Albany, NY, March 01, 2018 (GLOBE NEWSWIRE) --
According to a new report, the global veterinary ultrasound scanners market was valued at US$ 103.0 Mn in 2016 and is expected to grow at a CAGR of over 6% from 2017 to 2025, to reach an estimated value of USD 179.4 Mn in 2025 owing to rise in number of pet ownership, regarding which TMR offers vital insights in detail in this report.
In last few decades there has been increase in ownership of companion animals, livestock animals as well as exotic animals in both developed as well as developing countries. Owners are more attached towards their pet animals, while livestock animals are nurtured for economic reasons. Furthermore, the meat and dairy products have a great demand and it is continuously rising. To provide quality standards product it is necessary to treat and diagnose the animals. Considering these factors, the demand for veterinary ultrasound scanners has increased, since the practitioners and owners are concentrating on health and well-being of animals.
Lack of awareness towards animal health in some regions, ever increasing cost of devices is a threat to the global market, however increase in demand for noninvasive diagnosis of animal will ensure the fast growth of global veterinary ultrasound market in the coming years. Global market is estimated to reach US$ 179.4 Mn by 2025 exhibiting the CAGR of 6% to 7% during the forecast period.
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On the basis of product type, the global veterinary market is segmented into portable/handheld ultrasound scanners and cart based scanners. Of these portable/hand held scanners held the dominant share in the global market in 2016 in terms of value as well as volume. User convenience, continuously improving technology, compactness are the major factors that drive the demand of portable/ hand held ultrasound scanner. It is projected that this segment will continue to dominate the global veterinary ultrasound market during the forecast period.
Based on imaging technology, the global veterinary ultrasound scanners market is segmented into digital imaging technology, analog imaging technology and contrast imaging technology. Of these digital imaging technology held the dominant share in the global market in 2016. High quality image processing, storage of image, time saving technology are few of the factors attributed to growth of digital imaging technology during the forecast period.
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On the basis of end users, the global veterinary ultrasound scanners market is segmented into veterinary hospitals, veterinary clinics, and animal breeding and farms. The veterinary hospital segment is anticipated to dominate the market through 2025 owing to ever increasing numbers of veterinary hospitals and practitioners in different regions.
Based on geography, the veterinary ultrasound scanners market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Due to increasing government and private domain initiatives for animal well-being, rise in rate of livestock population and improvement in the veterinary healthcare facilities in countries such as India, China, and Japan, the market is expected to be the fast growing in Asia Pacific. Some of the key driving forces for veterinary ultrasound scanners market in some emerging economies are also the rise in awareness towards companion animals and increase in pet ownership in the regions. In North America, U.S holds a significant share of veterinary ultrasound scanner market, while in Europe, the U.K. and Germany hold major market share in terms of revenue. Rise in pet ownership of companion and exotic animals are some of the key factors driving the growth of the veterinary ultrasound scanners market in the regions.
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Intense competition is driving the companies to expand and diversify their veterinary ultrasound scanners product portfolio. Some of the key players operating in the global veterinary ultrasound scanners market include Samsung Medison Co., Ltd, BCF Technology Ltd, Esaote SpA, Shenzhen Mindray Bio-Medical Electronics Co., Ltd, DRAMINSKI S. A., Siemens healthineers, Sonostar Technologies Co., Limited, FUJIFILM SonoSite, Inc.
About TMR
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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