The veterinary X-ray market is projected to reach USD 872 million by 2023 from USD 640 million in 2018, at a CAGR of 6.4%. Rising animal health expenditure and growing demand for pet insurance, increasing number of veterinary practitioners in developed regions, and growth in the companion animals market are the primary drivers for the veterinary X-ray market during the forecast period.
IDEXX (US), Fujifilm (Japan), Onex Corporation (Canada), and Agfa-Gevaert (Belgium) are the major players in this market. These companies are mainly focusing on product launches, acquisitions, and partnerships to further strengthen their presence in the veterinary X-ray market.
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Onex Corporation is the leading player in the veterinary X-ray market. The company provides imaging systems through its subsidiary Carestream Health. Onex focuses on organic and inorganic growth strategies to strengthen its product portfolio. For instance, in 2015, the company launched the Vita Flex CR X-ray system for companion and livestock animals to cater to the specific needs of the veterinary X-ray market.
IDEXX is the second-largest player in the veterinary X-ray market. The company has a strong presence in more than 175 countries worldwide. The company focuses on the strategy of product launches to strengthen its product portfolio and increase its geographic presence. For instance, in 2016, the company launched the ImageVue DR50 Digital Imaging System, the first radiography system in veterinary medicine to enable low-dose radiation image capture without sacrificing clear, high-quality diagnostic images.
Agfa-Gevaert Group has gained a significant position in the veterinary X-ray market on account of its diverse product portfolio. The company has a strong portfolio of digital radiography (DR) systems for small animals and equines. The company’s DR solutions are widely used across the globe. The company has a strong focus on research and development activities its R&D expenditure increased from 8.4% in 2016 to 8.8% in 2017. Agfa has more than 40 wholly owned sales organizations worldwide and a network of agents, distributors, and representatives.
Fujifilm Holdings Corporation is among the leading players in the veterinary X-ray market. The company’s leading position can be attributed to its strong product portfolio, which includes a comprehensive line of direct radiography and computed radiography solutions. To maintain its competitive position in the veterinary X-ray market, the company has adopted inorganic growth strategies such as partnerships. For instance, in December 2015, Fujifilm partnered with Anicom Holdings to establish a joint venture in Japan for developing and providing veterinary technologies and services with a focus on regenerative medicine.
Veterinary X-ray Market by Technology (Direct, Computed, Film), Type (Digital, Analog), Mobility (Fixed, Portable), Animal (Companion, Large Animal), Application (Trauma, Oncology, Dental), End User (Clinic, Hospital) - Forecast to 2023
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