VETERINARY ULTRASOUND MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
The veterinary ultrasound market is estimated to be valued at USD 504.9 Mn in 2024 and is expected to reach USD 833.9 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.4% from 2024 to 2031.
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The veterinary ultrasound market is experiencing steady growth, driven by increasing pet adoption and heightened awareness about animal healthcare. The rising prevalence of zoonotic diseases and advancements in ultrasound technology further enhance diagnostic capabilities. However, challenges such as high costs of ultrasound devices and a shortage of trained veterinarians may restrain the market expansion. Emerging economies present significant opportunities as healthcare infrastructure improves, leading to greater demand for advanced veterinary diagnostic procedure.
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Insights by Type of Ultrasound - Affordability Drives the Demand for 2-D Ultrasound Imaging
In terms of type of ultrasound, 2-D ultrasound imaging segment is estimated to contribute the highest market share of 54.8% in 2024, owing to its affordability. 2-D ultrasound devices are cheaper than 3-D/4-D options as they utilize simpler imaging technology. The cost benefits have made 2-D ultrasounds an essential tool in most veterinary clinics and hospitals. This wider availability has, in turn, increased familiarity with ultrasound diagnostics among both vets and pet owners.
Insights by Product – Portable Ultrasound Witnesses High Demand as It Enhances Care across Multiple Settings
In terms of product, portable ultrasound scanners segment is estimated to contribute the highest market share of 62.1% in 2024, owing to advantages in portability. Their compact designs allow ultrasound imaging to be performed outside of fixed clinical settings. Portable units enable veterinarians to examine large animals directly on farms. They are also well-suited for mobile practices serving rural/regional areas away from. Portability further supports care in emergency/critical situations where moving large cart-based machines may not be feasible.
Insights By Application - Precise Imaging Drives Cardiology Segment Growth
In terms of application, cardiology segment is estimated to contribute the highest market share of 49.7% in 2024, owing to demands for high resolution imaging. Ultrasound is an invaluable tool for examining cardiac structure and function in both large and small animals. It provides real-time visualization of the heart along with Doppler mapping of blood flow. Altogether, demands for highly resolved cardiac ultrasound from both diagnostics and interventional specialties cement cardiology as a core application driving veterinary ultrasound innovation.
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Regional Analysis: Veterinary Ultrasound Market
Dominating Region: North America
North America is expected to dominate the veterinary ultrasound industry with the highest market share of 43.1% in 2024 which is attributed to factors such as significant presence of key players, high pet care expenditure, and favorable government initiatives that promote animal health and welfare.
Fastest-Growing Region: Asia Pacific
Asia Pacific region exhibits the fastest growth with 24.2% of the market share in 2024 in the veterinary ultrasound industry backed by increasing pet adoption, rising awareness about pet health, and growing veterinary infrastructure across developing nations.
Veterinary Ultrasound Market Outlook for Key Countries
Growing pet ownership in the U.S.
The U.S. veterinary ultrasound market growth is driven by growing pet population and high per capita animal healthcare spending. According to American Pet Products Association statistics released in April 2023, over the past three decades, pet ownership in the U.S. has experienced a notable surge. As of 2023, approximately 66% of households (equivalent to 86.9 million homes) were pet owners, compared to 56% in 1988, as indicated by pet ownership statistics. Pets hold a crucial role in their owners' lives, providing companionship and emotional support. According to American Veterinary Medical Association, remarkably, 85% of dog owners and 76% of cat owners consider their pets to be integral members of their families.
Well-established veterinary services in Germany
Germany veterinary ultrasound market benefits from well-established veterinary services and high pet care standards. Leading companies like Esaote focus on product customization and digital connectivity solutions tailored for the Europe veterinary ultrasound market, enhancing diagnostic capabilities and ensuring that veterinarians can provide optimal care for animals through advanced imaging technologies.
Increasing pet ownership in Japan
Increasing pet ownership in Japan boosts the demand for veterinary ultrasound which drives the market growth. For instance, in January 2021, according to a survey conducted by the Japan Pet Food Association, there have been 15% increase in dog and cat ownership in 2020, as compared to 2018 in Japan. There were 8.49 million dogs and 8.64 million cats as pets in Japan, in October 2020.
Increasing pert awareness in India
Increased awareness regarding pet health and wellness is driving demand for advanced diagnostic tools like veterinary ultrasound in India. Pet owners are prioritizing early disease detection, leading to a greater reliance on sophisticated imaging technologies to ensure their pets receive timely and effective medical care.
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Top Strategies Followed by Veterinary Ultrasound Market Players
Emerging Startups in the Veterinary Ultrasound Market
Several promising startups are developing advanced ultrasound technologies. Anthropic develops AI-guided ultrasound solutions to help less experienced veterinarians obtain high-quality images. Ultra Vision Medical utilizes 3D printing and smart sensor integration to create lightweight, ergonomic ultrasound probes. Their innovations could automate tasks and enable widespread telemedicine applications.
Sustainability is another driving focus. Butterfly CX from Butterfly Network produces no electronic waste and runs without batteries, advancing greener healthcare. VetSono focuses on remanufacturing existing ultrasound systems to reuse components, lowering environmental impact. Their efforts contribute to reduced e-waste and sustainable practices industry-wide.
