/PRNewswire/ 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 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.