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%.
The study involved four major activities to estimate the current market size for veterinary X-ray products. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Global Market Key Players Profile:
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.
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