Up-and-coming companies also make important market contributions. CanVet Animal Health targets equine practices with an ultrasound scanner mount designed for imaging horses safely from the ground without sedation. Equi-Son designs affordable portable medical devices specifically for equine dentistry and orthopedic procedures, two growing specialties.
Key Takeaways from Analyst
Rising pet ownership and increasing animal healthcare spending is expected to boost the demand for veterinary ultrasound systems which is expected to fuel the market growth.
Advancing technology is also supporting market growth. Newer ultrasound systems with improved imaging quality and added features are enabling accurate diagnosis of complex diseases and conditions. This, in turn, is helping veterinarians provide better treatment to pets.
High installation and maintenance costs of advanced veterinary ultrasound systems may restrain market growth to some extent. Also, lack of skilled professionals in some regions remains a challenge. The Asia Pacific region is expected to witness the fastest growth due to rising pet adoption, increasing pet healthcare expenditure, and growing number of veterinary practices in the region.
Veterinary Ultrasound Market Report Coverage
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2023 | Market Size in 2024: | US$ 504.9 Mn |
| Historical Data for: | 2019 To 2023 | Forecast Period: | 2024 To 2031 |
| Forecast Period 2024 to 2031 CAGR: | 7.4% | 2031 Value Projection: | US$ 833.9 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
IDEXX, Esaote SpA, Mars Incorporated, Fujifilm Healthcare Solutions, Siemens Healthcare Limited, GE Healthcare, IMV Imaging, CHISON Medical Technologies Co., Ltd., BenQ Medical Technology Corp, Avante Animal Health, CONTEC MEDICAL SYSTEMS CO.,LTD, and Butterfly Network, Inc. |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Market Driver - Growing animal health expenditure
The rising animal healthcare expenditure globally is expected to drive the market growth. For instance, according to the highlights of NAPHIA's State of the Industry Report released in 2023, pet insurance in the U.S. experienced significant growth. The total premium volume for pet insurance approached US$ 3.2 billion. By the end of 2022, the number of insured pets in the U.S. reached US$ 4.8 million, reflecting a 22% increase compared to 2022. The growing expenditure on animal healthcare will continue driving higher investments in advanced tools like veterinary ultrasound.
Market Challenge - High costs of veterinary software
The veterinary ultrasound market faces significant challenges, particularly due to the high costs associated with specialized ultrasound software. Developing sophisticated software for accurate image analysis requires substantial R&D investments, leading to premium pricing by veterinary software companies. This high cost acts as a barrier to widespread adoption, especially in rural and developing regions where budgets are limited. Unless innovations reduce R&D expenses or affordable subscription models are introduced, these costs will continue to hinder market expansion.
Market Opportunity - Growing animal health awareness programs
One of the major opportunities for the veterinary ultrasound market is the increasing initiatives to raise awareness about animal healthcare. For instance, in May 2021, the American Pet Products Association (APPA) announced the launch of its “Pet Feels” campaign, the newest initiative for the association’s Pets Add Life (PAL) program. If these programs expand their reach and frequency, they can drive higher demand for veterinary ultrasound technologies. This presents a promising avenue for sales growth for medical device companies in the coming years.
What does Growth in the Veterinary Ultrasound Industry mean for Different Stakeholders?
The veterinary ultrasound industry has multiple players with varied designations and offers multiple opportunities based on their scope of operations.
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Key Medical Devices Stakeholder |
Opportunities Due to Veterinary Ultrasound Market Growth |
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Retail Pharmacies |
Offering medical devices for home use, such as blood glucose monitors and digital thermometers, expanding product offerings and customer care services. |
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Medical Device Manufacturers |
Expansion of product lines to include innovative devices such as wearables, smart implants, and AI-driven diagnostic tools. |
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Healthcare Providers |
Opportunities to adopt and integrate cutting-edge medical devices into patient care, improving outcomes and expanding service offerings. |
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Biotech Firms |
Collaborating on the development of combination products, such as drug-device combinations, offering new treatment options and expanding markets. |
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Regulatory Affairs Specialists |
Growing demand for expertise in navigating the complex regulatory landscape for medical device approvals, ensuring compliance with global standards. |
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Supply Chain and Logistics Providers |
Managing the distribution of sensitive and high-value medical devices, including ensuring compliance with medical regulations and standards. |
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Medical Device Consultants |
Providing strategic guidance on product development, regulatory compliance, and market entry for medical device companies. |
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Healthcare Training Institutions |
Expanding training programs to include the use of advanced medical devices, preparing healthcare professionals for the latest technological advancements. |
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About Author
Komal Dighe is a Management Consultant with over 8 years of experience in market research and consulting. She excels in managing and delivering high-quality insights and solutions in Health-tech Consulting reports. Her expertise encompasses conducting both primary and secondary research, effectively addressing client requirements, and excelling in market estimation and forecast. Her comprehensive approach ensures that clients receive thorough and accurate analyses, enabling them to make informed decisions and capitalize on market opportunities.
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