The Global Veterinary Ultrasound Market was analyzed by Market Research Future (MRFR) and it was projected that a decent CAGR of 6.1% will be attained by the market over the forecast period. The valuation of the veterinary ultrasound market was further stated to surpass its previous valuation of USD 164.42 million back in 2017 to reach an estimated figure of USD 234.55 Million by the end of 2023.
Market Segmentation
The global veterinary ultrasound market has been segmented in terms of type, end-user, and components.
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 market is narrowed down into neurology, oncology, cardiology, orthopedics and traumatology, and others. The orthopedics and traumatology segment was leading with the highest share of the market back in 2017. The market is likely to retain its dominance over the next couple of years. The growth can be attributable to the widespread incidence of bone injuries and growing prevalence of diseases like arthritis, lameness disease, and others. The segment for orthopedics and traumatology will reach a projected valuation of USD 104.11 million by the end of 2023.
By product type, the market is divided into devices and software. The devices segment is further branched down into cart-based ultrasound scanners and portable/compact ultrasound scanners.
By type, the market breaks down into 2D ultrasound imaging, Doppler imaging, 3D ultrasound, and others. Among these, the 2D ultrasound imaging segment enjoys the highest share of the market. The segment is anticipated to garner major traction in the market due to its applications in diagnosing issues with kidneys, heart defects, and other potential internal problems.
By animal type, the market comprises large animals, small companion animals, and others. The small companion animals segment of the veterinary ultrasound market acquires more than 64.8% share of the entire market to lead the standing. It is expected to register positive growth during the ongoing forecast period due to factors like rising trend of pet ownership, growing adoption rate of companion animals, especially dogs and cats, and the development of various breeds that need high care.
Regional Analysis
The global veterinary ultrasound market is geographically distributed across the following key regions: Asia Pacific, Americas, Europe, and the Middle East and Africa
Americas holds a majority of the veterinary ultrasound market share at present and is expected to exhibit a CAGR of 5.89% during the forecast period. The segment is slated to reach a projected valuation of USD 87.2 million by the end of the forecast period. The growth of the regional market can be attributed to the rising adoption of pets, increasing technically-advanced devices, heightened demand for preventive treatments and care facilities for companion animals, and increasing awareness concerning animal health and animal welfare.
The European region at present holds the second largest spot in the global veterinary market and is anticipated to enjoy a healthy share of the global market during the forecast period. The availability of a number of advanced pet healthcare facilities and the accelerating rate of pet adoption has boosted the demand for the regional market. The trend is believed to continue past the projection period. Meanwhile, Asia Pacific is anticipated to garner a relatively high CAGR due to factors like increasing number of pet adoptions and expanding animal welfare programs.
Competitive Landscape
The global veterinary ultrasound market comprises a host of key players. This includes names like Samsung Medison Co. Ltd, Esaote, Fujifilm SonoSite Inc., Hitachi, Ltd, Chison, GE Healthcare, Kaixin Electric, BCF Technology, Xuzhou Kaixin Electronic Instrument Co., Ltd, Mindray, and SonoScape
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