The global veterinary ultrasound scanner market is on the brink of a substantial valuation, projected to reach US$ 198.1 million by 2023. The growth is primarily driven by the burgeoning interest and insights surrounding the veterinary ultrasound scanner market. The trend is expected to open doors to new opportunities within the market, with a projected CAGR of 3.7% from 2023 to 2033. By 2033, the market is poised to soar to an estimated total valuation of around US$ 284.8 million.
The veterinary ultrasound market is critical in ensuring the well-being of livestock and companion animals, providing essential diagnostics for health status confirmation, disease management, and pregnancy diagnosis. The market growth is fueled by increased animal adoption, a surge in zoonotic diseases, technological advancements in ultrasound devices, rising animal health expenditure, pet insurance adoption in developed nations, and supportive government initiatives. However, a notable hindrance to growth is the scarcity of skilled professionals in the field.
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The upswing in international travel and animal transportation has contributed to a higher incidence of zoonotic cases—diseases transmitted between humans and animals. Zoonosis poses severe threats, prompting the Centers for Disease Control and Prevention (CDC) to monitor and report such cases actively. Key zoonotic pathogens include anthrax, brucellosis, Chagas disease, Type A influenza, Ebola hemorrhagic fever, Rift Valley fever, and severe acute respiratory syndrome (SARS). Vector-borne zoonosis, combined with direct and indirect human-animal contact, amplifies the risk of contracting these diseases, fostering the adoption of veterinary ultrasound scanners.
The surge in global per capita meat and dairy consumption places a spotlight on animal breeders, emphasizing the need for consistent monitoring to ensure high-quality livestock products. Routine checks and monitoring, facilitated by veterinary ultrasound scanners, are becoming paramount, contributing to the robust growth of the global veterinary ultrasound scanner market during the forecast period.
Key Takeaways from the Market Study:
- The market valuation in 2022 was US$ 9 million.
- Based on product type, portable/handheld ultrasound scanners are expected to dominate at a market share of 86.5% in 2023.
- Based on imaging technology, digital imaging technology will register at a market share of 93.7% in 2023.
- The veterinary ultrasound scanner market size expanded at 4.6% CAGR between 2018 and 2022.
- India is estimated to expand at a CAGR of 5.5% by 2033.
- Germany experiences a significant rise, with a CAGR of 2.2% by 2033.
“Technological advancements have largely influenced the veterinary care market and also affected the veterinary ultrasound scanner demand is thus considered one of the major drivers of the veterinary ultrasound scanner market,” comments a Future Market Insights analyst.
Drivers of Growth:
- Increased awareness and importance of animal healthcare: This includes rising pet ownership, growing concern about zoonotic diseases (diseases transmissible between animals and humans).
- Technological advancements: Advancements in ultrasound technology lead to more accurate and efficient diagnoses.
- Rising expenditure on animal health: Pet owners are spending more on their pets’ well-being, including diagnostics.
- Pet insurance adoption: Increased pet insurance allows for more comprehensive veterinary care, including ultrasound scans.
- Government initiatives: Supportive government programs promoting animal health can contribute to market growth.
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Competitive Landscape:
The veterinary ultrasound scanner industry boasts a substantial array of market participants. Research and development play a pivotal role among these players, primarily focusing on introducing eco-friendly product lines as a core aspect of their manufacturing endeavors. Furthermore, they employ various expansion strategies, including collaborations, mergers and acquisitions, and diligent exploration of regulatory approvals to bolster their market presence.
Some of the key developments are-
- Butterfly Network Inc., a trailblazing digital health firm recognized for its innovative product approach, recently unveiled its latest veterinary ultrasound device. The iQ+ Vet ultrasound introduces a cutting-edge guidance tool and hardware enhancements, promising sharper imaging for improved diagnostics.
- Lacuna Diagnostics Inc., a pioneering telemedicine and point-of-care diagnostics company, entered into a comprehensive acquisition agreement with Heska Corporation.
Key Companies Profiled:
- Siemens AG
- Mindray Medical International Limited
- Hitachi Ltd.
- Fujifilm Holdings Corporation
- General Electric Company
- Canon Inc.
- Samsung Electronics Co. Ltd.
- Esaote SpA
- DRAMI?SKI S. A.
- IMV Technologies SA
Key Segments of Veterinary Ultrasound Scanners Industry Survey:
By Product Type:
- Portable/Hand Held Ultrasound Scanners
- Cart Based Ultrasound Scanners
By Imaging Technology:
- Digital Imaging Technology
- Analog Imaging Technology
- Contrast Imaging Technology
By End User:
- Veterinary Hospitals
- Veterinary Clinics
- Animal Breeding and Farms
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East & Africa
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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