Redding, California, Feb. 06, 2023 (GLOBE NEWSWIRE) -- According to a new market research report, ‘Veterinary Ultrasound Market by Animal Type [Small, Large (Equine, Farm)], Scanner [Cart-based, Handheld], Technology (2D, 3D/4D, Doppler), Application (Orthopedic, Cardiology, Obstetrics & Gynecology), End User (Clinic, Hospital) - Global Forecast to 2030,’ published by Meticulous Research®, the veterinary ultrasound market is projected to reach $520.11 million by 2030, at a CAGR of 6.1% from 2023 to 2030.
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Veterinary ultrasound devices are used for diagnostics and confirmation of the health status of livestock & companion animals. They play an important part in animal disease management and prevention. An ultrasound device also helps in pregnancy diagnosis in animals. The growth of the veterinary ultrasound market is driven by a rise in the adoption of animals, increasing prevalence of zoonotic diseases, technological advancements in ultrasound devices, increasing animal health expenditure & pet insurance in developed countries, and favorable government initiatives. However, the lack of skilled professionals hampers the growth of this market to a notable extent.
Increasing Animal Health Expenditure & Pet Insurance in Developed Countries Supports Veterinary Ultrasound Market Growth
Over the years, veterinary healthcare expenditure has increased. Americans spend a substantial amount on taking care of and feeding their animals. According to the American Pet Products Association, the country spent approximately USD 48.4 billion on pets in 2010. The spending increased to USD 109.6 billion in 2021, more than the combined GDP of the 39 poorest countries. Similarly, according to the Office for National Statistics, in the U.K., expenditure on pets and related products reached USD 6,891.0 million in 2019, from USD 6,233.0 million in 2015. The growth in pet insurance was mainly due to the rising cost of veterinary treatments and services. Thus, the increasing pet insurance is expected to increase veterinary visits, which, in turn, contributes to the growth of the veterinary ultrasound market.
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The global veterinary ultrasound market is segmented by Animal Type [Small Animals, Large Animals (Equine, Farm Animals)], Portability (Handheld Ultrasound Scanner, Cart-based Ultrasound Scanner), Technology (2D Ultrasound, Doppler Ultrasound, 3D/4D Ultrasound), Application (Orthopedics & Musculoskeletal, Cardiology, Obstetrics & Gynecology, and Other Applications), End User (Veterinary Clinics, Hospitals, and Other End Users), and Geography. The study also evaluates industry competitors and analyzes the regional and country-level markets.
Based on animal type, in 2023, the small animals segment is expected to account for the largest share of the veterinary ultrasound market. Factors contributing to the large share of this segment are the increased companion animal population & pet ownerships in developed countries and a rise in the spending on pet healthcare. However, the large animal segment is projected to register the highest CAGR during the forecast period. This segment consists of cows, buffaloes, and horses, among others. The increasing livestock population and rising prevalence of zoonotic diseases in large animals primarily contribute to the growth of this segment.
Based on portability, in 2023, the cart-based ultrasound scanners segment is expected to account for the largest share of the veterinary ultrasound market. However, the handheld ultrasound scanners segment is projected to register the highest CAGR during the forecast period owing to the growing preference for ultrasound scanners for point of care testing. Its portable nature makes it feasible to access animals at remote locations. Additionally, product launches for a wide range of applications also contribute to this segment’s growth.
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Based on technology, in 2023, the 2D ultrasound segment is expected to account for the largest share of the veterinary ultrasound market. However, the 3D/4D imaging segment is projected to register the highest CAGR during the forecast period. The advantages of 3D/4D imaging over 2D in terms of diagnosis are contributing to the growth of this segment. Furthermore, 3D/4D imaging enables real-time tissue and organs visualization.
Based on application, in 2023, the cardiology segment is expected to account for the largest share of the veterinary ultrasound market. However, the obstetrics & gynecology segment is expected to register the highest CAGR during the forecast period due to the increasing adoption of ultrasound scanners for pregnancy testing. The demand for dog breeding further increased during the pandemic. Thus, the growing rate of dog breeding and the increasing demand for companion animals are the factors contributing to the growth of this segment.
Based on end user, in 2023, the hospitals segment is expected to account for the largest share of the veterinary ultrasound market. The accessibility to advanced veterinary ultrasound scanners with specific transducers for various applications, the availability of skilled professionals, and the presence of multi-specialty veterinary hospitals are some of the factors contributing to the segment’s large market share.
Based on geography, in 2023, North America is expected to dominate the global veterinary ultrasound market, followed by Europe and Asia-Pacific. Increased public awareness about the diagnosis of animal diseases, a large consumer base, and higher government funding for animal health research contribute to the large share of this market. However, Asia-Pacific is projected to register the highest CAGR during the forecast period.
The report also includes an extensive assessment of the product portfolio, geographic analysis, and key strategic developments adopted by leading market players during 2020–2022. In recent years, the veterinary ultrasound market has witnessed several strategic developments. Some of the key players operating in this market are Esaote S.p.A (Italy), Sonostar Technologies Co. (China), Universal Imaging Inc. (U.S.), FUJIFILM Sonosite, Inc. (U.S.), SOUND (U.S.), Samsung Electronics Co., Ltd. (South Korea), Shenzhen Mindray Animal Medical Technology Co., LTD. (China), Siemens Medical Solutions, Inc. (U.S.), Heska Corporation (U.S.), IMV Imaging Ltd (U.K.), and DRAMIŃSKI S. A. (Poland).
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Scope of the Report:
Veterinary Ultrasound Market, by Animal Type
- Small Animals
- Large Animals
- Equine
- Farm Animals
Veterinary Ultrasound Market, by Portability
- Cart-based Ultrasound Scanner
- Handheld Ultrasound Scanner
Veterinary Ultrasound Market, by Technology
- 2D Ultrasound
- Doppler Ultrasound
- 3D/4D Ultrasound
Veterinary Ultrasound Market, by Application
- Cardiology
- Orthopedics & Musculoskeletal
- Obstetrics & Gynecology
- Other Applications
Other Applications include oncology, abdominal screening, and ophthalmology
Veterinary Ultrasound Market, by End User
- Hospitals
- Veterinary Clinics
- Other End Users
Other End Users include imaging centers, point-of-care, and surgical centers
Veterinary Ultrasound Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific
- China
- Japan
- India
- Rest of APAC (RoAPAC)
- Latin America
- Brazil
- Mexico
- Rest of Latin America (RoLATM)
- Middle East & Africa
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