Veterinary Ultrasound Market – Overview
The global veterinary ultrasound market is expected to attain USD 234.55 Million by the end of 2023 which was valued at USD 164.42 Million in 2017. The market is likely to consolidate in the forthcoming years and factors such as mounting trend of pet ownership and adoption, and increase in animal healthcare expenditure will help shape the global veterinary market and capture a CAGR of 6.10% over the forecast period of 2018-2023, proclaims Market Research Future (MRFR) in an exhaustive research report.
There has been a significant rise in pet ownership over the last decade. With the rise in disposable income on a global scale, pet owners have become more susceptible towards spending on animal healthcare. As per the Oasmia Pharmaceutical AB in the US, the number of pets (dogs) increased from 68 million to 83.3 million from 2000 to 2014. An estimated 60 million dogs are kept as pets in countries such as Bulgaria, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia, and Slovenia and around 15 million dogs in Japan. Pet owners spend a lot on routine vet expenses on visits to surgical vets. Moreover, the progressive trend of pet humanization has led to a substantial increase in explicit animal healthcare spending. Thus, with the increasing expenditure on the treatment of pets, the demand for veterinary treatments and equipment is expected to inflate.
Increasing pet insurance cover fosters the growth of the global veterinary ultrasound market. Pet insurance covers various minor to major medical expenses such as accidents, chronic conditions, wellness, and routine care coverage, medication coverage, and diagnostic testing and imaging, among others. Pet insurance facilitates reimbursements of up to 80% of the total costs which encourages pet owners to spend on treatment and diagnosis. According to the North American Pet Health Insurance Association (NAPHIA), the growth of pet health insurance in North America growth was exceeded by 17.2% from 2014 to 2015.
Lack of awareness regarding the occurrence of zoonotic diseases and other animal welfare issues is shallow among most pet owners which is likely to impede the growth of the market over the forecast period.
There has been an uptick in the prevalence of animal-related complications which has prompted veterinary imaging device manufacturers to come up with innovative products to comply with proposed FDA guidelines. The FDA and other government bodies are establishing new standards for the accuracy of imaging. The FDA standard is majorly driven by technological advances, improved meter accuracy, research studies, and consumer complaints about products. There have been various innovations in products in the recent years, and surging competition among market players is expected to provide opportunities for market expansion over the forecast period.
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Veterinary Ultrasound Market – Top Players
GE Healthcare, Hitachi Aloka Medical, Ltd., Fujifilm SonoSite Inc., and Esaote are the top market players in the global veterinary ultrasound market. Other notable players include Chison, Samsung Medison Co. Ltd, Mindray, SonoScape, Xuzhou Kaixin Electronic Instrument Co., Ltd, BCF Technology, and Kaixin Electric.
Global Veterinary Ultrasound Market – Regional Analysis
North America represents the largest market for veterinary ultrasound market and is expected to reach USD 87.20 Million by the end of 2023 at a CAGR of 5.89% over the forecast period. High pet adoption rate coupled with growing awareness regarding animal health and welfare drives the market in North America. According to a survey conducted by the National Pet Owners, in 2017, around 68% of the families or households owned pets in the US. In addition, development of technically advanced devices, increasing trend of preventive care for animals and growing insurance coverage for animal treatment spurs the growth of the veterinary ultrasound market in North America.
Europe follows North America closely in the global veterinary ultrasound market. Availability of advanced treatment facilities and high expenditure on animal healthcare feeds the growth of the market in Europe. Furthermore, Raising awareness regarding animal welfare and high pet adoption rate also support the market growth in Europe. According to the European Pet Food Industry, in 2016, there were around 80 million households owning pets in Europe.
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Global Veterinary Ultrasound Market – Segmentation
The global veterinary ultrasound market has been segmented based on animal type, type, product type, therapeutic area, imaging technology, and end users. By animal type, the market has been segmented into small companion animals, large animals, and others. The small companion segment was valued at USD 106.61 Million in 2017 and is the largest segment by animal type. The small companion animals segment has been gaining momentum due to the rising trend of pet ownership, the high adoption rate of companion animals, especially cats and dogs and is expected to be the largest segment over the forecast period, attaining USD 154.40 Million by 2023.
By type, the market has been segmented into 2D ultrasound imaging, 3D ultrasound, Doppler imaging, and others. The 2D ultrasound imaging segment is the most commonly used ultrasound diagnostic technology and accounts for the largest share of the market.
By product type, the market has been segmented into devices and software. Devices are further segmented into portable/compact ultrasound scanners and cart-based ultrasound scanners. The devices segment accounted for USD 133.58 million in 2017 and is projected to lead the market over the forecast period.
By therapeutic area, the market has been segmented into neurology, oncology, cardiology, orthopedics and traumatology, and others. The orthopedics and traumatology segment is the largest segment and is gaining traction owing to a high incidence rate of bone injuries and rising prevalence of arthritis, lameness disease, and others. Additionally, the growing demand for accurate diagnostic solutions and the availability of animal care facilities fuel the growth of this segment. The segment is projected to reach USD 104.11 Million by the end of 2023.
By imaging technology, the market has been segmented into digital imaging technology, analog imaging technology, and contrast imaging technology. The digital imaging technology segment accounted for USD 100.73 Million in 2017 and is expected to remain dominant over the forecast period.
By end users, the market has been segmented into veterinary clinics and veterinary hospitals. In 2017, the veterinary clinics segment accounted for the largest share of the market which can be attributed to the preference of pet owners to visit clinics owing to the presence of specialty doctors.
Major TOC of Veterinary Ultrasound Market Research Report- Global Forecast till 2023
2 Research Methodology
3 Market Dynamics
4 Market Factor Analysis
5 Global Veterinary Ultrasound Market, By Type
6 Global Veterinary Ultrasound Market, By Product Type
7 Global Veterinary Ultrasound, By Imaging Technology
8 Global Veterinary Ultrasound, By Therapeutic Area
9 Global Veterinary Ultrasound, By Region
7 Competitive Landscape
8 Company Profile
9 MRFR Conclusion
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