Meticulous Research®—a leading market research company, published a research report titled ‘Veterinary Ultrasound Market by Animal Type [Small, Large (Equine, Farm)], Scanner [Cart-based, Handheld], Technology (2D, 3D/4D, Doppler), Application (Orthopedic, Cardiology, Obstetric & Gynecology), End User (Clinic, Hospital) - Global Forecast to 2030”.
According to this latest publication from Meticulous Research®, the veterinary ultrasound market is projected to reach $520.11 million by 2030, at a CAGR of 6.1% from 2023 to 2030. The rise in the adoption of animals, increasing prevalence of zoonotic diseases, technological advancements in ultrasound devices, increasing animal health expenditure & pet insurance in developed countries, and favorable government initiatives are the factors contributing to the growth of the veterinary ultrasound market. Additionally, emerging economies are expected to offer significant growth opportunities for the players operating in this market.
Emerging Economies Creating Opportunity for the Growth of the Veterinary Ultrasound Market
Developed nations like the U.S. and some European countries are the major contributors to the veterinary ultrasound market. Players in this market are increasingly shifting their focus to underpenetrated emerging economies. Emerging countries in Asia-Pacific offer high growth opportunities for livestock and companion diagnostic manufacturers due to the rising prevalence of foodborne and zoonotic diseases, increasing livestock and pet population, increasing demand for livestock-derived food products, and favorable government campaigns conducted in these regions. According to the FAO, the global consumption of meat proteins is projected to increase by 14% by 2030 compared to the global consumption between 2018 and 2020. Additionally, the beef production is expected to reach 75 Mt by 2030. Thus, to meet this increasing demand for livestock-derived food, it is important to adopt better reproductive strategies and improve the health of livestock animals by using newer livestock diagnostics technologies.
The veterinary ultrasound market is segmented by Animal Type [Small Animals, Large Animals (Equine, Farm Animals)], Portability (Handheld Ultrasound Scanner, Cart-based Ultrasound Scanner), Technology (2D Ultrasound, Doppler Ultrasound, 3D/4D Ultrasound), Application (Orthopedics & Musculoskeletal, Cardiology, Obstetrics & Gynecology, and Other Applications), End User (Veterinary Clinics, Hospitals, and Other End Users), and Geography. The study also evaluates industry competitors and analyzes the regional and country-level markets.
Based on animal type, in 2023, the small animals segment is expected to account for the largest share of the veterinary ultrasound market. Factors contributing to the large share of this segment are the increased companion animal population & pet ownerships in developed countries and a rise in the spending on pet healthcare. For instance, According to the North American Pet Health Insurance Association (NAPHIA), the pet health insurance sector was valued at USD 1.99 billion in 2020, with a growth of 27.5% compared to USD 1.56 billion in 2019.
Based on portability, in 2023, the cart-based ultrasound scanners segment is expected to account for the largest share of the veterinary ultrasound market. The large market share of this segment is attributed to the high availability of cart-based ultrasound systems and the high adoption of these devices in hospitals, clinics, and veterinary imaging centers. Furthermore, technological advancements in these devices have widened their ease of use.
Based on technology, in 2023, the 2D ultrasound segment is expected to account for the largest share of the veterinary ultrasound market. The large market share of this segment is attributed to the conventional usage of 2D ultrasounds. In veterinary practices, 2D is the most commonly used ultrasound. Ease in use and ability to provide real-time images also support the segment’s large market share.
Based on application, in 2023, the cardiology segment is expected to account for the largest share of the veterinary ultrasound market. The large market share of this segment is primarily attributed to the increased prevalence of veterinary cardiac disorders. Aging and obesity are the primary reason which causes heart diseases in animals. For instance, the most common cardiac disease in dogs is Myxomatous Mitral Valve Disease (MMVD). This disease is more prevalent in small and elderly dogs.
Based on end user, the veterinary ultrasound market is segmented into hospitals, veterinary clinics, and other end users. In 2023, the hospitals segment is expected to account for the largest share of the veterinary ultrasound market. Veterinary hospitals perform diagnosis, surgeries, and treatment of animals, wherein various imaging modalities are utilized, including ultrasound. Hence, the increased prevalence of zoonotic disorders and an increased number of visits to the hospital majorly contribute to the large market share of this segment.
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America) and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the veterinary ultrasound market, followed by Europe and Asia-Pacific. Increased incidence of zoonotic infections, growing need for high-quality veterinary care, rise in pet ownerships, and increased spending on livestock & companion animals are the major factors contributing to the large share of this market.
The key players operating in the veterinary ultrasound market are Esaote S.p.A (Italy), Sonostar Technologies Co. (China), Universal Imaging Inc. (U.S.), FUJIFILM Sonosite, Inc. (U.S.), SOUND (U.S.), Samsung Electronics Co., Ltd. (South Korea), Shenzhen Mindray Animal Medical Technology Co., LTD. (China), Siemens Medical Solutions, Inc. (U.S.), Heska Corporation (U.S.), IMV Imaging Ltd (U.K.), and DRAMIŃSKI S. A. (Poland).
Download Free Sample Report Here : https://www.meticulousresearch.com/download-sample-report/cp_id=5425
Key questions answered in the report-
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
Dental Practice Management Software Market Worth $ 3.11 Billion by 2029Read More