Global Veterinary Ultrasound Scanner Market Set for Robust Growth, Projected to Reach USD 284.8 Million by 2033

Veterinary Ultrasound Scanner Market
Veterinary Ultrasound Scanner Market

The global veterinary ultrasound scanner market is poised for significant growth, with forecasts predicting a substantial increase in market value over the next decade. As of 2023, the market is set to reach USD 198.1 million, and experts anticipate a steady Compound Annual Growth Rate (CAGR) of 3.7%, positioning the market to soar to USD 284.8 million by 2033.

Key Market Trends and Innovations

The veterinary ultrasound market is experiencing a surge in demand, driven by cutting-edge technological advancements. One notable innovation is the integration of wireless streaming capabilities in devices like the IBEX® PRO and LITE models, which offer enhanced portability and convenience for veterinarians in the field. These advances allow for real-time, high-quality diagnostics in remote locations, making ultrasound technology more accessible than ever.

Additionally, specialized tools such as the OsiriX® viewer, developed specifically for dogs, are revolutionizing diagnostic accuracy. By enabling highly precise and reproducible CT prostate volume assessments, these technologies help minimize human observation errors, ensuring more accurate diagnoses and improving treatment outcomes for animals.

Market Growth Factors

While the market did experience a slowdown during the first half of the forecast period—largely due to slow adoption of ultrasound technology and challenges like the COVID-19 pandemic’s impact on pet adoption rates—the industry is now regaining momentum. Technological improvements and growing awareness of animal healthcare’s importance are key drivers of this resurgence. Veterinarians worldwide are increasingly adopting advanced diagnostic tools, contributing to the market’s recovery and ongoing expansion.

The rising global number of pet owners further fuels demand for veterinary diagnostic tools, creating a favorable environment for market growth. As pet care continues to be a top priority for many, the need for reliable, accurate diagnostic tools is greater than ever.

Looking to the Future

The future of the global veterinary ultrasound scanner market looks promising. With a projected market value of USD 284.8 million by 2033, industry leaders remain optimistic about the continued adoption of innovative technologies that enhance diagnostic precision. This, combined with a growing focus on animal healthcare, is set to drive the market forward and ensure steady growth over the next decade.

As the veterinary ultrasound scanner market evolves, it will play a crucial role in advancing animal healthcare by equipping veterinarians with the tools necessary to provide more accurate, efficient, and reliable diagnostics, ultimately benefiting both animals and their owners worldwide.

Key Takeaways from the Market Study:

  • The market valuation in 2022 was USD 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.

Unveil the Veterinary Ultrasound Scanner Surge: Read Our Detailed Report for Essential Trends and Insights!

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.

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

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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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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