Veterinary Ultrasound Market Analysis and Forecast till 2031: By Type (2-D Ultrasound Imaging, 3-D/4-D Ultrasound Imaging, Doppler Imaging), Technology (Digital Imaging, Contrast Imaging, Analog Imaging), Application (Orthopedics, Cardiology, Oncology, Ob

Veterinary Ultrasound Market Analysis and Forecast till 2031: By Type (2-D Ultrasound Imaging, 3-D/4-D Ultrasound Imaging, Doppler Imaging), Technology (Digital Imaging, Contrast Imaging, Analog Imaging), Application (Orthopedics, Cardiology, Oncology, Obstetrics & Gynecology, Others), End-use (Veterinary Clinics, Veterinary Hospitals) and Region

The global Veterinary Ultrasound market was valued at USD 236.0 million in 2021 and it is anticipated to grow up to USD 858.1 million by 2031, at a CAGR of 13.6% during the forecast period.

Veterinary Ultrasound employs ultrasonic sound waves with frequencies ranging from 1.5 to 15 megahertz (MHz) to aid in the formation of images of body structures based on the pattern of echoes reflected from the tissues and organs being imaged. After directing an ultrashort pulse of sound into the animal, the transducer switches to the receive mode. Even at nearly microscopic levels, echoes occur when the sound beam changes velocity while passing from one density tissue to another. A small percentage of these echoes are reflected back to the transducer, which converts the echoes' energy into electrical impulses that are recorded by the ultrasound machine's computer.

Market Trends and Drivers

Rising animal diagnostic needs for a variety of health conditions such as pregnancy, organ enlargement, foreign body ingestion, and internal injuries have resulted in an increase in animal healthcare expenditure, which has aided industry growth. Furthermore, new product innovations may boost the veterinary ultrasound devices market outlook in the coming years, driven by rising demand for improved imaging technology and growing awareness of the importance of early and precise disease diagnosis.

Market Restraints and Challenges

Big companion and farm animal populations exist in emerging economies such as India, China, Brazil, and some Southeast Asian countries. However, animal health spending in these countries is lower than in developed countries in North America and Europe. This is primarily due to pet and livestock owners' lack of animal health awareness. Furthermore, in these countries, animal health expenditure in the farm animal segment is focused on therapeutics rather than diagnostics. As a result, veterinary ultrasound is not widely used in these countries' large animal practices, such factors is expected to restrict the business expansion.

Global Veterinary Ultrasound Market Segmental Overview

The report analyses the Global veterinary ultrasound market based on type, technology, application, end use, and region.

Global Veterinary Ultrasound Market by Type

Based on type, it is segmented into the 2-D ultrasound imaging, 3-D/4-D ultrasound imaging, doppler imaging. The 2-D ultrasound imaging segment is likely to account for the significant market share during the forecast period. The key factors attributing to the growth of the market is widespread adoption of 2D ultrasound in veterinary clinics. Moreover, less cost as compared to other types of ultrasounds coupled with increasing awareness regarding advanced imaging in developing economies is also expected to fuel segmental growth over the forecast period.

Global Veterinary Ultrasound Market by Technology

Based on technology, it is segmented into digital imaging, contrast imaging, and analog imaging. The contrast imaging segment is likely to dominate the market during the forecast period. The largest share of the segment is attributed to the veterinary hospitals and clinics have a high penetration. Moreover, for myocardial perfusion and M-mode imaging, contrast imaging is used. In companion animals like cats and dogs, myocardial perfusion which is mostly used to diagnose cardiac infarction is utilized to evaluate the left ventricular free wall and the septum. Such aforementioned factors will propel the segmental as well as market growth.

