Pune, March 21, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global animal/veterinary ultrasound market is projected to grow from USD 322.10 million in 2020 to USD 527.74 million by 2028, at a CAGR of 6.36% during the forecast period 2021-2028.
The global animal/veterinary ultrasound market is witnessing the rapid growth from the past few years. Increasing demand for veterinary diagnostics is mainly due to rising pet adoption across the globe. In addition to this, veterinary practices are continuously growing with the growth of pet ownership in the regions such as Europe and North America.
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Ultrasound is a non-invasive imaging technique which helps to show the internal body structures with the echoes and reflections of ultrasound waves. It is one of the most commonly used methods for animals. The ultrasound is a non-invasive technology which does not have any side effects or harmful effects on the animals. In addition to this, one of the main advantages of ultrasound technology is its high speed and affordability than the other techniques.
Global animal/veterinary ultrasound market is witnessing a rapid growth owing to increasing awareness about animals and pet health across the globe. In addition to this, increasing pet insurance for the part health, further driving the growth of the market. Furthermore, increasing spending on the animal’s health is also boosting the growth of the market. However, high cost of ultrasound devices and lack of awareness in the developing countries may limit the growth of the market over the forecast period.
Major players in the global animal/veterinary ultrasound market are GE Healthcare, Heska Corporation, Siemens AG, FUJIFILM Holdings Corporation, Esaote SpA, Mindray Medical International, Ltd., Samsung Medison Co., Ltd., Diagnostic Imaging Systems Inc., IMV imaging, Shenzhen Ricso Technology Co., Ltd. , DRAMIÑSKI S.A., Shantou Institute of Ultrasonic Instruments Co., Ltd., Clarius Mobile Health, and SonoScape Medical Corporation among others. The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances and partnerships to improve their market position in the global animal/veterinary ultrasound industry.
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• In November 2016, Clarius Mobile Health announced the launch of new ultrasound wireless scanner pairs with iOS and Android devices to enable quick scans for small animals ultrasound.
• In January 2020, Heska Corporation announced the acquisition of CVM Diagnostico Veterinario, S.L. and CVM Ecografía, S.L., the leading providers imaging and blood testing products to the companion animal, to increase the product portfolio.
The 2D ultrasound segment dominated the global animal/veterinary ultrasound market and valued at USD 168.46 million in the year 2020
The type segment is divided into 2D ultrasound, 3D/4D ultrasound, and doppler ultrasound. The 2D ultrasound segment dominated the global animal/veterinary ultrasound market and valued at USD 168.46 million in the year 2020. The growth is mainly due to the high usage of this technology for the diagnosis of various diseases, driving the growth of the market.
The digital imaging segment accounted for the major market share of 49.69% in the year 2020
The technology segment includes digital imaging, contrast imaging, and analog imaging. The digital imaging accounted for the major market share of 49.69% in the year 2020. Cost-effectiveness and high quality of imaging are some of the key factors, which are driving the growth of the market.
The companion animal segment accounted for the major market share of 63.23% in the year 2020
The animal type segment is classified into small companion animals and large animals. The companion animal segment accounted for the major market share of 63.23% in the year 2020. Increasing adoption of small companion animals is one of the key factors driving the growth of the market.
The obstetrics/gynecology segment accounted for the major market share and valued at USD 117.76 million in the year 2020
The application segment is classified into obstetrics/gynecology, cardiology, orthopaedics, and others. The obstetrics/gynecology segment accounted for the major market share and valued at USD 117.76 million in the year 2020. Increasing usage of ultrasound technology for pregnancy detection among the animals is driving the growth of the market.
Veterinary hospitals segment projected to grow at the highest CAGR of 7.8% over the forecast period
The end-user segment includes veterinary clinics, veterinary hospitals, and others. Veterinary hospitals segment projected to grow at the highest CAGR of 7.8% over the forecast period. Increasing adoption of ultrasound devices in the veterinary hospitals is likely to drive the market over the forecast period.
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Regional Segment Analysis of the Animal/Veterinary Ultrasound Market
• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
The North America region emerged as the largest market for the animal/veterinary ultrasound market and valued at USD 156.83 million in 2020. The increasing spending on pet health and animal health across the region is one of the key contributing factors for the growth of the market. In addition to this, the presence of key market players across the region, further driving the growth of the market. On the other hand, Asia Pacific region anticipated to rise at the highest CAGR of 7.6% over the forecast period. This is mainly due to increasing awareness regarding animal’s health across the region. In addition to this, many countries of Asia Pacific region largely depend on the animals for various application, which is further driving the growth of the market.
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About the report:
The global animal/veterinary ultrasound market is analyzed on the basis of value (USD Million). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, and competitor position grid analysis.
About The Brainy Insights:
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