Animal Ultrasound Market

Market Snapshot

Newly-released Animal Ultrasound industry analysis report by Persistence Market Research shows that global sales of Animal Ultrasound in 2021 was held at US$ 219.3 Mn. With 14.1% CAGR during 2022 – 2032, the market growth is projected to reach a valuation of US$ 903 Mn by 2032. Market revenue through Small Companion Animals is expected to register an absolute dollar opportunity of nearly US$ 419.6 Mn during 2022 – 2032.

Revenue of Animal Ultrasound from 2017 to 2021 Compared to Demand Outlook for 2022 to 2032

As per the Animal Ultrasound industry research by Persistence Market Research - a market research and competitive intelligence provider, historically, from 2017 to 2021, market value of the Animal Ultrasound industry increased at around 10.9% CAGR, wherein, countries such as the U.S., UK, China, South Korea, and Japan held a significant share in the global market. The market is projected to grow at a CAGR of 14.1% over the coming 10 years.

Which factors are leading to the growth of the Animal Ultrasound industry?

The increase in the number of companion animals, together with the increased demand for pet insurance, is expected to drive market expansion. Furthermore, the expansion of the animal/veterinary ultrasound market is likely to be fueled by an increasing number of veterinary practitioners and technical improvements. During COVID-19, the Centers for Disease Control and Prevention (CDC) revealed in August 2020 that a small number of animals, including dogs and cats, were infected with the SARS-CoV-2 following close contact with COVID-19 patients.

Veterinarians were also fearful of treating animals suffering from numerous ailments because of this. The pandemic had a significant impact on the cattle supply chain in several areas, including production, processing, and distribution. Farmers were unable to obtain farming inputs, supplies, and equipment, including machinery, due to the shutdown of non-essential enterprises, border inspections, and travel restrictions. It also resulted in a temporary labor shortage and the loss/waste of animal products and animals. During the epidemic, this had a negative impact on market growth.

The population increase of companion animals and livestock is growing, leading in the increased need for veterinary services such as ultrasound. This group is also growing as a result of the increased adoption of pets due to the numerous health benefits they provide. Based on the Pet Food Manufacturers Association, by 2020, approximately 12 million households in the United Kingdom will have pets, which means 41% households occupying pets.

Rising rates of animal illness and the skyrocketing price of diagnostics are spurring the interest of pet insurance consumers. According to the North American Pet Health Insurance Association (NAPHIA), the total amount written in 2020 in the USA was US$1.99 billion, up from US$1.56 billion in 2019. The group expected that 3.1 million pets would become insured by the end of 2020.

Which Region holds the largest revenue share in Animal Ultrasound Market?

Due to the increased popularity of companion animals, the market in Asia Pacific is projected to grow at the fastest CAGR of 12.3%. Furthermore, during the projected period, market participants' increased focus on Asia Pacific is expected to promote market growth. The market is predicted to rise due to the availability of low-cost animal health products and increased research and development activity in the region. Because of the growing knowledge of modern veterinary technologies, the regional market is likely to expand in the forthcoming years.

Country-wise Analysis

U.S. Animal Ultrasound Market Analysis

Due to the rising veterinary healthcare spending and the existence of key competitors in the United States, the market in the country accounted for the largest global share of more than 31.6% in 2020. Furthermore, the expanding number of pet owners in the country, together with the increased usage of pet insurance, is likely to drive market expansion.

U.K. Animal Ultrasound Market Analysis

Animal ultrasound is very popular in the U.K. owing to the large pet care expenditure in the country. The presence of the Animal Ultrasound Association in the country has been further elevated providing a fertile ground for the animal ultrasound to flourish. The market for animal ultrasound in the U.K. stood at US$ 8.8 Mn in 2021. Growing at a CAGR of US$ 14.3% during 2022 – 2032, the market in the country is projected to reach a valuation of US$ 36.6 Mn by 2032.

Japan Animal Ultrasound Market Analysis

Pet fondness in Japan can be estimated from the fact that it is the only country globally where pets outnumber children. According to the Japan Pet Food Association, the country is populated with 17 Mn children under 16 years of age, whereas it constitutes nearly 20 Mn cats and dogs. With these statistics, the market for animal ultrasound in Japan is expected to reach a valuation of US$ 34.3 Mn by 2032, growing at a CAGR of 15.2% during 2022 – 2032.

