Meticulous Research®, a top market research firm, has released a report titled ‘Veterinary Ultrasound Market by Animal Type [Small, Large (Equine, Farm)], Scanner [Cart-based, Handheld], Technology (2D, 3D/4D, Doppler), Application (Orthopedic, Cardiology, Obstetric & Gynecology), End User (Clinic, Hospital) - Global Forecast to 2030”.
Meticulous Research® has recently published a report predicting that the veterinary ultrasound market will reach $520.11 million by 2030, with a CAGR of 6.1% from 2023 to 2030. Factors driving this growth include the increasing adoption of animals, a rise in zoonotic diseases, technological advancements in ultrasound devices, higher animal health expenditures and pet insurance in developed countries, and supportive government initiatives. Moreover, emerging economies are anticipated to provide substantial growth opportunities for market players.
Emerging Economies Creating Opportunity for the Growth of the Veterinary Ultrasound Market
Developed nations like the U.S. and some European countries are the primary contributors to the veterinary ultrasound market. However, companies in this sector are increasingly targeting underdeveloped and emerging economies. The Asia-Pacific region, in particular, presents significant growth opportunities for manufacturers of livestock and companion animal diagnostics. This is due to a rising incidence of foodborne and zoonotic diseases, an increasing population of livestock and pets, growing demand for livestock-derived food products, and supportive government initiatives. According to the FAO, global meat protein consumption is expected to rise by 14% by 2030 compared to the average consumption from 2018 to 2020. Furthermore, beef production is projected to reach 75 million tons by 2030. Therefore, to satisfy the growing demand for livestock-derived food products, it is crucial to adopt advanced reproductive strategies and enhance the health of livestock through modern diagnostic technologies.
The veterinary ultrasound market is divided into segments based on 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 assesses industry competitors and analyzes markets at regional and country levels.
Based on animal type, in 2023, the small animals segment is projected to hold the largest share of the veterinary ultrasound market. This is due to the growing companion animal population and increased pet ownership in developed countries, along with higher spending on pet healthcare. For example, the North American Pet Health Insurance Association (NAPHIA) reported that the pet health insurance sector was valued at USD 1.99 billion in 2020, reflecting a 27.5% increase from USD 1.56 billion in 2019.
Based on portability, in 2023, the cart-based ultrasound scanners segment is anticipated to hold the largest share of the veterinary ultrasound market. This significant market share is due to the widespread availability and high adoption of cart-based ultrasound systems in hospitals, clinics, and veterinary imaging centers. Additionally, technological advancements have made these devices easier to use, further contributing to their popularity.
Based on technology, in 2023, the 2D ultrasound segment is expected to dominate the veterinary ultrasound market. This dominance is due to the widespread and conventional use of 2D ultrasounds in veterinary practices. Their ease of use and ability to provide real-time images further support the significant market share of this segment.
Based on application, in 2023, the cardiology segment is projected to hold the largest share of the veterinary ultrasound market. This substantial market share is mainly due to the rising prevalence of cardiac disorders in animals. Heart diseases in animals are primarily caused by aging and obesity. For example, Myxomatous Mitral Valve Disease (MMVD) is the most common cardiac condition in dogs, particularly affecting small and elderly ones.
Based on end user, the veterinary ultrasound market is divided into segments including hospitals, veterinary clinics, and other end users. In 2023, the hospitals segment is anticipated to hold the largest share of the market. This is due to veterinary hospitals using various imaging modalities, including ultrasound, for diagnosing, performing surgeries, and treating animals. The large market share of this segment is largely driven by the rising prevalence of zoonotic disorders and an increased number of hospital visits.
This research report examines key regions, offering a detailed analysis of North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America), and the Middle East & Africa. In 2023, North America is projected to hold the largest share of the veterinary ultrasound market, followed by Europe and Asia-Pacific. The primary factors contributing to this significant market share include the increased incidence of zoonotic infections, a growing demand for high-quality veterinary care, a rise in pet ownership, and higher spending on both livestock and companion animals.
Key Players:
Major companies in the veterinary ultrasound market include 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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Key questions answered in the report-
- Which segments exhibit significant growth potential in terms of animal type, portability, technology, application, end user, and geography?
- What was the past market performance of veterinary ultrasound worldwide?
- What are the projected market outlooks and predictions for the timeframe spanning 2023 to 2030?
- What are the primary factors motivating, hindering, presenting opportunities, and posing challenges in the veterinary ultrasound market?
- Who are the leading participants in the veterinary ultrasound market?
- What does the competitive environment look like, and which companies are leading the veterinary ultrasound market?
- What are the latest advancements or updates within the veterinary ultrasound market?
- How do major players in the veterinary ultrasound market implement various strategies?
- What are the patterns observed in different regions and which areas are experiencing significant growth?
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