The global veterinary ultrasound scanner market is on an impressive growth trajectory, with forecasts indicating a substantial increase in market value over the next decade. According to recent industry reports, the market is anticipated to reach USD 198.1 million by the end of 2023, demonstrating a steady Compound Annual Growth Rate (CAGR) of 3.7% through 2033. This growth trajectory is expected to propel the market to an impressive valuation of USD 284.8 million by the conclusion of the forecast period.
The rise in market value can be attributed to several factors, including advancements in ultrasound technology, increasing adoption of these diagnostic tools in veterinary practices, and a growing focus on animal health and welfare. Veterinary ultrasound scanners play a crucial role in diagnosing and monitoring a range of conditions in animals, making them an essential tool for veterinary professionals worldwide.
Industry experts highlight that ongoing innovations in ultrasound technology, such as enhanced image resolution and portability, are contributing to the increased adoption of these devices. Additionally, the growing emphasis on preventive care and early diagnosis in animals is driving the demand for advanced diagnostic tools.
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.
Unveil the Veterinary Ultrasound Scanner Surge: Read Our Detailed Report for Essential Trends and Insights!
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.
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
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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