|Fastest Growing Market:||Asia-Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The veterinary ultrasound devices market is poised to grow at a CAGR of 5.6% over the forecast period.
The COVID-19 pandemic has had a significant influence on total veterinary healthcare, owing mostly to restrictions on non-essential operations or hospital visits. The pandemic resulted in delayed or canceled pet care in several nations, causing some veterinarians to be concerned about pet health. However, veterinarians are attempting to combat this by implementing strict COVID-19 safety measures in their clinics and vastly expanding the use of telemedicine for their patients. The pandemic encouraged pet ownership in several nations, resulting in more animal health care, which raised the demand for veterinary ultrasound imaging. For instance, the American Society for the Prevention of Cruelty to Animals (ASPCA) reported in May 2021 that nearly one in every five households had acquired a cat or dog since the beginning of the COVID-19 crisis. Adoptions like these during the pandemic enhanced the focus on pet health. As a result, it aided the growth of the veterinary ultrasound imaging market.
The market is primarily driven by increasing in pet adoption and rising in animal expenditures coupled with the rising in the adoption of diagnostics imaging for various diseases. According to the Pet Food Manufacturers Association, as of 2021, 3.2 million households in the United Kingdom had acquired a pet since the outbreak began. In the United Kingdom, there are currently 34 million pets, including 12 million cats, 12 million dogs, 3.2 million small mammals such as guinea pigs and hamsters, 3 million birds, and 1.5 million reptiles. According to a report by the American Veterinary Medical Association on the annual spending on pets in the United States, updated in March 2020, the annual sales of pet products and services in the United States reached around USD 100 billion in 2019. As per the same source, around USD 36.9 billion has been spent on pet food and treats, around USD 23.9 billion was spent on veterinary care and product sales, and around USD 19.2 billion was spent on supplies, live animals, and over-the-counter medicines. Thus, an increase in pet adoption with rising in veterinary spending is expected to boost the market growth over the forecast period.
According to the United States Department of Agriculture’s Animal and Plant Health Inspection Service article about National Veterinary Services Laboratories Foreign Animal Disease Diagnostic Laboratory (FADDL) updated in June 2021, several infectious foreign animal disease (FAD) agents are studied in the facility located in New York. The Diagnostics Services section of the FADDL can diagnose more than thirty exotic animal diseases (including Foot-and-mouth disease, classical swine fever, African swine fever, and other diseases listed by the World Organization for Animal Health (OIE), and can perform thousands of diagnostic tests each year, looking for the presence of FAD agents. The increase in the diagnostics of animal diseases in the region is expected to propel the growth of the studied market.
Thus, the above-mentioned factors are expected to boost the market growth, However, lack of skilled personnel and high cost of devices restrain the market growth over the forecast period.
Scope of the Report
Veterinary ultrasound devices use ultrasonic sound waves in the frequency range of 1.5–15 megahertz (MHz) to create images of internal body structures, based on the pattern of echoes reflected from the targeted organs and tissues. The Veterinary Ultrasound Devices Market is segmented by Product (Hand-held (Portable) Ultrasound Scanner and Cart-based Ultrasound Scanner), Animal Type (Small Animals and Large Animals), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.
|Handheld (Portable) Ultrasound Scanner|
|Cart-based Ultrasound Scanner|
|By Animal Type|
Key Market Trends
Small Animals Segment is Expected to Witness a Healthy CAGR over the Forecast Period
The animals considered under the small animals sub-segment include rabbits, cats, dogs, birds, chickens, ducks, and guinea pigs, among others. Every year, the population of these animals is increasing gradually, along with the diseases associated with them. Additionally, according to the annual report of the European Pet Food Industry Association (FEDIAF) for 2020, dogs and cats are the major pets adopted in Europe. Moreover, an estimated 85 million European households own at least one pet animal. Thus, the growing population of small animals is expected to boost market growth over the forecast period.
Furthermore, technological advancements are resulting in the development of more precise and efficient ultrasound systems, and key players in the veterinary ultrasound devices market are constantly improving their technologies and launching new and advanced ultrasound devices over time, which is expected to drive growth. For instance, in October 2021, Butterfly Network Inc. launched its latest handheld ultrasound scanner called Butterfly iQ+ Vet, which is a second-generation device and brings sharper imaging, a new procedural guidance tool, and hardware improvements that make the solution more powerful, versatile, and easy-to-use.
