Veterinary Ultrasound Devices Market
Number of pages: 100 | Report Format: PDF | Published date: March 23, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 332 million |
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Revenue Forecast in 2031 |
US$ 559.9 million |
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CAGR |
5.98% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Product Type, Technology, Application, End-user, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global veterinary ultrasound devices market was valued at US$ 332 million in 2022 and is expected to register a revenue CAGR of 5.98% to reach US$ 559.9 million by 2031.
Veterinary Ultrasound Devices Market Fundamentals
Veterinary ultrasound devices are specialized medical imaging equipment designed to produce real-time images of internal body structures and organs of animals, such as dogs, cats, horses, cows, and other livestock. The purpose of veterinary ultrasound devices is to produce high-quality, real-time images of animals’ internal structures and organs, which can be used for diagnostic and medical purposes. Moreover, ultrasound can guide medical procedures, such as biopsies or fluid collection, by providing real-time images of the targeted area. Veterinary ultrasound devices are used for various diagnostic and medical purposes, such as identifying and evaluating the reproductive system, detecting tumors, assessing fetal growth and development, and identifying internal injuries or conditions. Veterinary ultrasound devices are an essential tool for veterinarians, enabling them to provide accurate diagnoses and effective treatment plans for their animals.
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Veterinary Ultrasound Devices Market Dynamics
The global veterinary ultrasound devices market is primarily driven by increasing diagnostic requirements for many health conditions in animals, such as pregnancy, gallbladder diagnosis, evaluation of blood flow, and to examine genitals. Ultrasonography in veterinary treatment has transformed how vets address numerous health conditions, including surgical treatments. Ultrasound, frequently used with X-rays, offers a clear view of the organs and helps veterinarians examine problems that a plain radiograph cannot. One key advantage of performing an ultrasound on animals is its non-invasive nature. Moreover, the procedure does not destress animals and is affordable.
The global veterinary ultrasound devices market is supported by a rise in the trend of pet adoption and animal expenditures, as well as an increase in the usage of diagnostic imaging for various disorders. According to the Pet Food Manufacturers Association, in 2021, 3.2 million households in the United Kingdom had adopted a pet. There are 34 million pets in the United Kingdom, 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.
The increase in the launch of advanced ultrasound devices is a potential factor driving the global veterinary ultrasound devices market. For instance, in January 2022, Clarius Mobile Health introduced its third version of high-performance portable wireless ultrasound scanners for veterinarians. The new pocket-sized scanners, which are 30% lighter and smaller, are now available in the United States, with innovative prices and new features that will bring quality portable ultrasounds into the hands of more veterinarians.
Moreover, collaborations among top players are anticipated to increase the global veterinary ultrasound devices market. For instance, in January 2023, Sound Technologies and GE HealthCare announced a partnership to bring Vscan Air handheld ultrasound to veterinary practices across the United States. This collaboration touts to offer exceptionally focused point-of-care examinations in veterinary treatment. With over 11,000 clients, Sound Technologies expects to witness widespread acceptance of portable ultrasound in veterinary practice.
However, the high costs of devices and procedures, particularly in developing countries, and less awareness about animal ultrasound procedures are the major restraining factors that can impede the market revenue growth potential to some extent.
Veterinary Ultrasound Devices Market Ecosystem
The global veterinary ultrasound devices market is analyzed from five perspectives: product type, technology, application, end-user, and region.
Veterinary Ultrasound Devices Market by Product Type
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Based on product type, the global veterinary ultrasound devices market is segmented into 2D ultrasound, doppler ultrasound, and 3D/4D ultrasound.
The 2D ultrasound segment dominates the global veterinary ultrasound devices market. This is attributed to the ability to visualize internal organs and structures in real time, which can aid in diagnosing and treating various conditions. The demand for 2D ultrasound devices is also increasing due to their traditional use and affordable cost. Additionally, these devices are non-invasive and do not expose animals to ionizing radiation, making them a safer option than other imaging modalities. Moreover, 2D ultrasound devices are particularly useful for evaluating soft tissue structures and detecting organ abnormalities, such as the liver, spleen, and kidneys.
The 3D/4D ultrasound devices segment is projected to register growth at a higher revenue CAGR during the forecast period. The 3D/4D ultrasound devices in animals provide a non-invasive and safe way to diagnose and monitor pregnancies and detect abnormalities in organs and tissues. Additionally, these devices can improve the accuracy of surgical procedures by providing real-time imaging guidance and three-dimensional images that allow for more detailed views.
Veterinary Ultrasound Devices Market by Technology
Based on technology, the global veterinary ultrasound devices market is segmented into digital imaging and contrast imaging.
The digital imaging segment accounts for the majority of revenue share in the global veterinary ultrasound devices market. This is attributed to the numerous advantages of digital imaging technology, such as improved image quality, faster image acquisition, and the ability to store and share images digitally. This technology also allows for more accurate diagnoses and treatment plans, ultimately improving patient outcomes. Moreover, these systems provide a better screening area and greater latitude exposure, increasing efficiency by reducing the need for retakes.
