According to a new report published by UnivDatos Markets Insights, the Veterinary Ultrasound Market was valued at more than USD 200 million in 2020 and is expected to grow at a CAGR of around 6% from 2022-2028. The analysis has been segmented into Type (2-D Ultrasound Imaging, 3-D/4-D Ultrasound Imaging, and Doppler Imaging); Scanner Type (Cart-Based Ultrasound Scanners and Handheld Ultrasound Scanners); End-Use (Veterinary Hospitals, Veterinary Clinics, and Others); and Region/Country.
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The veterinary ultrasound market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the veterinary ultrasound market. The veterinary ultrasound market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the veterinary ultrasound market at the global and regional levels.
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Market Overview
Animal diseases and disorders can be identified with the assistance of veterinary ultrasound scanners. High-frequency sound waves are the cause of the ultrasound image. Smaller probes and a higher frequency are used by veterinary ultrasound scanners than by human ultrasound scanners. Veterinary ultrasound scanners are used in the imaging of the stomach, chest, and heart areas of the animal. They are also used to monitor the size of the internal organs in animals. There are some driving factors that will propel the growth of the veterinary ultrasound market during the forecast period such as increasing demand for pet insurance technological advancements and the rising number of veterinary specialists in developing nations. For instance, according to the North American Pet Health Insurance Association (NAPHIA), in 2020, approximately 3.45 million pets in North America were covered by insurance. This number far exceeded the 2.81 million insured pets in North America in 2019.Some of the major players operating in the market include Carestream Health, IDEXX Laboratories Inc., Sound, ESAOTE SPA, IMV, Hallmarq Veterinary Imaging, FUJIFILM Sonosite Inc., Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Heska Corporation, Siemens Medical Solutions USA Inc.
COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the healthcare industry and has transformed the way healthcare is delivered. The Veterinary Ultrasound Market has been significantly affected during these times owing to the delay in elective surgeries during the pandemic.
The global veterinary ultrasound market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on scanner type, the market is segmented into cart-based ultrasound scanners and handheld ultrasound scanners. Amongst, the cart-based ultrasound scanners category is to witness higher CAGR during the forecast period owing to their ease of use, these devices have a high adoption rate in veterinary clinics, hospitals, and diagnostic facilities. Furthermore, the market is anticipated to rise because of technological advancements by key industry players. For instance, in 2022, VMX Clarius Mobile Health unveiled its third-generation product range of high-performance handheld wireless ultrasound scanners for veterinarians. The new pocket-sized scanners are 30% lighter and smaller and available in the United States.
· On the basis of end-use, the market is categorized into veterinary hospitals, veterinary clinics, and others. Among these, veterinary clinics held a significant share of the market in 2020. This is mainly due to the increase in pet ownership, the growing demand for preventative healthcare options for animals, and the expansion of veterinary hospitals and clinics. These major factors are causing this growth of the market.
Furthermore, other end-uses like reference laboratories, diagnostic laboratories, Point-of-Care (POC) facilities, and academic & research centers are also anticipated to grow at the fastest growth rate during the forecast period owing to these facilities provide comprehensive diagnostic tests for delivering efficient results and consultation services of a specialist.
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Veterinary Ultrasound Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the availability of major key players in the US, the increasing adoption of companion animals, the rising number of pet owners, the rising number of diagnostic examinations of pets in hospitals across the country, and the adoption of pet insurance in the region are expected to boost the growth of the market. For instance, according to the American Pet Products Association's (APPA) 2021-2022 National Pet Owners Survey, around 70% of US households own a pet, equating to 90.5 million homes, including 45.3 million cats and 69 million dogs.
The major players targeting the market include
· Carestream Health
· IDEXX Laboratories Inc.
· Sound
· ESAOTE SPA
· IMV
· Hallmarq Veterinary Imaging
· FUJIFILM Sonosite Inc.
· Shenzhen Mindray Bio-Medical Electronics Co. Ltd.
· Heska Corporation
· Siemens Medical Solutions USA Inc.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Veterinary Ultrasound Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the veterinary ultrasound market?
• Which factors are influencing the veterinary ultrasound market over the forecast period?
• What are the global challenges, threats, and risks in the veterinary ultrasound market?
• Which factors are propelling and restraining the veterinary ultrasound market?
• What are the demanding global regions of the veterinary ultrasound market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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