Factors such as growth in the companion animal population, rising demand for pet insurance, increasing number of veterinary practitioners in developed economies, technological advancements are driving the growth of this market during the forecast period.
According to MarketsandMarkets latest research report –“[183 Pages Report] The global veterinary ultrasound market size is projected to reach USD 448 million by 2025 from USD 338 million in 2020, at a CAGR of 5.8%.”
Animal Ultrasound Market by Type (2D, 3D/4D, Doppler), Technology, Product (Portable, Cart-based), Animal (Small Companion, Large), Application (Obstetrics, Orthopedics, Cardiology), End User, and Region – Global Forecast to 2025
What drives the Animal Ultrasound Market?
- Growing Companion Animal Population
- Growing Number of Veterinary Practitioners in Developed Economies
- Technological Advancements
- Rising Demand for Pet Insurance and Increasing Pet Care Expenditure
However, high cost of instruments and procedures is restraining the growth of this market to some extent.
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Based on the type of scanners, the 2D segment accounted for the largest share of the veterinary ultrasound market in 2019. The large share of this segment can primarily be attributed to the widespread popularity of these type of scanners in disease diagnosis as well as in pregnancy detection.
North America will continue to dominate the Animal Ultrasound Market during the forecast period
The market, by region, is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the animal ultrasound market in 2019. The growth of the North American market is attributed to the increasing adoption of companion animals, the growing pet insurance industry, rising veterinary healthcare expenditure, and the growing number of veterinary practices. In addition, a majority of players in the animal ultrasound market are based in the US.
Animal Ultrasound Market Players
GE Healthcare (US), Heska Corporation (US), Siemens AG (Germany), FUJIFILM Holdings Corporation (Japan), Esaote SpA (Italy), Mindray Medical International, Ltd. (China), Samsung Medison Co., Ltd.( Korea), Diagnostic Imaging Systems Inc. (US), IMV imaging (Scotland), Shenzhen Ricso Technology Co., Ltd. (China), DRAMIÑSKI S.A. (Poland), Shantou Institute of Ultrasonic Instruments Co., Ltd. (SIUI), Clarius Mobile Health (US) and SonoScape Medical Corporation (China)
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- In September 2019, E.I Medical Imaging launched a new ultrasound scanner called IBEX PRO and SuperLite/c for dairy and beef.
- In July 2019, Fujifilm Sonosite partnered with Partners Healthcare(US) to enhance it’s ultrasound product design with artificial intelligence
- In April 2018 Esaote SpA has been acquired by a leading consortium of Chinese investors. This acquisition will help Esaote to accelerate its development plans and distribution in China.