ID: MRFR/MED/4596-CR | August 2019 | Region: Global | 188 pages
During the forecast period (2020-2027), the veterinary ultrasound market size is anticipated to grow from USD 122 billion to USD 192.70 billion with a significant CAGR of 5.9%.
An ultrasound machine can detect tumors in some internal regions of the body which is not available properly in x-rays. These ultrasound devices are pain-free and risk-free and are widely used to look at the internal organs of the animal’s body. These are usually quick and do not require any special preparation in most cases which makes it more preferable. The veterinarians usually use these devices to guide a needle, while performing a biopsy. When compared to solid tumors, ultrasound devices are better to diagnose any disorder related to the generation of fluid-filled cysts. Because ultrasound can made different echo patterns which increases the demand for ultrasound devices for diagnosing certain animal diseases.
To scan animals bodies, veterinary ultrasound machines make use of 1.5 to 15 megahertz of ultrasonic sound waves which creates an image of the internal body structure of the animal’s body. This device works on the echoes which are reflected by the scanner from the tissues that are targeted and organs of the animal body.
In November 2019, the world saw the first deadly virus of the COVID-19. To the impact of the virus, a worldwide international emergency was declared. Economic wealth declined due to the loss of manpower and implementation of lockdowns.
To control the spread of the virus, country-wide and further state-wise global lockdowns are implemented. During the COVID-19 outbreak, the veterinary ultrasound industry growth is neither empowered ar diminished and this industry takes better care of animals safe in this period. The healthcare industries are working to find the vaccine to the pandemic.
The increase in the prevalence of several internal injuries coupled with other diseases including blood in the abdomen, cests, and cancer in the companion animals like dogs, cats, horses, and livestock animals like cattle, swine, and more coupled with growing demand for diagnosis diseases are predicted to fuel the growth of the veterinary ultrasound market demand. Pet doctors should practice and train through veterinary ultrasound training online.
The growing population of animals, rise in the money invested to treat pets, an increase in pet insurance demand, and the growing number of vet doctors who adopt practice are some other factors boosting the growth of the veterinary ultrasound market. An increase in zoonotic disease is propelling the demand for the veterinary ultrasound scanners market. Increasing disposable income, rising demand for miniaturization of the technology, and growing government initiatives and schemes for animal healthcare are the factors accelerating the market growth.
The veterinary ultrasound cost is nowadays very expensive to treat the animals and the cost of medical insurance for animals is also increased which is restraining the veterinary ultrasound market growth.
By using the technological innovations in ultrasound machines, the veterinary ultrasound technicians develop better machines to fulfill the needs of an animal which helps in treating zoonotic disease, pet disease, etc.
Lack of knowledge and awareness among people regarding animal health is a challenge to the growth of the veterinary ultrasound market. In underdeveloped countries, the healthcare systems are underdeveloped which limits the veterinary ultrasound market growth. Moreover, stringent regulations over the adoption of animals by the governments are also hindering the growth.
Study Objectives -
The veterinary ultrasound system market has been divided into segments based on type, technology, application, vertical, and region.
Based on Type
The veterinary ultrasound services based on the type are classified into four types as 2D ultrasound, 3D ultrasound, 4D ultrasound, and doppler ultrasound. To fulfill the industry demands, cart-based ultrasound scanners or handheld ultrasound scanners are specially manufactured. These scanners work as per the animal’s size either large or small. Due to the widespread popularity of the 2D segment scanners in disease diagnosis and pregnancy detection, the 2D ultrasound segment is holding the largest share.
Based on Technology
The veterinary ultrasound companies based on the technology are bifurcated into digital imaging technology and analog imaging technology.
Based on Application
The veterinary ultrasound market by applications is cardiology, obstetrics, gynecology, oncology, orthopedics, etc.
Based on Vertical
Based on vertical, the veterinary ultrasound industry is divided into two types as veterinary clinics and veterinary hospitals.
Based on Region
Region-wise, the veterinary ultrasound market is analyzed into five main geographies such as Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among them, North America is expected to dominate the maximum market share due to the rising quantum of adoption of companion animals by individuals
Geographically, the veterinary ultrasound market based on regions is divided into five major regions like Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa. Due to the growing adoption of companion animals, rising veterinary healthcare expenditure, the growing pet insurance industry, and the rising number of veterinary practices, Europe is accounting for the largest market share. Moreover, an increase in the prevalence of various animal diseases and internal injuries are the major factors driving the growth of the market. The American Society for the Prevention of Cruelty to Animals report states that nearly 6.5 million companion animals into US animal shelters nationwide annually and nearly 3.2 million of them are cats.
The prominent key players in the veterinary ultrasound market outlook are the following:
This global veterinary ultrasound market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market scenario includes the veterinary ultrasound machine market drivers, restraints, challenges, and opportunities. The veterinary ultrasound scanners market forecast segments are type, technology, application, vertical, and region.
The veterinary ultrasound market trends have been segmented globally based on the type, technology, application, vertical, and region.
2D ultrasound, 3D ultrasound, 4D ultrasound, and doppler ultrasound are the four types of the market.
Digital imaging technology and analog imaging technology are the two types of technologies.
Cardiology, obstetrics, gynecology, oncology, orthopedics, etc are some of the applications of the market.
Veterinary clinics and veterinary hospitals are two verticals of the market.
Asia-Pacific, North America, Latin America, and the rest of the world are the four main geographies included in the veterinary ultrasound market.
|Market Size||2027: USD 447 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Animal Type, Type, Product Type, Therapeutic Area, Imaging Technology, End User and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Heska Corporation (US), EsaoteSpA (Italy), FUJIFILM Holdings Corporation (Japan), Siemens AG (Germany), Samsung Medison Co. Ltd.( Korea), Mindray Medical International (China), DRAMINSKI S.A. (Poland), Clarius Mobile Health (US), Shenzhen Rico Technology Co. Ltd. (China), IVM imaging (Scotland), SonoScape Medical Corporation|
|Key Market Opportunities||joint ventures, strategic alliances, mergers and acquisitions, new product developments along with research and developments|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Veterinary Ultrasound Market is projected to grow at a 5.9%CAGR between 2020-2027.
Veterinary Ultrasound Market is predicted to touch USD 447 Million by 2027.
North America is predicted to spearhead the Veterinary Ultrasound Market.
Increase in pet ownership and growing demand for veterinary equipment and treatments are boosting market growth.
Lack of awareness about zoonotic diseases may deter market growth.
Veterinary Ultrasound Market: Competitive Landscape
Globally, a large number of companies are working in the development and production of veterinary ultrasounds. These major companies have adopted extensive research, to offer better and cost-effective products. The American and European regions are a hub for major companies, generating the maximum market share which has turned these regions into a well-established market. These companies have expanded their operating units in various other regions as well. Moreover, there are various other small and medium scale players that generate revenue from local markets.
Some key players operating in this market are GE Healthcare, Fujifilm SonoSite Inc., Hitachi, Ltd, Chison, Esaote, Mindray, Kaixin Electric, and SonoScape, among others.
GE Healthcare is the largest in the global veterinary ultrasound market. GE Healthcare is followed by Fujifilm SonoSite Inc., Hitachi, Ltd, Chison, Esaote, Mindray, Kaixin Electric, and SonoScape, among others. The company had been a supplier of medical imaging equipment for more than 100 years in the healthcare industry. It specializes in the cardiology portfolio and helps to detect and fight cardiovascular diseases. The company has its presence in over 180 countries and employs approximately 313,000 people worldwide. GE Healthcare is focusing on enhancing its imaging market globally by adopting growth strategies such as product launches and organic investments and acquisitions in emerging markets. In 2017, the firm launched 26 new products in imaging and clinical care solutions markets.
Hitachi Aloka Medical, Ltd. is the second largest owing to its vast product portfolio and market presence. It is engaged in the development and supply of medical equipment worldwide. Its products include diagnostic ultrasound systems; bone densitometry system and bone mineral measurement systems; sample preparation systems; and in vivo micro-CT scanners for small laboratory animals. The company also provides radiation measuring instruments, such as survey meters, personal dosimeters, liquid scintillation systems, and area monitors. Hitachi Aloka Medical is the merger of Aloka Co., Ltd., and Hitachi Medical Corporation. This merger encompasses the ultrasound division of both Hitachi Medical Corporation and Aloka Co., Ltd. and enhances its market presence worldwide.
Fujifilm SonoSite Inc. is the third largest as it is engaged in developing, manufacturing, and distributing hand-carried ultrasound systems for use in several medical specialties and a range of treatment settings at the point-of-care. As of February 15, 2012, Fujifilm acquired SonoSite, Inc., a pioneer, and leader in the ultrasound technology. This acquisition enhances the position of Fujifilm SonoSite Inc. in the veterinary ultrasound market.
Esaote is the fourth largest as it is a global leader in diagnostic imaging products. The company is engaged in designing, manufacturing, and selling medical diagnostic systems. The company offers its products through its distribution network and sales representatives in Italy and internationally.