Veterinary Radiography Systems Market Size

Veterinary Radiography Systems Market Analysis

The veterinary radiography systems market is expected to register a CAGR of 6.2% over the forecast period.

• The increasing adoption of pets significantly contributed to the growth of the market. For instance, according to the PDSA PAW report published in June 2021, 2.0 million people in the United Kingdom owned pets between March 2020 to May 2021. This impacted the market growth during the COVID-19 pandemic positively. Furthermore, according to a 2020 research article published on Health for Animals, the WVA and local veterinary associations in Europe declared veterinary services as 'essential' in the same way as human healthcare services in 2020. Therefore, many veterinarians continued to practice during the COVID-19 pandemic.
• The increased pet ownership and rising prevalence of animal diseases and injuries are the major drivers for the market. For instance, according to the American Pet Products Association's 2021-2022 National Pet Owners Survey, around 69.0 million Americans own a dog, 45.3 million own cats, 11.8 own freshwater fish, 9.9 million own birds, 6.2 million own small animals, 5.7 million own reptiles, 3.5 million own horses, and 2.9 million own saltwater fish. Similarly, according to the survey conducted by the Dibevoand the Dutch Food Industry Companion Animals (NVG) in 2021, in the Netherlands, around 25.0% of households owned a cat, and around 20.0% owned a dog. The total number of pets in the Netherlands is estimated to be almost 27.0 million.
• Furthermore, an article by the government of Canada on reportable diseases in terrestrial animals, updated in February 2021, listed several conditions that affect the animals, including companion animals in the region. The extensive list of diseases includes equine infectious anemia, equine piroplasmosis, Newcastle disease, pullorum disease, and vesicular stomatitis, among others. Thus, an increase in infections among companion animals is anticipated to propel the demand for veterinary radiography systems. Therefore, significant market growth is expected over the forecast period.
• The increasing animal health expenditure is also anticipated to surge the market growth. For instance, per the report published by the North American Pet Health Insurance Association (NAPHIA) in 2021, the pet insurance sector of North America exceeded USD 2.83 billion by the end of 2021, and the industry witnessed double growth over the past four years. It also reported total premium volume for pet insurance in the United States was around USD 2.6 billion in 2021. The total number of pets insured in the United States at the end of 2021 was 3.9 million, around a 28.0% increase from 2020. Increasing animal healthcare expenditure may encourage many new and key players to enter the market, increasing the market share over the forecast period.
• However, the lack of veterinarians may impede the market growth over the forecast period.