Manufacturers operating in the North America veterinary radiography systems market are expected to focus on collaborations with small and local players to improve their distribution channels. These initiatives are being aimed at improving market penetration, branding, and achieving improved profit margins, observes Transparency Market Research. The top four players operating in the market are Sound-Eklin-VCA Company, Fuji Medical Systems, Canon, Inc., Idexx Laboratories, Inc. These companies held a mammoth share of 65% in the overall market in 2015, states the lead author of this research report.
Pegged at US$187.7 mn in 2016, the North America veterinary radiography systems is expected to reach a valuation of US$294.5 mn by the end of 2024. Between the forecast years of 2016 and 2024, the overall market is expected to exhibit a CAGR of 5.8%.
U.S to Dominate North America Veterinary Radiography Systems Market with 91.2% Share by 2024
On the basis of technology, the global market is segmented into computed radiography, digital radiography, and film screen radiography. Of these, the digital radiography segment is expected to grow at a steady CAGR of 5.8% during the forecast period. Advanced features of this technology such as reduced repeat rates, image manipulation, and large dynamic range are expected to boost this segment in the coming years. The demand for digital radiography is expected to remain high as it operates on a low dosage and reduces the exposure to radiation as compared to other technologies.
In terms of geography, the North America veterinary radiography systems market is segmented into the U.S. and Canada. The U.S. is estimated to hold a share of 91.2% in the overall market by the end of 2024. The relentless humanization animals and growing expenditure on pet care are expected to drive this regional market in the coming few years.
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Humanization of Pets Stirs Demand for Advanced Veterinary Radiography Systems
The North America veterinary radiography systems market has been thriving due to the rising adoption of pets across the U.S. and Canada. There has been a considerable rise in the pet care expenditure as pet owners are showing a keen interest animal health care. Thus, the adoption of pets for therapeutic and psychological along with reasons such as a show of status has resulted in an augmented demand for veterinary radiography systems.
In the near future, the market is expected to find tremendous scope for growth as these animals are being trained to participate in several sports and adventure activities. In order to treat injuries such as fractured skulls, broken necks, heart attacks, broken legs, and heart attacks vets are expected to use these advanced systems. Initiatives taken by the U.S. Government to ensure pets are taken care of are also expected to play a pivotal part in the acceleration of sales of veterinary radiography systems across North America.
Poor Insurance Schemes Hamper Market Growth Leaving Score of Animals without Healthcare
Lack of public insurance for pets is the key restraint in the global market. Currently, only private pet insurance allows pet owners to seek better diagnosis and treatments for their pets across the U.S. These insurances cover costs such as cancer tests, diagnostic and laboratory tests, ultrasound and X-ray, arthritis treatment, and other major surgeries. The market’s growth is also being limited by the high cost of these imaging systems along with the lack of awareness among patients about possible diseases and disorders that animals can encounter. Unfortunately, owing to these restraints a large number of pets continue to die due to unattended diseases and improper care.
This review is based on Transparency Market Research’s report, titled “Veterinary Radiography Systems Market – North America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
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