Pune, India, September, 2018 /press release/- Market Research Future Published a Cooked Research Report on Veterinary Ultrasound Market Research Report.
Market Research Future (MRFR)’s latest report reveals that the global veterinary ultrasound market is set to expand saliently striking a CAGR of 6.10% during the forecast period 2018 to 2023. The market is estimated to expand from USD 164.42 Mn in 2017 to USD 234.55 Mn by 2023-end. The accuracy standards set by Food & Drug Administration (FDA) and other similar bodies have opened avenues of innovations in the market. This, in turn, is forecasted to have a positive influence on the veterinary ultrasound market proliferation over the next couple of years. However, lack of knowledge and awareness about animal health remains an impediment to the market growth.
The inclination towards pet companionship coupled with increased spending on pet healthcare has paved the way for veterinary ultrasound market expansion. According to the Oasmia Pharmaceutical AB in the U.S., the number of pets (dogs) increased from 68 million in 2000 to 83.3 million in 2014. Increased awareness about animal health care and the availability of advanced medical facilities are the key factors driving the growth of the market.
The rising prevalence of zoonotic diseases, also known as zoonoses, is the key area of focus in the meat and dairy industry. According to the Center for Disease Control and Prevention, around 75% of infectious diseases affecting human beings originate from animals. It is projected to catapult the veterinary ultrasound market on an upward trajectory. Additionally, the developments made in the pet insurance industry is anticipated to boost the market for veterinary ultrasound.
Global Market for Veterinary Ultrasound-Segmental Analysis:
MRFR’s report offers a detailed segmental analysis of the market based on imaging technology, therapeutic area, product type, type, and animal type. 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 veterinary ultrasound market is segmented into cardiology, neurology, oncology, orthopedics and traumatology, and others. Among these, the orthopedics and traumatology segment held the most significant share of the market in 2017. It is likely to retain its prominence over the next couple of years. The growth is attributable to the increasing incidence of bone injuries and growing prevalence of arthritis, lameness disease, and others. The segment is estimated to reach a valuation of USD 104.11 Mn by the end of 2023.
By product type, the global veterinary ultrasound market has been segmented into devices and software. The devices segment is further sub-segmented into portable/compact ultrasound scanners and cart-based ultrasound scanners.
By type, the market is segmented into 2D ultrasound imaging, 3D ultrasound, Doppler imaging, and others. Among these, the 2D ultrasound imaging segment presently accounts for the largest share of the market. The segment is expected to gain traction in the market owing to its applications in diagnosing heart defects, issues with kidneys, and other potential internal issues.
By animal type, the market has been segmented into small companion animals, large animals, and others. The small companion animals segment currently holds the largest share of the veterinary ultrasound market which accounts for 64.8% share. It is likely to exhibit positive growth over the forecast period owing to factors such as rising trend of pet ownership, increasing adoption rate of companion animals particularly dogs and cats, and the development of breeds needing high care.
By region, the global veterinary ultrasound market has been segmented into Americas, Europe, Asia Pacific, and the Middle East & Africa. Americas accounts for the most substantial share of the market currently and is estimated to register a CAGR of 5.89% during the forecast period. The segment is projected to reach a valuation of USD 87.2 Mn by the end of the assessment period. The growth of the regional market can be ascribed to the increasing adoption of pets, rising technically-advanced devices, growing demand for preventive treatments and care facilities for companion animals, and rising awareness regarding animal health and animal welfare.
Europe presently holds the second spot in the global veterinary market and is expected to account for a healthy share of the market over the next few years. The availability of advanced pet healthcare facilities coupled with the accelerating rate of pet adoption has fueled demand in the market. The trend is anticipated to perpetuate through the projection period. Meanwhile, Asia Pacific is projected to strike a relatively higher CAGR owing to factors such as increasing pet adoptions and increasing animal welfare programs.
Global Market for Veterinary Ultrasound-Competitive Dashboard:
Some of the key players profiled by MRFR are Hitachi, Ltd, Chison, Xuzhou Kaixin Electronic Instrument Co., Ltd, GE Healthcare, Fujifilm SonoSite Inc., Samsung Medison Co. Ltd, Esaote, Mindray, Kaixin Electric, BCF Technology, and SonoScape