The contrast imaging segment is expected to register high revenue growth in the forecast period. Digital contrast imaging technology offers improved visualization of blood flow, enhanced diagnostic accuracy, and better detection of small lesions. It also reduces the need for invasive procedures and provides a more efficient workflow for veterinarians. Moreover, market players are adopting this technology to manufacture new and innovative veterinary ultrasound devices due to increasing advancements in contrast imaging.
Veterinary Ultrasound Devices Market by Application
Based on the application, the global veterinary ultrasound devices market is segmented into obstetrics & gynecology, cardiology, orthopedics, and other applications.
The obstetrics & gynecology segment accounted for the majority of the market revenue share in 2022. Veterinary ultrasound devices have revolutionized the field of obstetrics and gynecology in animals by providing a non-invasive and accurate way to diagnose and monitor pregnancy, fetal development, and reproductive health. This technology has also enabled veterinarians to detect early signs of complications, such as ectopic pregnancies or fetal abnormalities, allowing for prompt intervention and improved outcomes. Additionally, these devices offer real-time imaging, enabling veterinarians to monitor fetal development and detect potential pregnancy complications.
The cardiology segment is expected to register lucrative revenue growth in the forecast period. This is majorly attributed to the rising incidence of cardiovascular diseases among animals. According to the estimates by MSD Veterinary Manual in 2022, valvular diseases in animals affected 10% of dogs aged 5-8 years, 20%-25% of dogs aged 9-12 years, and 30%-35% of dogs aged 13 years and beyond. The number is anticipated to increase in the forecast years due to genetic factors, improper diet, lack of exercise, and environmental factors.
Veterinary Ultrasound Devices Market by End-user
Based on the end-user, the global veterinary ultrasound devices market is segmented into veterinary hospitals & clinics, veterinary research institutes, and others.
The veterinary hospitals & clinics segment accounted for the majority of market revenue share in 2022. Veterinary ultrasound devices are more common in veterinary hospitals and clinics as they provide a non-invasive way to diagnose and monitor medical conditions, including pregnancy diagnosis, abdominal imaging, and evaluation of the heart and other organs. Additionally, these devices are portable and easy to use, making them ideal for use in various settings. Some veterinary ultrasounds are portable and used in the field for on-site examinations. Moreover, veterinary ultrasound is a non-invasive diagnostic tool that allows veterinarians to visualize animal internal organs and tissues.
Veterinary Ultrasound Devices Market by Region
Based on the region, the global veterinary ultrasound devices market is segmented into North America, Europe, Asia Pacific, Latin America, & the Middle East & Africa.
North America dominated the veterinary ultrasound devices market with the largest revenue share. The increasing adoption of pets and the increasing healthcare expenditures for animals are major factors driving North America’s veterinary ultrasound devices market. Additionally, the rising prevalence of chronic diseases in animals and the growing focus on animal health are expected to fuel market revenue growth further.
The increasing ownership rate of companion animals characterizes the Europe veterinary ultrasound devices market. The rising prevalence of animal diseases is a major factor driving the Europe veterinary ultrasound devices market. Additionally, technological advancements in veterinary ultrasound devices and the availability of advanced veterinary healthcare services are expected to boost market revenue growth further.
Asia Pacific is predicted to be the fastest-growing geographic region in the veterinary ultrasound devices market over the forecast period. The increasing veterinary healthcare standards and rising awareness about veterinary health influence the market potential to some extent. Moreover, increasing research and development for veterinary health is enhancing the revenue growth of the global veterinary ultrasound devices market.
Veterinary Ultrasound Devices Market Competitive Landscape
The veterinary ultrasound devices market is moderately competitive. Launching new devices, securing permission for such items, and participating in other activities, such as awareness initiatives, are some of the primary development tactics that many organizations focus on. Furthermore, the market classified technological advancement and easy accessibility as superior revenue growth strategies.
The prominent companies with the largest revenue share in the global veterinary ultrasound devices market are:
Veterinary Ultrasound Devices Market Strategic Developments
The global veterinary ultrasound devices market is expected to register growth at a revenue CAGR of 5.98% during the forecast period.
Boehringer & Ingelheim AG & Co., Bristol-Myers Squibb Company, Gilead Sciences, Inc., and Takeda Pharmaceutical Company are among the key players in the global veterinary ultrasound devices market.
The 2D ultrasound segment accounts for the largest revenue share in the global veterinary ultrasound devices market.
Asia Pacific is expected to register the highest revenue growth in the global veterinary ultrasound devices market during the forecast period.
The high costs of devices and procedures in developing countries and less awareness about ultrasound devices are the major factors that may impede the market potential to some extent.
*Insights on financial performance are subject to the availability of information in the public domain