The veterinary ultrasound machine market is expected to reach the market size of US$ 524.42 million by 2028 from US$ 312.3 million in 2021; growing at a CAGR of 7.7% from 2021 to 2028.
Veterinary ultrasound machines are imaging devices that create images of the internal organs of animal bodies using high-frequency ultrasound waves. These devices are used in pregnancy detection, examination of the abdomen, distal limbs, musculoskeletal and cardiac deformities in animals. The veterinary ultrasound machines are very efficient & accurate in the recognition of problems in muscles, blood vessels, soft tissues, joints, and tendons. The veterinary ultrasound machine market is largely driven by the factors like an increase in companion animal population, technological advancements, use of proper technology in the veterinary field, rise in the number of practitioners in developed regions, and a major hike in the pet expenditure coupled with pet insurance globally. Veterinary Ultrasound machines use ultrasound sound waves in the frequency range of 1.5–15 megahertz (MHz) for creating the images.
Butterfly Network launched its product Butterfly iQ Vet, a portable chip-based ultrasound machine that is proving to be highly portable as it allows scanning a variety of animals with even a smartphone. Butterfly iQ Vet is so portable that it even allows smooth scanning of large animals like horses, tigers along with small animals.
An increase in the number of veterinary practitioners globally is the major reason which drives the global veterinary ultrasound machine market. A lot of people globally have started practicing veterinary and this marks an upsurge in the establishment of new veterinary clinics. The establishment of clinics increases the demand for different kinds of veterinary products including veterinary ultrasound systems coupled with the increased income rates of the practitioners further drives the growth of the veterinary ultrasound machine market globally. Additionally, pet companionship has widely increased which is also an important factor pouring the growth of the global veterinary ultrasound machine market.
The veterinary ultrasound systems are very costly which is the major restraining factor for the growth of the global veterinary ultrasound machine market. Furthermore, there is a lack of veterinary ultrasound machines in the hospitals which makes it difficult to access especially in developing regions. Veterinary cardiologists, oncologists, and radiologists charge a lot for the tests and this factor stops the pet owners to go for the tests unless it’s critical.
Increased disposable incomes, rapidly growing urbanized lifestyles and a hike in pet companionship are propelling pet owners to spend more on their pets to provide a better lifestyle especially healthcare services. The launch of new products by various active market players provides lucrative opportunities to the global veterinary ultrasound machine market.
Although the pet owners in developed regions spend a lot on their pet healthcare services, the developing regions still have a long way to go as pet healthcare awareness is comparatively very low among pet owners & livestock owners in the developing regions. These factors greatly challenge the growth of the veterinary ultrasound machine market.
The global veterinary ultrasound machine market is fragmented on the basis of Type, Product, Application, Technology, Animal, end-user, and Region. The type segment is classified into Doppler Ultrasound, 3D/4D Ultrasound, and 2D Ultrasound. By Product, the global market is segmented into Cart-based Ultrasound scanners & Handheld (Portable) Ultrasound Scanners. Where the Handheld segment is leading the market owing to its efficacy, accuracy, and convenience. The application segment is sub-segmented into Orthopedics & Cardiology. Technology is fragmented into Digital Imaging & Contrast Imaging. Based on Animals, the global veterinary ultrasound machine market is bifurcated into Large Animals & Small Animals. Large animals include horses, tigers, elephants, and others. The small animal segment includes cats, dogs, rabbits, birds, chickens, ducks, and others. End-users of the veterinary ultrasound machine market are Veterinary Hospitals and Veterinary clinics.
Based on Region, the global veterinary ultrasound machine market is segmented into North America, Europe, Asia-Pacific, and RoW. North America is further classified into U.S., Canada, and Mexico. Europe is further segmented into Germany, the U.K., France, Italy, Spain, Russia, and the rest of Europe. Asia-Pacific is segmented into China, Japan, India, Australia, South Korea, and the rest of APAC. The RoW includes South & Central America, the Middle East, and Africa. Currently, North America dominates the global veterinary ultrasound machine market owing to a large number of pet owners in the region. APAC to register the highest CAGR in the forecast period 2021 – 2028.
The prominent players of the global veterinary ultrasound machine market are Samsung Medison Co. Ltd, DRAMI?SKI SA, Esaote SpA, FUJIFILM Sonosite Inc., Canon Inc., GE Healthcare, Siemens Healthineers, Sonostar Technologies Co. Limited, and Shenzhen Mindray Bio-Medical Electronics Co. Ltd, among others.
Market Segmentation and Scope of the Global Veterinary Ultrasound Machine Market.