Veterinary Ultrasound Market Share 2023 Risks and Influences Factors And Opportunity Assessment By 2027
The global veterinary ultrasound market outlook is expected to rise to a valuation of USD 192.70 billion by the end of 2027, according to the latest research report from Market Research Future (MRFR). The global veterinary ultrasound market was valued at USD 122 billion in 2020 and is likely to exhibit a CAGR of 5.9% over the forecast period from 2020 to 2027, according to the report.
The use of veterinary ultrasound in diagnosing illnesses or anomalies in various pet body parts is a crucial component of veterinary medicine. The rising need for comprehensive, intensive pet care has propelled the global veterinary ultrasonography industry. Pet owners are demanding thorough examinations that rule out any potential ailments as their worry for their animals' health has grown in recent years. Over the course of the forecast period, the growing pet ownership rate, particularly in developing nations like Eastern Europe and Southeast Asia, is projected to play a significant role in driving the worldwide veterinary ultrasonography market. As the number of pet owners grows, the demand for more advanced medical equipment to treat and check pets is likely to get stronger.
Given that ultrasound treatments can be pricey, the rising disposable income of pet owners is also probably going to play a significant role in driving the worldwide veterinary ultrasonography market throughout the course of the projected period. The global veterinary ultrasonography market is projected to be significantly impacted by the expanding insurance coverage for veterinarian visits for pets.
On the other hand, a lack of awareness among pet owners about zoonotic diseases is likely to hinder the global veterinary ultrasound market’s progress over the forecast period.
Competitive Analysis:
The global veterinary ultrasound market players include GE Healthcare, Fujifilm SonoSite Inc., Chison, Esaote, Mindray, Xuzhou Kaixin Electronic Instrument Co. Ltd., Kaixin Electric, BCF Technology, SonoScape, and Samsung Medison Co. Ltd.
Segmentation:
The global veterinary ultrasound market share has been segmented based on animal type, type, product type, therapeutic area, imaging technology, end user, and region.
By animal type, the global veterinary ultrasound market is segmented into small companion animals, large animals, and others. The small companion animals segment holds the leading share in the global market, accounting for USD 106.61 million in 2017, and is expected to rise to a valuation of USD 154.4 million by 2023. The rising adoption of cats and dogs in North America as well as other parts of the world is likely to drive the small companion animals segment of the global veterinary ultrasound market.
By type, the market is segmented into 2D ultrasound imaging, 3D ultrasound, Doppler imaging, and others. 2D ultrasound imaging is the largest segment of the global veterinary ultrasound market and is likely to dominate the global market over the forecast period.
By product type, the veterinary ultrasound market is segmented into devices and software; devices are further segmented into portable/compact ultrasound scanners and cart-based ultrasound scanners.
By therapeutic area, the veterinary ultrasound market is segmented into neurology, oncology, cardiology, orthopedics and traumatology, and others. Orthopedics and traumatology is the dominant revenue generator in the global veterinary ultrasound market and is likely to retain the leading share in the market over the forecast period, accounting for a valuation of USD 104.11 million by 2023.
By imaging technology, the veterinary ultrasound market is segmented into digital imaging, analog imaging, and contrast imaging. The digital imaging segment accounted for USD 100.73 million in 2017 and is expected to remain dominant over the forecast period.
By end use, the market is segmented into veterinary clinics and hospitals, with clinics accounting for the larger share in the market.
Regional Analysis:
North America is the major regional market for veterinary ultrasound devices and is expected to rise of million by the end of 2027, exhibiting a CAGR over the forecast period. Europe is likely to remain the second largest regional market over the forecast period.
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