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%.
Growth in the companion animal population, rising demand for pet insurance, increasing number of veterinary practitioners in developed economies and technological advancements are driving the growth of this market during the forecast period
The 2D ultrasound segment dominates the animal/veterinary ultrasound industry, by type of ultrasound scanners
Based on the type of scanners, the 2D segment accounted for the largest share of the animal/veterinary ultrasound market in 2019. The large share of this segment can primarily be attributed to the widespread popularity of this type in disease diagnosis as well as in pregnancy detection.
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By animal, the small companion animals segment accounted for the largest market share in 2019
Based on animal, the animal ultrasound market is segmented into small companion animals, large animals, and other animals. The companion animals segment accounted for the largest market share in 2019. This segment is also projected to register the highest CAGR during the forecast period. The growth in this segment can be attributed to the growing adoption of companion animals and growing willingness of companion animal owners to spend more on animal health.
North America will continue to dominate the 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/veterinary ultrasound industry 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.
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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)