The global veterinary ultrasound scanner market is primed for substantial expansion, projected to reach a valuation of USD 198.1 million by 2023 and showcasing a steady Compound Annual Growth Rate (CAGR) of 3.7% through 2033. According to industry forecasts, this growth trajectory positions the global market to achieve an impressive USD 284.8 million by the end of the forecast period.
Driving this growth are significant technological advancements, such as wireless streaming capabilities featured in models like the IBEX® PRO and LITE, which enhance diagnostic precision and workflow efficiency. Innovations like the OsiriX® viewer for dogs further bolster market dynamics by enabling precise CT prostate volume assessment, minimizing reliance on subjective human observation.
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Despite initial challenges, including slower adoption rates in the early stages of the forecast period due to technological lag and pandemic-related factors impacting pet adoption rates, the market has demonstrated resilience. This resilience underscores the increasing importance of veterinary ultrasound scanners in modern veterinary practice, supporting enhanced diagnostic capabilities and patient care.
Key Takeaways from the Market Study:
- The market valuation in 2022 was USD 9 million.
- Based on product type, portable/handheld ultrasound scanners are expected to dominate at a market share of 86.5% in 2023.
- Based on imaging technology, digital imaging technology will register at a market share of 93.7% in 2023.
- The veterinary ultrasound scanner market size expanded at 4.6% CAGR between 2018 and 2022.
- India is estimated to expand at a CAGR of 5.5% by 2033.
- Germany experiences a significant rise, with a CAGR of 2.2% by 2033.
“Technological advancements have largely influenced the veterinary care market and also affected the veterinary ultrasound scanner demand is thus considered one of the major drivers of the veterinary ultrasound scanner market,” comments a Future Market Insights analyst.
Drivers of Growth:
- Increased awareness and importance of animal healthcare: This includes rising pet ownership, growing concern about zoonotic diseases (diseases transmissible between animals and humans).
- Technological advancements: Advancements in ultrasound technology lead to more accurate and efficient diagnoses.
- Rising expenditure on animal health: Pet owners are spending more on their pets’ well-being, including diagnostics.
- Pet insurance adoption: Increased pet insurance allows for more comprehensive veterinary care, including ultrasound scans.
- Government initiatives: Supportive government programs promoting animal health can contribute to market growth.
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Competitive Landscape:
The veterinary ultrasound scanner industry boasts a substantial array of market participants. Research and development play a pivotal role among these players, primarily focusing on introducing eco-friendly product lines as a core aspect of their manufacturing endeavors. Furthermore, they employ various expansion strategies, including collaborations, mergers and acquisitions, and diligent exploration of regulatory approvals to bolster their market presence.
Some of the key developments are-
- Butterfly Network Inc., a trailblazing digital health firm recognized for its innovative product approach, recently unveiled its latest veterinary ultrasound device. The iQ+ Vet ultrasound introduces a cutting-edge guidance tool and hardware enhancements, promising sharper imaging for improved diagnostics.
- Lacuna Diagnostics Inc., a pioneering telemedicine and point-of-care diagnostics company, entered into a comprehensive acquisition agreement with Heska Corporation.
Key Companies Profiled:
- Siemens AG
- Mindray Medical International Limited
- Hitachi Ltd.
- Fujifilm Holdings Corporation
- General Electric Company
- Canon Inc.
- Samsung Electronics Co. Ltd.
- Esaote SpA
- DRAMI?SKI S. A.
- IMV Technologies SA
Key Segments of Veterinary Ultrasound Scanners Industry Survey:
By Product Type:
- Portable/Hand Held Ultrasound Scanners
- Cart Based Ultrasound Scanners
By Imaging Technology:
- Digital Imaging Technology
- Analog Imaging Technology
- Contrast Imaging Technology
By End User:
- Veterinary Hospitals
- Veterinary Clinics
- Animal Breeding and Farms
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East & Africa
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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