The global veterinary ultrasound market is expected to rise to a valuation of USD 234.55 million by the end of 2023, according to the latest research report from Market Research Future (MRFR). The global veterinary ultrasound market was valued at USD 164.42 million in 2017 and is likely to exhibit a CAGR of 6.1% over the forecast period from 2020 to 2027, according to the report.
Veterinary ultrasound is a key part of veterinary healthcare and is used to detect the presence of diseases or abnormalities in various parts of pets. The global veterinary ultrasound market size has been driven by the growing demand for intensive, all-encompassing pet care. Pet owners have become increasingly concerned in recent times about the health of their pets and thus demand comprehensive checkups that clear the pet of any possible diseases. The rising volume of pet ownership, especially in developing regions such as Eastern Europe and Southeast Asia, is also likely to be a major driver for the global veterinary ultrasound market over the forecast period. As the number of pet owners grows, the demand for more advanced medical equipment to treat and check pets is likely to get stronger.
The increasing disposable income of pet owners is also likely to be a major driver for the global veterinary ultrasound market size over the forecast period, as ultrasound treatments can be expensive. The growing insurance coverage for pet medical checkups is also likely to be a key driver for the global veterinary ultrasound market.
On the other hand, a lack of awareness among pet owners about zoonotic diseases is likely to hinder the global veterinary ultrasound market’s progress over the forecast period.
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Competitive Analysis:
Leading players in the global veterinary ultrasound market size include GE Healthcare, Fujifilm SonoSite Inc., Chison, Esaote, Mindray, Xuzhou Kaixin Electronic Instrument Co. Ltd., Kaixin Electric, BCF Technology, SonoScape, and Samsung Medison Co. Ltd.
Segmentation:
The global veterinary ultrasound market size has been segmented based on animal type, type, product type, therapeutic area, imaging technology, end user, and region.
By animal type, the global veterinary ultrasound market is segmented into small companion animals, large animals, and others. The small companion animals segment holds the leading share in the global market, accounting for USD 106.61 million in 2017, and is expected to rise to a valuation of USD 154.4 million by 2023. The rising adoption of cats and dogs in North America as well as other parts of the world is likely to drive the small companion animals segment of the global veterinary ultrasound market.
By type, the market is segmented into 2D ultrasound imaging, 3D ultrasound, Doppler imaging, and others. 2D ultrasound imaging is the largest segment of the global veterinary ultrasound market and is likely to dominate the global market over the forecast period.
By product type, the veterinary ultrasound market is segmented into devices and software; devices are further segmented into portable/compact ultrasound scanners and cart-based ultrasound scanners.
By therapeutic area, the veterinary ultrasound market is segmented into neurology, oncology, cardiology, orthopedics and traumatology, and others. Orthopedics and traumatology is the dominant revenue generator in the global veterinary ultrasound market and is likely to retain the leading share in the market over the forecast period, accounting for a valuation of USD 104.11 million by 2023.
By imaging technology, the veterinary ultrasound market is segmented into digital imaging, analog imaging, and contrast imaging. The digital imaging segment accounted for USD 100.73 million in 2017 and is expected to remain dominant over the forecast period.
By end use, the market is segmented into veterinary clinics and hospitals, with clinics accounting for the larger share in the market.
Regional Analysis:
North America is the major regional market for veterinary ultrasound devices and is expected to rise to a valuation of USD 87.20 million by the end of 2023, exhibiting a CAGR of 5.89% over the forecast period. Europe is likely to remain the second largest regional market over the forecast period.
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