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North America Veterinary Radiography Systems Market - Positive long-term growth outlook 2016 - 2024

Press Release   •   Feb 13, 2017 07:54 EST

Transparency Market Research has published a new market report titled, “Veterinary Radiography Systems Market: (Product Type: Digital X-ray and Analog X-ray; Technology: Computed Radiography, Digital Radiography, Film Screen Radiography; Application: Orthopedic and Rheumatology, Cardiology, Oncology, Nephrology and Others; End User: Hospitals, Clinics, Diagnostic Centre and Research Centre) – North America Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016–2024”. According to the report, the North America veterinary radiography systems market is projected to reach US$ 294.5 Mn in 2024 at a CAGR of 5.8% from 2016 to 2024.

The rising trend of pet ownership along with rising awareness about animal health, is driving the demand for veterinary radiography systems in North America. Geographically, the market has been segmented into two country markets, i.e. the U.S. and Canada. The U.S. majorly contributed towards the revenue shares of North America veterinary radiography systems market in 2015 due to presence of major market players in the country. Most of the players that are operating in the region have made a series of strategic acquisitions which contributed to the increase in their market share, and also led to the reduction in the competitive environment.

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Increasing humanization of pets and adoption of pets in the U.S. drives the animal health care market in the country. Growing trend of using pets as a status symbol is many countries is also expected to fuel the veterinary radiography devices market. Pets are sometimes also adopted for therapeutic and psychological benefits. According to the American Pet Products Association, as of 2016, 70 million to 80 million dogs (approximately 37% to 47% of all households) and 74 million to 96 million cats (30% to 37% of all households) are owned in the U.S. Sports injuries are expected to drive the veterinary radiography devices market. Several sports and adventure events are conducted in the U.S. and is also recording many registrations for the event. In 2010, there were over 940,000 entries in 2,461 American Kennel Club sponsored events. According to the statistics of GREY2K USA (2015), 80,000 greyhounds were registered to race between 2008 and 2014. Since 2008, over 11,700 greyhound injuries have been registered, including more than 3,000 broken legs, several heart attacks, broken necks, and fractured skulls. Increasing accidents during trainings, sports, and adventures is expected to fuel the veterinary radiography devices market.

The increasing U.S. pet industry expenditure will fuel the market of veterinary radiography system market in forecast period. According to the American Pet Products Association statistics, the U.S. pet industry expenditure stood at US$ 58.04 Bn and US$ 60.28 Bn in 2014 and 2015, respectively and is expected to reach US$ 62.75 Bn in 2016. Pets are considered members of a family as they provide companionships to the other members of the family. Hence, residents in the U.S. are ready to spend money for the better quality of their pets. The U.S. government is taking initiatives for the betterment of the health of pets. In 2007, a group of organizations held a summit for the formation of CATalyst council for feline health and welfare. In September 2012, the American Association of Feline Practitioners (AAFP) and the CATalyst Council created program to make practices more cat-friendly. The American Veterinary Medical Foundation (AVMF) created the Veterinary Care Charitable Fund (VCCF) program with effective and simple way to offer better veterinary services to animals release from abuse and neglected as well as to clients facing personal problems.

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In veterinary radiography systems market the contribution in the market share by Canada was least in 2015 and is further expected to decline during the forecast period owing to many households limiting their veterinarian visits to cut costs. Major players operating in the North America veterinary radiography system market are Sound-Eklin- VCA Company, Idexx Laboratories, Canon, Inc., Fuji Medical Systems, Carestream, Cuattro Veterinary, iM3/Durr Medical, Sedecal and Vetel Diagnostics. These companies offer various systems with several advanced features, hence would lead the North America veterinary radiography system market in the near future as well.

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