Veterinary Ultrasound Market Growth, Trends, Revenue Forecast, Competitive Landscape, Factors, Research Report: Information by Animal Type (Small Companion Animals, Large Animals), Type (2D Ultrasound Imaging, 3D Ultrasound Imaging, Doppler Imaging), Product Type, (Device (Cart Based Ultrasound Scanners, Portable/Compact Ultrasound Scanners) and Software), Therapeutic Area, (Orthopedics and Traumatology, Cardiology, Oncology and Neurology), Imaging Technology (Digital Imaging Technology, Analog Imaging Technology and Contrast Imaging Technology)
The veterinary ultrasound market was valued USD 122 billion in 2020 and is expected to reach USD 192.70 billion by 2027 at 5.9% CAGR during the forecast period 2020-2027.
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Veterinary ultrasound scanner is a medical imaging device which like the human ultrasound scanner, uses ultrasound waves for generating images of the internal soft organs in animals. Use of higher frequency ultrasound waves and small-sized probes are distinguishing features of a veterinary ultrasound scanner from an ultrasound scanner intended for human use. Pet animals largely contribute to the well-being of human beings. They, at times, turn out to be the best companion of a person. Thereby, the veterinary ultrasound market is possibly gaining traction due to the rise in number of pet ownership. Livestock animals are beneficial for domestic use of humans, for instance, there is a great demand for meat and dairy products. Hence, to deliver quality products to attain economical gain, it is important to monitor the medical conditions of domestic animals. This is likely to create a scope for the veterinary ultrasound market growth to expand. According to the Center for Disease Control and Prevention, around 75% of infectious diseases affecting human beings originate from animals. Increase in cases of zoonoses have dragged the attention towards the medical concern of animals. This is another important driving force of the veterinary ultrasound market growth. Governments, across the world, are adopting several measures to ensure proper health of animals which is predicted to propel the veterinary ultrasound growth.
Market Segmentation
The global veterinary ultrasound market has been segmented in terms of type, end-user, and components.
By imaging technology, the market has been segmented into digital imaging technology, analog imaging technology, and contrast imaging technology. The digital imaging technology segment was valued at USD 100.73 Mn in 2017.
By therapeutic area, the market is narrowed down into neurology, oncology, cardiology, orthopedics and traumatology, and others. The orthopedics and traumatology segment was leading with the highest share of the market back in 2017. The market is likely to retain its dominance over the next couple of years. The growth can be attributable to the widespread incidence of bone injuries and growing prevalence of diseases like arthritis, lameness disease, and others. The segment for orthopedics and traumatology will reach a projected valuation of USD 104.11 million by the end of 2023.
By product type, the market is divided into devices and software. The devices segment is further branched down into cart-based ultrasound scanners and portable/compact ultrasound scanners.
By type, the market breaks down into 2D ultrasound imaging, Doppler imaging, 3D ultrasound, and others. Among these, the 2D ultrasound imaging segment enjoys the highest share of the market. The segment is anticipated to garner major traction in the market due to its applications in diagnosing issues with kidneys, heart defects, and other potential internal problems.
By animal type, the market comprises large animals, small companion animals, and others. The small companion animals segment of the veterinary ultrasound market acquires more than 64.8% share of the entire market to lead the standing. It is expected to register positive growth during the ongoing forecast period due to factors like rising trend of pet ownership, growing adoption rate of companion animals, especially dogs and cats, and the development of various breeds that need high care.
Regional Analysis
The global veterinary ultrasound market is geographically distributed across the following key regions: Asia Pacific, Americas, Europe, and the Middle East and Africa
Americas holds a majority of the veterinary ultrasound market share at present and is expected to exhibit a CAGR of 5.89% during the forecast period. The segment is slated to reach a projected valuation of USD 87.2 million by the end of the forecast period. The growth of the regional market can be attributed to the rising adoption of pets, increasing technically-advanced devices, heightened demand for preventive treatments and care facilities for companion animals, and increasing awareness concerning animal health and animal welfare.
The European region at present holds the second largest spot in the global veterinary market and is anticipated to enjoy a healthy share of the global market during the forecast period. The availability of a number of advanced pet healthcare facilities and the accelerating rate of pet adoption has boosted the demand for the regional market. The trend is believed to continue past the projection period. Meanwhile, Asia Pacific is anticipated to garner a relatively high CAGR due to factors like increasing number of pet adoptions and expanding animal welfare programs.
Competitive Landscape
The global veterinary ultrasound market comprises a host of key players. This includes names like Samsung Medison Co. Ltd, Esaote, Fujifilm SonoSite Inc., Hitachi, Ltd, Chison, GE Healthcare, Kaixin Electric, BCF Technology, Xuzhou Kaixin Electronic Instrument Co., Ltd, Mindray, and SonoScape
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