PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1512221
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1512221
The global veterinary ultrasound market is projected to reach 539 million in 2029 from USD 385 million in 2024, at a CAGR of 7.0 % between 2024 and 2029.
Scope of the Report | |
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Years Considered for the Study | 2022-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD) |
Segments | By type, technology, product, application, animal type, end user and region |
Regions covered | Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa |
Growing animal health awareness, rising livestock populations and agricultural practices, rising pet ownership and spending on animal healthcare, advances in veterinary ultrasound technology, and supportive government regulations and initiatives represent a few of the factors driving the market's growth. The high cost of advanced ultrasound devices, a shortage of qualified professionals, the economic constraints in developing countries, the challenges related to regulation and compliance, and the difficulties associated with maintenance and operations, among other issues, are hindering the growth of this industry.
"Based on by type, the 3D/4D ultrasound segment is expected to grow at the highest CAGR during the forecast period."
By type, 3D/4D segment is forecasted to grow at the highest CAGR from 2024 to 2029. 3D ultrasound offers superior visualization compared to traditional 2D scans. It creates detailed, three-dimensional images of internal structures, allowing veterinarians to pinpoint abnormalities and assess organ health with greater accuracy. This is particularly beneficial in complex cases or for examining delicate structures like fetuses. Secondly, 4D ultrasound adds the element of real-time movement, providing valuable insights into organ function and fetal development. Finally, advancements in technology have made 3D/4D scanners more portable, user-friendly, and cost-effective, making them increasingly accessible to veterinary practices.
"Based on by product, the portable segment is expected to grow at the highest CAGR during the forecast period."
By product, portable segment is forecasted to grow at the highest CAGR from 2024 to 2029. The compact size and maneuverability make it ideal for in-field examinations, critical for farm animals, emergency situations, and even house calls. This increased accessibility allows for faster diagnosis and treatment, improving animal welfare. Also, portability translates to affordability. These scanners are generally less expensive than traditional machines, making them attractive to smaller clinics and resource-constrained environments. Finally, advancements in technology have made portable ultrasound user-friendly, enabling veterinarians with varying levels of experience to conduct effective examinations.
"The digital segment is expected to grow at the highest CAGR, by technology during the forecast period."
By technology type segment, digital segment is expected to grow at the highest CAGR. Digital technology offers superior image quality compared to traditional analog systems. This translates to clearer visualization of organs, tissues, and abnormalities, leading to more accurate diagnoses and improved patient care. Also, digital ultrasound boasts enhanced efficiency. Images can be easily stored, shared electronically with specialists, and archived for future reference. This eliminates the need for physical film storage and simplifies collaboration between veterinarians. Additionally, digital systems often come with advanced features like image manipulation and quantification tools, allowing for more detailed analysis and reporting.
"The small animal segment is expected to grow at the highest CAGR, by animal during the forecast period."
By animal segment, small animal segment is expected to grow at the highest CAGR. Firstly, the rising popularity of companion animals like dogs and cats translates to a larger patient pool for veterinary services. Secondly, advancements in ultrasound technology have made machines more portable, user-friendly, and affordable, facilitating their use in clinics specifically catering to smaller animals. This ease of use empowers veterinarians to perform quick and accurate diagnoses on-site, enhancing overall pet care. Finally, the non-invasive nature of ultrasound makes it ideal for smaller animals who might be more stressed or difficult to handle during traditional procedures.
"The obstetrics/gynecology segment is expected to grow at the highest CAGR, by application during the forecast period."
The obstetrics/gynecology segment in the veterinary ultrasound market is experiencing the fastest growth due to several factors like animal pregnancy detection. Ultrasound offers a safe, accurate, and non-invasive method to confirm pregnancy early and monitor fetal development. This is crucial for breeders, pet owners, and veterinarians alike. Also, the increasing popularity of companion animals and growing awareness of pet health are driving demand for advanced veterinary care. This includes prenatal care and breeding management, further fueling the use of ultrasound technology. These combined factors create a perfect storm for the continued dominance and rapid growth of the obstetrics/gynecology segment within the veterinary ultrasound market.
"The veterinary clinics segment is expected to grow at the highest CAGR, by end user during the forecast period."
Veterinary clinics are experiencing the most significant growth in the veterinary ultrasound market due to a confluence of factors like the rising pet ownership trend translates to a larger patient base for these clinics and ultrasound technology offers a safe, non-invasive, and relatively affordable diagnostic tool compared to traditional methods like X-rays. Advancements in ultrasound technology have led to more portable and user-friendly machines, perfectly suited for the fast-paced environment of a clinic. This ease of use empowers veterinarians to perform quick and accurate diagnoses, ultimately enhancing pet care and driving the adoption of ultrasound within veterinary clinics.
"Asia Pacific to grow with the highest CAGR in the veterinary ultrasound market during the forecast period."
The Asia-Pacific region is expected to experience the highest CAGR in the veterinary ultrasound market due to factors such as increasing pet ownership, rising awareness of pet health and welfare, expansion of veterinary healthcare infrastructure, technological advancements, government initiatives, and emerging markets. Pet owners in countries like China, India, Japan, and South Korea are seeking specialized veterinary services, leading to increased demand for ophthalmology equipment. The region's burgeoning medical technology industry and government initiatives also contribute to market growth. Emerging economies in the region offer significant growth opportunities for the veterinary ophthalmology equipment market.
Prominent players in the market include GE Healthcare (US), Esaote SpA (Italy), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China), Promed Technology Co., Ltd. (China), Leltek Inc. (China), DRAMINSKI S.A (Poland), Lepu Medical Technology (China), Siemens Healthineers (Germany), FUJIFILM Holdings Corporation (Japan), Vinno Technology (Suzhou) Co., Ltd (China), Shenzhen Ricso Technology Co., Ltd (China), SonoScape Medical Corp. (China), Chison Medical Technologies Co., Ltd., (China), Butterfly Network Inc (US), Clarius Mobile Health (Canada), Xuzhou Kaixin Electronic Instrument Co., Ltd. (China), Shantou Institute of Ultrasonic Instruments Co., Ltd. (China), E.I. Medical Imaging (US), EDAN Diagnostics, Inc. (China), BMV Technology Co., Ltd (China), Samsung Electronics Co., Ltd. (South Korea), Interson Corporation (US), Scintica Instrumentation (Canada), Contec Medical Systems Co., Ltd (China), Reproscan (US), and IMV Imaging (UK).
The report analyzes the veterinary ultrasound market and aims at estimating the market size and future growth potential of this market based on various segments such as animal type, application, product, type, technology, end user and region. The report also includes a competitive analysis of the key players in this market along with their company profiles, product/service offerings, recent developments, and key market strategies.
Reasons to Buy the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall veterinary ultrasound market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
(Business Overview, Products Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))**