New Study from StrategyR Highlights a $392.6 Million Global Market for Veterinary Ultrasound by 2026

·7 min read

SAN FRANCISCO, Jan. 18, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Veterinary Ultrasound - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

Global Market for Veterinary Ultrasound
Global Market for Veterinary Ultrasound

FACTS AT A GLANCE
Edition: 8; Released: January 2022
Executive Pool: 1241
Companies: 65 - Players covered include BMV Technology Co., Ltd.; Clarius Mobile Health; Diagnostic Imaging Systems, Inc.; DRAMINSKI S.A.; E.I. Medical Imaging; Edan Instruments, Inc.; Esaote Spa; Fujifilm Holdings; GE Healthcare; Heska Corporation and Others.
Coverage: All major geographies and key segments
Segments: Type (2D Ultrasound, 3D / 4D Ultrasound, Doppler Ultrasound); Product (Cart-Based, Portable); Application (Obstetrics / Gynecology, Cardiology, Orthopedics, Other Applications); End-Use (Veterinary Clinics, Veterinary Hospitals & Academic Institutes, Other End-Uses)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

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ABSTRACT-

Global Veterinary Ultrasound Market to Reach US$392.6 Million by the Year 2026
Veterinary ultrasound devices rely on ultrasonic sound waves within the 1.5-15MHz range to produce images of internal organs or structures on the basis of waves reflected by target tissues or organs. The imaging modality provides veterinary practitioners with real-time images to get desired information about organs. Veterinary ultrasound scanners are also used to guide users in taking fluid or tissue specimens. The market expansion is poised to be aided by rising adoption of pet and companion animals, technological advances, increasing number of veterinary clinics and hospitals, and rising uptake of pet insurance. Market growth is propelled by increasing population of companion animals along with continuous expansion of pet care and pet insurance domains. Rising owner spending on pets along with increasing awareness pertaining animal health and safety remains primary contributor to high adoption of veterinary ultrasound devices. Technological advances and rising number of veterinary specialists, especially in developing countries, are augmenting the market growth. These devices are also gaining from access to portable, sophisticated scanners and increasing disposable income. Government schemes and initiatives across countries targeting animal healthcare are anticipated to bode well for the global market. In addition, increasing cases of zoonotic or animal diseases are expected to push adoption of veterinary ultrasound scanners and drive the revenue growth. Rising pet population coupled with increasing prevalence of cancer and cardiovascular disorders among livestock and companion animals is complementing the market growth.

Amid the COVID-19 crisis, the global market for Veterinary Ultrasound estimated at US$274.2 Million in the year 2020, is projected to reach a revised size of US$392.6 Million by 2026, growing at a CAGR of 6.1% over the analysis period. 2D Ultrasound, one of the segments analyzed in the report, is projected to grow at a 7% CAGR to reach US$180.6 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the 3D / 4D Ultrasound segment is readjusted to a revised 5.8% CAGR for the next 7-year period. This segment currently accounts for a 34.7% share of the global Veterinary Ultrasound market. The 2D ultrasound segment's growth is augmented by extensive uptake of the imaging technique due to its relatively affordable nature. 2D ultrasound is widely used among veterinary practitioners for pregnancy detection and disease diagnostics. The veterinary ultrasound market is predicted to receive huge contribution from increasing uptake of 3D and 4D ultrasound imaging options. These segments are expected to benefit from continuing technological advancements coupled with increasing acceptance of 3D ultrasound imaging systems.

The U.S. Market is Estimated at $107.7 Million in 2021, While China is Forecast to Reach $39.2 Million by 2026
The Veterinary Ultrasound market in the U.S. is estimated at US$107.7 Million in the year 2021. The country currently accounts for a 37.67% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$39.2 Million in the year 2026 trailing a CAGR of 8.1% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.8% and 5.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.5% CAGR while Rest of European market (as defined in the study) will reach US$30.3 Million by the end of the analysis period. The global veterinary ultrasound market is led by North America that claims the major revenue share due to all-time high pet and companion animal adoption coupled with increasing number of veterinary clinics and hospitals. The region is witnessing increasing investments in veterinary healthcare infrastructure and advanced modalities like ultrasound scanners. The regional market is buoyed by continuous expansion of the pet insurance domain and rising incident of veterinary diseases like specific disorders and internal injuries in livestock and pets. The veterinary ultrasound market in Asia-Pacific is forecast to witness the fastest revenue growth in the coming years on account of rising pet adoption, increasing livestock population, rapid urbanization, growing awareness regarding animal health, and rising animal health spending. The regional market is bolstered by access to affordable pet health products and increasing focus on research activities along with rising count of veterinary clinics and hospitals.

Doppler Ultrasound Segment to Reach $89.8 Million by 2026
In the global Doppler Ultrasound segment, USA, Canada, Japan, China and Europe will drive the 4.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$57 Million in the year 2020 will reach a projected size of US$79.6 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$5.8 Million by the year 2026, while Latin America will expand at a 6.1% CAGR through the analysis period. More

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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

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Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: ZA@StrategyR.com

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SOURCE Global Industry Analysts, Inc.