South Korea Animal Ultrasound Market Analysis

The market for animal ultrasound in South Korea stood at US$ 4.6 Mn in 2021. The market in the country is projected to reach a valuation of US$ 20 Mn by 2032, growing at a CAGR of 14.8% during 2022 – 2032.

Category-wise Insights

Why do Small Companion Animals Constitute a Higher Revenue Contribution to the Animal Ultrasound Market?

In 2021, small companion animals accounted for the highest revenue share of over 54%. The industry is projected to rise due to rising pet adoption and increased expenditure on their well-being and health. Furthermore, the market is expected to rise because to the rising frequency of cancer and cardiac problems in dogs and cats, among several other factors. Due to the rising occurrences of zoonotic illnesses in cows, horses, buffalos, and other large animals, the market revenue through large animals is expected to develop at the fastest pace. Moreover, during the forecast period, the expanding livestock population is expected to boost market growth.

Why contrast-imaging segment dominates the animal ultrasound market?

The animal ultrasound market through contrast imaging technology held the largest revenue share of more than 50% in 2021, owing to its significant penetration in veterinary hospitals and clinics. Myocardial perfusion and M-mode scanning both use contrast imaging. In companion animals such as dogs and cats, myocardial perfusion is used for the diagnosis of cardiac infarction, while M-mode scanning is used for assessment of the left ventricular free wall and septum.

The trend of electronic documentation and the enhancing preference of veterinarians is leading to the fastest growth rate for the digital imaging sector by 2023. Moreover, the market through digital imaging is likely to fuel the expansion of the veterinary ultrasound market by increasing the efficiency of radiography dissemination and creation.

Furthermore, these systems offer a larger viewing area and greater exposure latitude, which boosts their efficiency by minimizing the need for retakes, hence fuelling the market growth. IDEXX Laboratories' ImageVue DR50 Digital Imaging System is an example of a digital imaging system for doing veterinary ultrasounds.

Why do cart-based ultrasound scanners dominate the animal ultrasound market?

The cart-based ultrasound scanners account for over 52% share of the animal ultrasound market. The increase in the popularity of these devices in veterinary clinics, hospitals, and diagnostic centers is likely to increase the demand for spotlight types during the coming years. In the meantime, tech market leaders such as IMV imaging, Sonosite, and Celtic SMR are anticipated to be raising their technology investments in the forthcoming years, which is likely to result in the brisk pace of this market's growth.

Competitive Analysis

Some of the key players in the animal ultrasound market are IDEXX, Carestream Health; Esaote SpA; Sound; Fujifilm Sonosite, Inc.; Hallmarq Veterinary Imaging; BCF (IMV Imaging); Shenzhen Mindray Bio-Medical Electronics Co., Ltd.; Siemens Medical Solutions; and Heska Corp.

Some of the recent developments in Animal Ultrasound market are as follows:

• In June 2019, Fujifilm Sonosite and Partners Healthcare, a US-based enterpriser, partnered to improve the design of ultrasound projects using artificial intelligence.
• In September 2019, E. I Medical Imaging, one of the most well-known vendors, unveiled the IBEX PRO, a new ultrasonic brand scanner.
• In November 2019, the most popular Butterfly Network launched its new product Butterfly iQ Vet, which uses chip technology to scan animals ranging from companions to huge and exotic animals using a single probe.
• In August 2020, IDEXX Laboratories, Inc. announced the release of ImageVue DR30 Digital Imaging System, thus expanding its imaging offering.

Similarly, recent developments related to companies offering Animal Ultrasound have been tracked by the team at Persistence Market Research, which are available in the full report.

Market Segments Covered in Animal Ultrasound Industry Analysis

By Animal Type

• Small Companion Animals
• Large Animals

By Type

• 3-D/4-D Ultrasound Imaging
• 2-D Ultrasound Imaging
• Doppler Imaging

By Technology

• Digital Imaging
• Contrast Imaging
• Microstream

By Scanner Type

• Cart-Based Ultrasound Scanners
• Handheld Ultrasound Scanners

By Region

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

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