rising pet adoption, increasing diseases among animals, and rising funding activities, the market is expected to witness significant growth during the forecast period.