Hence, with the rising focus on animal health and technological advancements in veterinary imaging diagnosis, the small animals sub-segment is expected to grow significantly.
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North America to Dominate the Veterinary Ultrasound Devices Market
The United States (US) is expected to dominate the veterinary ultrasound devices market, owing to factors, like rising pet adoption and increasing per capita animal healthcare expenditure. Additionally, the rise in the prevalence of various animal diseases and internal injuries has been identified as the primary driving factor for market growth. According to the North American Pet Health Insurance Association's (NAPHIA) 2021 data, the total number of pets insured in the United States by the end of 2020 was 3.1 million. This reflects the rising number of diagnostic examinations of pets in hospitals across the country.
Additionally, according to the American Pet Products Association's (APPA) 2021-2022 National Pet Owners Survey, around 70% of US households own a pet, equating to 90.5 million homes, including 45.3 million cats and 69 million dogs. According to the same source, there are 6.2 million homes in the United States that have small animals. One of the primary elements driving the market's growth is the region's high pet ownership rate. Moreover, the increasing expenditure on pet care is also fueling the growth of the market. For instance, companion animal or pet ownership is increasing in Canada recently. The data published by “Pet Keen” in May 2022 shows that an estimated 38% of Canadian households own a cat, while 35% own a dog. Also, the source mentioned above estimated that pet owners in Canada are spending more money on their pets than before and 17% owners are willing to spend more than USD 500 every year for their pet healthcare.
Therefore, the factors mentioned above are driving the growth of the veterinary ultrasound devices market in North America.
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Some of the key players in the market include Canon Inc., DRAMIŃSKI SA, Esaote SpA, FUJIFILM Sonosite Inc., GE Healthcare, Samsung Medison Co. Ltd, Shenzhen Mindray Bio-Medical Electronics Co. Ltd, Siemens Healthineers, and Sonostar Technologies Co. Limited, among others. The competition among these players is intense, and several companies are focusing on the expansion strategy to gain more market share from different geographies. Additionally, the market players are coming up with novel products to attract the customers, primarily in the developed nations where pet adoption is higher.
- In January 2022, VMX Clarius Mobile Health unveiled its third-generation product range of high-performance handheld wireless ultrasound scanners for veterinarians. The new pocket-sized scanners are 30% lighter and smaller and available in the United States.
- In January 2022, IMV Technologies announced the acquisition of VES Custom Optics (VESCO), a prominent veterinary endoscopy company situated in the United Kingdom. VESCO has joined IMV Imaging's companion animal business, IMV Technologies' veterinary ultrasonography and diagnostic equipment segment.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increase in Animal Adoption and Animal Health Expenditure
4.2.2 Rise in Demand for Diagnosis of Various Animal Health Conditions
4.2.3 Technological Advancements
4.3 Market Restraints
4.3.1 Lack of Skilled Personnel
4.3.2 High Cost of the Devices
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Product
5.1.1 Handheld (Portable) Ultrasound Scanner
5.1.2 Cart-based Ultrasound Scanner
5.2 By Animal Type
5.2.1 Small Animals
5.2.2 Large Animals
5.3.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
184.108.40.206 South Africa
220.127.116.11 Rest of Middle-East and Africa
5.3.5 South America
18.104.22.168 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Canon Inc.
6.1.2 Draminski SA
6.1.3 Esaote SpA
6.1.4 Fujifilm Holdings Corporation
6.1.5 IMV Imaging
6.1.6 Samsung Medison Co. Ltd
6.1.7 Mindray Medical International Limited
6.1.8 Siemens Healthineers AG
6.1.9 Sonostar Technologies Co. Limited
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Veterinary Ultrasound Devices Market market is studied from 2019 - 2027.
What is the growth rate of Global Veterinary Ultrasound Devices Market?
The Global Veterinary Ultrasound Devices Market is growing at a CAGR of 5.6% over the next 5 years.
Which region has highest growth rate in Global Veterinary Ultrasound Devices Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Veterinary Ultrasound Devices Market?
North America holds highest share in 2021.
Who are the key players in Global Veterinary Ultrasound Devices Market?
Esaote SpA, Fujifilm Holdings Corporation, IMV Imaging, Siemens Healthineers AG, Canon Inc. are the major companies operating in Global Veterinary Ultrasound Devices Market.