NEWARK, Del, Nov. 14, 2023 (GLOBE NEWSWIRE) -- The global veterinary ultrasound scanner market is on the brink of a substantial valuation, projected to reach US$ 198.1 million by 2023. The trend is expected to open doors to new opportunities within the market, with a projected CAGR of 3.7% from 2023 to 2033.
By 2033, the market is poised to soar to an estimated total valuation of around US$ 284.8 million. The growth is primarily driven by the burgeoning interest and insights surrounding the veterinary ultrasound scanner market.
The veterinary ultrasound market is critical in ensuring the well-being of livestock and companion animals, providing essential diagnostics for health status confirmation, disease management, and pregnancy diagnosis.
The market growth is fueled by increased animal adoption, a surge in zoonotic diseases, technological advancements in ultrasound devices, rising animal health expenditure, pet insurance adoption in developed nations, and supportive government initiatives. However, a notable hindrance to growth is the scarcity of skilled professionals in the field.
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The upswing in international travel and animal transportation has contributed to a higher incidence of zoonotic cases—diseases transmitted between humans and animals. Zoonosis poses severe threats, prompting the Centers for Disease Control and Prevention (CDC) to monitor and report such cases actively. Key zoonotic pathogens include anthrax, brucellosis, Chagas disease, Type A influenza, Ebola hemorrhagic fever, Rift Valley fever, and severe acute respiratory syndrome (SARS).
Vector-borne zoonosis, combined with direct and indirect human-animal contact, amplifies the risk of contracting these diseases, fostering the adoption of veterinary ultrasound scanners.
The surge in global per capita meat and dairy consumption places a spotlight on animal breeders, emphasizing the need for consistent monitoring to ensure high-quality livestock products. Routine checks and monitoring, facilitated by veterinary ultrasound scanners, are becoming paramount, contributing to the robust growth of the global veterinary ultrasound scanner market during the forecast period.
Key Takeaways from the Market Study
- The market valuation in 2022 was US$ 189.9 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 Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI).
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
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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
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global veterinary ultrasound scanner market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the veterinary ultrasound scanner market is segmented based on significant Product Type (Portable/Hand Held Ultrasound Scanners, Cart Based Ultrasound Scanners), Imaging Technology (Digital Imaging Technology, Analog Imaging Technology, Contrast Imaging Technology), End User (Veterinary Hospitals, Veterinary Clinics, Animal Breeding and Farms) and by region (North America, Latin America, Eastern Europe, Western Europe, the Asia Pacific excluding China & Japan, Japan, China, Middle East & Africa)
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About the Healthcare Division at Future Market Insights
The healthcare team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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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 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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