Veterinary Radiography Market

Global Veterinary Radiography Market Size (2024 to 2029)

The global veterinary radiography market is anticipated to witness a CAGR of 7.11% from 2024 to 2029 and be worth USD 2.54 billion by 2029 from USD 1.8 billion in 2024.

Current Scenario of the Global Veterinary Radiography Market

The global veterinary radiography market has been consistently showing steady growth and the momentum is expected to continue throughout the forecast period. Radiography is the most common diagnostic tool in veterinary practices. This practice is rapidly evolving in veterinary practices with the latest technology evolving in the x-rays. Radiography is used to diagnose the disease by passing high-energy radiation to take quality images of the body. Veterinarians can easily diagnose various health conditions of the animal using radiography, further enhancing the decision-making process for further treatment procedures. This special equipment can detect fractures, injuries, tumors, infections, and deformities. Though X-rays are the oldest form of veterinary medical imaging, the penetration of advanced technology is helping diagnose pneumonia, heart failure, cancer and various life-threatening conditions.

MARKET DRIVERS

The growth of the veterinary radiography market is majorly driven by Y-o-Y growth in pet ownership worldwide and increasing awareness of the availability of various diagnostic procedures among pet owners.

As per the American Veterinary Ownership Association, the average number of dogs and cats owned per household in the U.S. is 1.46 % and 1.78 % in 2023, respectively. Consistency in adopting pet animals across the world has also gained traction over the share of the market in the past few years. According to a recent survey, in 2023, the number of pets across the world is 191.3 million. In the US, around 66% of households own a pet, and the number is expected to increase in the coming years. The elderly population and empty nesters seek companions with pets to fill the void in their lives, which is why the number of pet owners is rising eventually.

Changing lifestyles of people and rising emphasis on pet care among pet owners are aiding the growth of the veterinary radiography market.

Growing investments in insurance policies to attract a huge number of customers and balance their expenditures in emergencies is also a factor boosting the growth rate of the veterinary radiography market. A few other factors, like increasing disposable income and rising living standards, are accompanied by the rising preference to adopt pets, which are ascribed to fuel the market size in various ways. The popularity of owning a pet and the emotional support they give to humans is increasing through various aspects, which is also one of the driving factors for the market to grow eventually. 

MARKET RESTRAINTS

High costs associated with veterinary diagnostics procedures are hampering the growth rate of the veterinary radiography market.

The cost for installation and maintenance is a bit high when compared with the traditional equipment, which is attributed to the surge in the cost of the final procedure. The rising cost of installation and maintenance is pressurizing the financial burden on clinics and hospitals, which is limiting the growth rate of the veterinary radiography market. Lack of support from government officials through investments in veterinary hospitals and clinics is another factor that is impeding the market size. 

MARKET OPPORTUNITIES 

The rising prevalence of chronic illnesses among animals across the world is fairly leveling up the need for appropriate diagnostic procedures. The veterinary radiography market growth opportunities with the rising prominence to create awareness of the need for veterinary care. World Health Organization (WHO) also announced that the demand for the launch of innovative healthcare options for animals has been steadily growing in recent years. There is a need to adopt new technologies and release advanced healthcare options for pet animals, which are likely to create huge growth opportunities during the forecast period. The rapid adoption of advanced technologies and companies' focus on launching various strategies to meet the untapped potential in the market shall promote growth opportunities for the veterinary radiography market in the coming years. 

MARKET CHALLENGES 

The lack of skilled technicians to operate highly advanced radiography equipment in veterinary clinics or hospitals is a big challenge for market growth. The easy availability of other diagnostic procedures at affordable prices is also a common challenging factor for key market players. The efficient utilization of the existing techniques in radiography is hugely impeding by the lack of knowledge where the focus on adopting new changes in the veterinary clinics and hospitals with the eventually increasing support from private companies can fuel the growth rate of the market in the coming years. 

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Veterinary Radiography Market Analysis By Type

The digital X-ray segment had the leading share of the global market in 2023 and is also expected to continue leading the market during the forecast period. The rising demand for high-quality diagnostic procedures in veterinary hospitals is likely to level up the growth rate of the digital X-ray veterinary radiography market share.  Shifting the trend towards the adoption of the latest technologies in order to improve the treatment procedure is also leveraging the market’s share. Digital X-rays send the examination directly to the computer system that is connected, where the time taken to diagnose the condition of the animal is very little, which is why the demand for this type of radiography is growing. 

Global Veterinary Radiography Market Analysis By Application

The orthopedics and traumatology segment led the market in 2023 and is predicted to continue dominating the market throughout the forecast period owing to the rising pet expenditure and increasing number of pet lovers. The demand for the various veterinary care procedures is hugely growing from developed countries with the increasing disposable income is likely to showcase a favourable impact on the segmental expansion.

REGIONAL ANALYSIS

North America dominated the market in 2023 and the domination of North America is likely to continue throughout the forecast period in the global market. The growth of the North American market is primarily driven by the rapidly growing pet ownership in the countries of the North American region. American households own around 62M and 37M dogs and cats, respectively, according to the latest survey report. The high number of pet owners is drastically changing in the US, which is a positive sign that the market will grow eventually in the foreseen years. Government support through scholarships for veterinarians in the US and Canada is another attribute ascribed to bolster the market growth rate. Due to the support from the government, the number of veterinarians is growing in the US. For instance, according to the American Veterinary Medical Association, there will be around 113 394 people practicing veterinary medicine in the US by 2029. In addition, research and development activities to launch innovative systems for veterinary healthcare are also to gear up the market’s size. 

Asia Pacific is a noteworthy regional market for veterinary radiography and is projected to register a promising CAGR during the forecast period. High initial investments in veterinary radiography techniques and rapid adoption of innovative systems are majorly propelling regional market expansion. 

Europe is a lucrative regional segment for veterinary radiography and is estimated to account for a notable share of the worldwide market during the forecast period. The number of people owning pets in the UK is rapidly increasing from year to year. For instance, according to the annual pet population data released by UK Pet Food, the number of pets owned by UK households is 38 million. Pet ownership eventually rose with the penetration of the COVID-19 pandemic in 2020. Lockdown restrictions and work-from-home opportunities have eventually opened the interest towards the adoption of pets in many households in the UK.

Middle East Africa and Latin America are attributed to showcase random growth opportunities for the veterinary radiography market in the coming years. 

KEY PLAYERS IN THE GLOBAL VETERINARY RADIOGRAPHY MARKET

Sedecal, Lake Superior X-Ray, Siemens, Toshiba, Universal Medical Systems and GE Healthcare are some of the major participants in the global veterinary radiography market.

RECENT HAPPENINGS IN THE MARKET

• In 2023, the Veterinary Teaching Hospital took the decision to upgrade the existing radiography with the newly launched Siemens 3-Tesla MRI scanner by Siemens. This new product is manufactured with all the latest technologies that enhances the quality of the image helps in promoting the appropriate diagnostic procedure. The hospital shall take the total advantage of the new radiography techniques to prioritise the health of the animals. 

DETAILED SEGMENTATION OF THE GLOBAL VETERINARY RADIOGRAPHY MARKET INCLUDED IN THIS REPORT

This research report on the global veterinary radiography market has been segmented and sub-segmented based on type, application and region.

By Type

• Digital X-ray
• Analog X-ray

By Application

• Orthopedics and Traumatology
• Oncology
• Cardiology
• Neurology
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa