Veterinary Ultrasound Market Share

Veterinary Ultrasound Market Overview

The veterinary ultrasound market was valued USD 122 million in 2020 and is expected to reach USD 830 Million by 2030 at 5.70% CAGR during the forecast period 2023-2030.

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.  

COVID-19 Analysis:

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. 

Market Dynamics:

Drivers:

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 market growth of the veterinary ultrasound. 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.

Restraint:

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.

Opportunities:

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.

Challenges:

Lack of knowledge and awareness among people regarding animal health is a challenge to the market growth of the veterinary ultrasound. 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 -

• To provide detailed information about the veterinary ultrasound market structure along with various forecast segments and sub-segments for the next 5 to 6 years.


• To provide the factors that are affecting the market growth value.


• To examine the market industry analysis based on porter’s five force analysis, factors-price analysis, supply chain analysis, etc.


• To provide history and forecast revenue segments and sub-segments of the market revenue for the five main geographies.


• To provide the country-level analysis of the veterinary ultrasound market size for current and future prospective.


• To provide country-level analysis of the  market growth by region, type, technology, vertical, and application.


• To provide a strategic profile of the prominent key players in the  market, analyze their core competencies, statistics, and draw a market growth landscape.


• To track and observe the new product launches, strategic alliances, mergers, acquisitions, and veterinary ultrasound market research.


• To provide fragmentation of veterinary ultrasound industry.

Veterinary Ultrasound Market Segment Insights

The veterinary ultrasound system market has been divided into segments based on type, technology, application, vertical, and region.

Veterinary Ultrasound Type Insights

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.

Veterinary Ultrasound Technology Insights

The veterinary ultrasound companies based on the technology are bifurcated into digital imaging technology and analog imaging technology.

Veterinary Ultrasound Application Insights

The veterinary ultrasound market by applications is segmented into cardiology, obstetrics, gynecology, oncology, orthopedics, etc.

Veterinary Ultrasound Vertical Insights

Based on vertical, the veterinary ultrasound industry is divided into two types as veterinary clinics and veterinary hospitals.

Veterinary Ultrasound Region Insights

Region-wise, the market of veterinary ultrasound 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

Regional Analysis 

Geographically, the market of veterinary ultrasound 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.  

Competitive Landscape

The prominent key players in the veterinary ultrasound market outlook are the following:

• GE Healthcare (US)


• Diagnostic Imaging Systems Inc. (US)


• 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)


• Shenzen Rico Technology Co.Ltd (China)


• IVM Imaging (Scotland)


• Sonoscape Medical Corporation (China)


• Shantou Institute of Ultrasonic Instruments Co. Ltd. (SIUI) and more.

Recent Developments

• In April 2018, the famous company, the Chinese investors acquired the latest firm EsaoteSpA which is boosting the Esaote operations related to development plans and service distribution in the Chinese market.


• In June 2019, The two top leading key players Fujifilm Sonosite and the US-based enterpriser, Partners Healthcare are partnered with each other for enchanting the design of ultrasound projects coupled with artificial intelligence.


• In September 2019, one of the popular vendors, E. I Medical Imaging company introduced a new ultrasonic brand scanner which is named IBEX PRO.


• In November 2019, the most popular Butterfly Network introduced its new product Butterfly iQ Vet which can scan animals from companion to large animals and further to exotic animals with chip technology, by the single probe and smart-phone connected device.

Report Overview:

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.

Segmentation Table

The veterinary ultrasound market trends have been segmented globally based on the type, technology, application, vertical, and region. 

By Type

2D ultrasound, 3D ultrasound, 4D ultrasound, and doppler ultrasound are the four types of the market.

By Technology

Digital imaging technology and analog imaging technology are the two types of technologies.

By Application

Cardiology, obstetrics, gynecology, oncology, orthopedics, etc are some of the applications of the market.

By Vertical

Veterinary clinics and veterinary hospitals are two verticals of the market.

By Region

Asia-Pacific, North America, Latin America, and the rest of the world are the four main geographies included in the veterinary ultrasound market.