Global Veterinary Ultrasound Market by Application

Based on application, it is segmented into orthopedics, cardiology, oncology, obstetrics gynecology, and others. The cardiology segment is likely to dominate the veterinary ultrasound market during the forecast period. The factor such as rising prevalence of cardiac disorders in animals and increasing need for disease diagnosis in developing countries is expected to fuel market expansion. For instance, according to Merck Sharp Dohme Corp., in June 2018, more than 10% of animals examined by veterinarians had cardiovascular disease. Such scenario boost the demand for ultrasound imaging thereby fostering market growth.

Global Veterinary Ultrasound Market by End-use

Based on end-use, it is segmented into veterinary clinics, veterinary hospitals and others. In 2020, the veterinary clinics segment accounted for the largest share of the global veterinary ultrasound market. The large share of this segment can be attributed to the widespread adoption of ultrasound in veterinary clinics, presences of advanced imaging technology with cost effective treatment, the growing number of veterinary clinics across the globe.

Geographical Analysis of Global Veterinary Ultrasound Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North American region is accounted for the majority of market share during the forecast period. The largest share of the region is primarily attributed to the favorable reimbursement policies for imaging procedures in the US, increased prevalence of cardiac disorders and high investment by hospitals to purchase advanced ultrasound. Moreover, strong focus on research activities to improve imaging techniques as well as the presence of major market players. Also rising veterinary healthcare expenditure in the region coupled with growing number of pet owners coupled with the rising adoption of pet insurance in the region is expected to boost the market growth.

Major Players in the Global Veterinary Ultrasound MarketCOVID-19 Impact

The veterinary ultrasound device industry last year was severely impacted by the pandemic. Very few people visited hospitals and clinics as a result of lockdowns being imposed in numerous nations, which resulted in travel and movement limitations coupled with stringent social distancing norms in public spaces driven by the infection anxiety significantly reduced the footfalls in hospitals and clinics. Also, shutting down major industries and factories caused disruptions in the stock and supply chain management of veterinary ultrasound devices. However, with the implementation of new policies and procedures like remote diagnostic and monitoring, the market may experience strong progression in the coming years..

Recent Developments

• November 2019, Butterfly Network launched Butterfly iQ Vet. This product is an all-new handheld ultrasound device that brings the company’s revolutionary ultrasound-on-a-chip technology to veterinarians and animals.
• July 2019, FUJIFILM Sonosite, Inc. announced that it made a partnership deed with HealthCare to apply artificial intelligence (AI) to improve POCUS. Furthermore, two companies declared that they will collaborate to use AI-based models that will help the clinicians in diagnosis and enhancing quality of care.
• In September 2018, E.I. Medical imaging, announced that it has brought its new product called Ibex Pro-R and SuperLite ultrasound systems.
• April 2018, Esaote announced it was acquired by an association of Chinese investors composed of numerous major companies in the medical field and investment funds.

Frequently Asked Questions

Q1. How big is the Veterinary Ultrasound market?Ans. The global Veterinary Ultrasound market size was USD 236.0 million in 2021 and is anticipated to reach USD 858.1 million in 2031, growing at a rate of 13.6% from 2022 to 2031.Q2. What is the Veterinary Ultrasound market growth rate?Ans. The growth rate of the Veterinary Ultrasound market is 13.6%.Q3. Which region holds a major market share for the Veterinary Ultrasound market?Ans. North America holds a major market share of the Veterinary Ultrasound market in 2021.Q4. Which segment accounted for the largest Veterinary Ultrasound market share?Ans. By end user, the hospitals segment accounted for the largest Veterinary Ultrasound market share.Q5. Who are the key players in the Veterinary Ultrasound market?Q6. What are the factors driving the Veterinary Ultrasound market growth?Ans. The major factors driving the growth of the market are the increasing demand for diagnostics ultrasound imaging procedure across the globe.Q7. What are the key growth strategies of Veterinary Ultrasound market players?Ans. The key growth strategies of Veterinary Ultrasound market players are product launch and product approval.Q8. Which region will provide more business opportunities for the Veterinary Ultrasound market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the Veterinary Ultrasound market during the forecast period.

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