Veterinary Ultrasound Systems Market Size, Share, Growth, And Industry Analysis By Type (Portable System, On-platform System, Bench-top System, Hand-held System) By Application (Livestock, Pet), Regional Forecast To 2032

VETERINARY ULTRASOUND SYSTEMS MARKET REPORT OVERVIEW 

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The global veterinary ultrasound systems market size was USD 386.3 million in 2023 and projected to touch USD 546.7 million by 2032, exhibiting a CAGR of 3.9% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the veterinary ultrasound systems market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

Ultrasound examination, also referred to as ultrasonography, is a non-invasive imaging technique that enables the observation of inner body structures through echoes or reflections of ultrasonic waves. The technique has been widely used in veterinary medicine to identify pregnancy. The process is quick, painless, and affordable. In veterinary emergency medicine, ultrasound has been used as a point-of-care (PoC) diagnostic for a number of emergency and critical care settings. Veterinary medicine has utilised ultrasound for a number of objectives, including disease detection, conservation initiatives, herd management, and clinical research.

By increasing the variety of health conditions that necessitate more regular animal diagnostic testing, such as pregnancy, organ growth, foreign body ingestion, and internal injuries, rising expenditures for animal healthcare are aiding in the industry's expansion. Additionally, new product developments may improve the market outlook for veterinary ultrasound equipment in the ensuing years due to the rising need for better imaging technology and growing awareness of early and accurate illness detection.

Increased awareness of the advantages of ultrasound as an imaging technique in the diagnosis and detection of animal diseases, along with improvements in the quality of ultrasound equipment, have broadened the application range of animal ultrasound and are significant factors anticipated to propel the Animal/ Veterinary Ultrasound market revenue growth during the forecast period.

COVID-19 Impact: Impact of COVID-19 On The Market For Veterinary Ultrasonography Devices

The market for veterinary ultrasonography instruments was severely impacted by the pandemic last year. Significantly fewer people visited hospitals and clinics as a result of the enactment of lockdowns in various nations that resulted in travel and movement restrictions, severe social distancing rules in public places, and infection concern. Additionally, the management of stock and the supply chain for veterinary ultrasonography instruments was hampered by the closure of important enterprises and factories.

Latest Trends

"Over The Forecast Period, the Small Animals Segment Is Anticipated To Experience A Healthy CAGR"

A few examples of the creatures taken into account under the small animals sub-segment are rabbits, cats, dogs, birds, chickens, ducks, and guinea pigs. These creatures' populations are gradually growing each year, and the illnesses that affect them are also.

In addition, dogs and cats are the most popular pets acquired in Europe, according to the annual report of the European Pet Food Industry Association (FEDIAF) for 2020. In addition, 85 million families in Europe are thought to have at least one pet. Thus, during the course of the forecast period, market growth is anticipated to be aided by the expanding population of small animals.

VETERINARY ULTRASOUND SYSTEMS MARKET SEGMENTATION 

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• By Type Analysis

According to type, the market can be segmented into Portable System, On-platform System, Bench-top System, Hand-held System. Portable System will be the leading segment.

• By Application Analysis

Based on application, the market can be divided into Livestock, Pet. Livestock is anticipated to be the leading segment.

Driving Factors

"Technological Advancements Leading Market Expansion"

The ultrasound technology also enables precise assessment of pregnancy state and foetal viability, as well as the general health of mother animals. It also enables the correct detection of ovarian and uterine abnormalities to enable the administration of suitable therapies. Another element that is anticipated to fuel revenue expansion in the Animal/Veterinary Ultrasound market over the course of the projected year is this one. Additional factors that are anticipated to create profitable opportunities for the Animal/Veterinary Ultrasound market during the forecast period include software developments in ultrasound examination, the development of remote diagnostics, and an increase in the use of ultrasound-guided interventional methods for diagnostic and therapeutic applications.

"Growing Veterinarian Population And Demand For Better Animal Healthcare Are Likely To Drive The Global Veterinary Ultrasound Devices Market"

The demand for more veterinarians, an increase in the number of pets being adopted, an increase in the number of physically taxing animal sports, and an increase in the need for better animal healthcare are all expected to boost the global market for veterinary ultrasonography devices. Key markets are projected to be in North America, Europe, and Asia Pacific.

Popular in veterinary imaging, ultrasound has clear advantages over radiography in some diagnostic scenarios. More precise diagnoses are now possible because to recent developments in ultrasound technology. Image resolution, image optimization software, ergonomics, an onboard reporting system, needle guidance features, and specific applications are some crucial characteristics of veterinary ultrasound equipment.

In high resolution imaging, contrast resolution refers to the capacity to identify the density or composition of objects based on minute variations in brightness, whereas spatial resolution refers to the capacity to discriminate between two closely placed objects. Ultrasound systems must have exceptional spatial and contrast resolution to examine both superficial and deep anatomical features. Enhancing spatial and contrast resolution, features like Phase Inversion Harmonics and Speckle Reduction Imaging provide clearer images.

Restraining Factors

"High Cost and Insufficient Infrastructure Limiting The Market Growth"

During the projection period, it is anticipated that issues such as high ultrasound equipment costs, a lack of awareness regarding routine clinical checkups for pets and companion animals, and insufficient infrastructure for veterinary care would limit market growth. Other difficulties that could affect the usage of ultrasound imaging and, to some extent, limit the expansion of the Animal/ Veterinary Ultrasound market include the absence of adequate reimbursement policies and unclear ultrasound images. Operator and patient reliance on ultrasound techniques, as well as reduced sensitivity to identify particular illnesses, are additional significant limiting factors.

VETERINARY ULTRASOUND SYSTEMS MARKET REGIONAL INSIGHTS 

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"Global Demand for Animal Ultrasound Scanners Is Led by North America"

Due to the existence of important players in the United States, North America had the greatest revenue share of more than 31.6% in 2020. The industry is anticipated to expand due to rising veterinary healthcare costs in the area. Additionally, the region's increased adoption of pet insurance and the region's expanding pet owner population are anticipated to promote market expansion.

Due to the increasing acceptance of companion animals in the region, Asia Pacific is predicted to expand at the fastest CAGR of 12.2%. Additionally, market growth is anticipated to be boosted throughout the forecast period by the growing emphasis of industry participants in the Asia Pacific region. The availability of inexpensive animal health products and rising R&D activity in the area are anticipated to drive market expansion. Due to increased public knowledge of cutting-edge veterinary technologies, Europe and Latin America are also predicted to experience rapid growth.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

LIST OF TOP Veterinary Ultrasound Systems COMPANIES

• Fujifilm SonoSite (Japan)
• SonoScape (China)
• Well.D (India)
• Kaixin Electric
• Esaote (Italy)
• Echo Control Medical (France)
• Mindray (China)
• SIUI (China)
• EDAN (China)
• Bionet (South Korea)
• Samsung Medison (South Korea)
• Hitachi Aloka (Japan)
• BCF Technology (U.K.)
• Chison (China)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.