Market Research Future (MRFR)’s latest report reveals that the global veterinary ultrasound market is set to expand saliently striking a CAGR of 5.9% during the forecast period 2020 to 2027. The market is estimated to expand from USD 164.42 Mn in 2017 to USD 234.55 Mn by 2023-end. The accuracy standards set by Food & Drug Administration (FDA) and other similar bodies have opened avenues of innovations in the market. This, in turn, is forecasted to have a positive influence on the veterinary ultrasound market proliferation over the next couple of years. However, lack of knowledge and awareness about animal health remains an impediment to the market growth.
The inclination towards pet companionship coupled with increased spending on pet healthcare has paved the way for veterinary ultrasound market expansion. According to the Osmia Pharmaceutical AB in the U.S., the number of pets (dogs) increased from 68 million in 2000 to 83.3 million in 2014. Increased awareness about animal health care and the availability of advanced medical facilities are the key factors driving the growth of the market.
The rising prevalence of zoonotic diseases, also known as zoonoses, is the key area of focus in the meat and dairy industry. According to the Center for Disease Control and Prevention, around 75% of infectious diseases affecting human beings originate from animals. It is projected to catapult the veterinary ultrasound market on an upward trajectory. Additionally, the developments made in the pet insurance industry is anticipated to boost the market for veterinary ultrasound.
Global Market for Veterinary Ultrasound-Segmental Analysis:
MRFR’s report offers a detailed segmental analysis of the market based on imaging technology, therapeutic area, product type, type, and animal type. By imaging technology, the market has been segmented into digital imaging technology, analog imaging technology, and contrast imaging technology. The digital imaging technology segment was valued at USD 100.73 Mn in 2017.
By therapeutic area, the veterinary ultrasound market is segmented into cardiology, neurology, oncology, orthopedics and traumatology, and others. Among these, the orthopedics and traumatology segment held the most significant share of the market in 2017. It is likely to retain its prominence over the next couple of years. The growth is attributable to the increasing incidence of bone injuries and growing prevalence of arthritis, lameness disease, and others. The segment is estimated to reach a valuation of USD 104.11 Mn by the end of 2023.
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Side-effect type, the worldwide veterinary ultrasound market has been fragmented into gadgets and programming. The gadgets fragment is further sub-portioned into convenient/conservative ultrasound scanners and truck based ultrasound scanners.
By type, the market is fragmented into 2D ultrasound imaging, 3D ultrasound, Doppler imaging, and others. Among these, the 2D ultrasound imaging portion as of now represents the biggest portion of the market. The portion is supposed to acquire foothold in the market attributable to its applications in diagnosing heart abandons, issues with kidneys, and other possible inward issues.
By creature type, the market has been fragmented into little buddy creatures, enormous creatures, and others. The little sidekick creatures section as of now holds the biggest portion of the veterinary ultrasound market which represents 64.8% offer. It is probably going to display positive development over the figure time frame attributable to elements, for example, rising pattern of pet proprietorship, expanding reception pace of friend creatures especially canines and felines, and the advancement of breeds requiring high consideration.
Regional Outlook:
By district, the worldwide veterinary ultrasound market has been portioned into Americas, Europe, Asia Pacific, and the Middle East and Africa. Americas represents the most significant portion of the market as of now and is assessed to enlist a CAGR of 5.89% during the conjecture time frame. The fragment is projected to arrive at a valuation of USD 87.2 Mn before the finish of the evaluation time frame. The development of the local market can be credited to the rising reception of pets, rising in fact progressed gadgets, developing interest for preventive medicines and care offices for buddy creatures, and rising mindfulness in regards to creature wellbeing and creature government assistance.
Europe as of now holds the second spot in the worldwide veterinary market and is supposed to represent a sound portion of the market over the course of the following not many years. The accessibility of cutting edge pet medical care offices combined with the speeding up pace of pet reception has filled request in the market. The pattern is expected to sustain through the projection time frame. In the mean time, Asia Pacific is projected to strike a generally higher CAGR attributable to elements, for example, expanding pet receptions and expanding creature government assistance programs.
Global Market for Veterinary Ultrasound-Competitive Dashboard:
Some of the key players profiled by MRFR are Hitachi, Ltd, Chison, Xuzhou Kaixin Electronic Instrument Co., Ltd, GE Healthcare, Fujifilm SonoSite Inc., Samsung Medison Co. Ltd, Esaote, Mindray, Kaixin Electric, BCF Technology, and SonoScape
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