The North American veterinary radiography systems market is led by companies such as Fuji Medical Systems, Sound-Eklin-VCA Company, Idexx Laboratories, Inc., and Canon, Inc., which accounted for 65% of the total market in 2015. The companies are focusing on collaborating with local players for boosting their distribution channels, enhancement of market penetration, better profit margins, and branding, states Transparency Market Research (TMR) in its latest research report.
As per the Transparency Market Research (TMR) report, the Transparency Market Research market will cross US$294.5 mn by the end of 2024. By technology, the market is expected to be led by the digital radiography segment, thanks to advanced features such as reduced repeat rates, large dynamic range, and image manipulation. Since digital radiography operates on low dosage and thus, patients are exposed to less radiation as compared to other technologies, the growth of this segment is expected to remain high. By geography, the market is leading in the U.S. on account of the rising expenditure on pet care and growing trend of humanization of animals. The U.S. is expected to hold 91.2% of the total shares in the market by 2024. On the basis of application, the market for veterinary radiography systems is led by the orthopedic and rheumatology segment. An increasing prevalence of bone injuries among animals due to sports and training activities will bolster the demand for veterinary radiography system devices within the orthopaedic and rheumatology segment.
Growing Incidences of Sports and Training Injuries among Animals Driving Growth of Market
As per the lead author of this report, the North American veterinary radiography systems market is flourishing on account of the growing adoption of pets in the U.S. and Canada. With a significant increase in the pet care expenditure, thanks to much interest shown by pet owners towards pet healthcare, the market for veterinary radiography systems stands to benefit. The people in the region are increasingly adopting pets for psychological and therapeutic reasons. For many, it has become a status symbol. Thus, there is immense scope for growth for the veterinary radiography systems market in this region. Animals are also being trained for adventures and sports activities and this too will drive the growth of the market as all these activities may result in broken necks, fractured skulls, broken leg, and heart attacks in animals. The growth of the market is also complimented by the support received by the government for ensuring that pet are getting effective care.
Lack of Public Insurance for Pets Among Biggest Challenge Inhibiting Growth of Market
One of the key factors posing a challenge for the growth of the North American veterinary radiography systems market is the lack of public insurance for pets. As of now there are only private pet insurance companies which offer pet owners to get better diagnosis and treatments for their pets. The high cost of diagnosis and treatment, and surgeries will limit the growth of the veterinary radiography systems. In addition to this, a lack of awareness among pet owners about the various possible disorders and diseases in pets will also act as a drawback. Many cases of pets dying from unattended diseases thus exists.
The data and information presented in this review are based on a TMR report titled as “Radiography Systems Market – North America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”