Market Demand Analysis for Veterinary Ultrasound Scanners: 2033

The global veterinary ultrasound scanner market is on the cusp of a substantial appreciation, expected to reach $198.1 million by 2023. The growth is mainly driven by the growing interest and insights surrounding the veterinary ultrasound scanner market. This trend is expected to open doors to new opportunities within the market, with an expected CAGR of 3.7% between 2023 and 2033. By 2033, the market is poised to soar to an estimated total valuation of approximately $284.8 million .

The veterinary ultrasound market is critical in ensuring the welfare of livestock and companion animals, providing essential diagnostics for confirmation of health status, disease management and pregnancy diagnosis. The market growth is fueled by increased animal adoption, a surge in zoonotic diseases, technological advancements in ultrasound equipment, rising animal health expenditures, the adoption of pet insurance in developed countries and supportive government initiatives. However, a notable barrier to growth is the scarcity of skilled professionals in the field.

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The rise of international travel and animal transport has contributed to increased rates of zoonotic cases – diseases transmitted between humans and animals. Zoonosis poses a serious threat, prompting the Centers for Disease Control and Prevention (CDC) to actively monitor and report such cases. Major zoonotic pathogens include anthrax, brucellosis, Chagas disease, type A influenza, Ebola hemorrhagic fever, Rift Valley fever, and severe acute respiratory syndrome (SARS). Vector-borne zoonoses, combined with direct and indirect contact between humans and animals, increase the risk of contracting these diseases, driving the adoption of veterinary ultrasound scanners.

The increase in global per capita meat and dairy consumption puts livestock farmers in the spotlight and highlights the need for consistent monitoring to ensure high-quality animal products. Routine check-ups and monitoring facilitated by veterinary ultrasound scanners are becoming crucial and contributing to the robust growth of the global veterinary ultrasound scanners market during the forecast period.

Main conclusions from the market research:

• The market valuation in 2022 was US$9 million.
• Based on product type, portable/handheld ultrasound scanners are expected to dominate in 2023 with an 86.5% market share.
• Based on imaging technology, digital imaging technology will reach a market share of 93.7% in 2023.
• The veterinary ultrasound scanner market size grew at a 4.6% CAGR between 2018 and 2022.
• It is estimated that India will grow at a CAGR of 5.5% by 2033.
• Germany is experiencing a significant increase, with a CAGR of 2.2% in 2033.

“Technological developments have largely influenced the veterinary care market and have also impacted the demand for ultrasound scanners. Therefore, this demand is considered one of the key drivers of the ultrasound scanner market,” says an analyst from Future Market Insights.

Drivers of growth:

• Increased awareness and importance of animal health care: This includes increasing pet ownership and growing concerns about zoonotic diseases (diseases that are transmissible between animals and humans).
• Technological advancement: Advances in ultrasound technology lead to more accurate and efficient diagnoses.
• Rising expenditure on animal health: Pet owners are spending more on the well-being of their pets, including diagnostics.
• pet adoption insurance: Higher pet insurance allows for more comprehensive veterinary care, including ultrasounds.
• Government initiatives: Supportive government programs to promote animal health can contribute to market growth.

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Competitive landscape:

The veterinary ultrasound scanner industry has a significant number of market participants. Research and development plays a crucial role among these players, with a particular emphasis on introducing eco-friendly product lines as a core aspect of their manufacturing efforts. Moreover, they are using various expansion strategies including collaborations, mergers and acquisitions, and rigorous scrutiny for regulatory approvals to strengthen their presence in the market.

Some of the key developments are-

• Butterfly Network Inc., a pioneering digital healthcare company known for its innovative product approach, recently unveiled its newest veterinary ultrasound device. The iQ+ Vet Ultrasound introduces an advanced guidance tool and hardware improvements, promising sharper imaging for improved diagnostics.
• Lacuna Diagnostics Inc., a pioneering telemedicine and point-of-care diagnostics company, has entered into an expanded acquisition agreement with Heska Corporation.

Key companies profiled:

• Siemens AG
• Mindray Medical International Limited
• Hitachi Ltd.
• Fujifilm Holdings Corporation
• General Electricity Company
• Canon Inc.
• Samsung Electronics Co. Ltd.
• Esaote SpA
• DRAMI?SKI SA
• IMV Technologies SA

Key Segments of Veterinary Ultrasound Scanner Market Research:

By product type:

• Portable/handheld ultrasound scanners
• Cart-based ultrasound scanners

By image technology:

• Digital imaging technology
• Analog image technology
• Contrast imaging technology

Per end user:

• Veterinary Hospitals
• Veterinary clinics
• Animal breeding and farms

Per region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• South Asia and the Pacific
• East Asia
• The Middle East and Africa

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR Certified, Stevie Award Recipient and Member of the Greater New York Chamber of Commerce) provides deep insights into the driving factors driving demand in the market. FMI is the leading global provider of market information, advisory services, consultancy and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial and Chemical markets. With a vast team of more than 400 analysts worldwide, FMI offers global, regional and local expertise on diverse domains and industry trends in more than 110 countries.

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