Veterinary Ultrasound Market

Updated on : March 03, 2023

The global veterinary ultrasound market in terms of revenue was estimated to be worth $334 million in 2022 and is poised to reach $449 million by 2027, growing at a CAGR of 6.1% from 2022 to 2027. Veterinary ultrasound devices are used for pregnancy detection, disease monitoring, and general imaging in animals. These devices are used by veterinarians in hospitals, clinics, and research labs for the detection of disorders in various animal species. Significant growth in companion animal population, and the growing animal healthcare expenditure is expected to increase the number of vet visits by pet owners, contributing to the growth of the overall veterinary health market.

To know about the assumptions considered for the study, Request for Free Sample Report

Veterinary Ultrasound Market Dynamics

Drivers: Growing companion animal population

A surge in the overall companion animal population and adoption rate has been witnessed on a global scale. According to several studies, keeping a companion animal is associated with positive health benefits, such as reduced cardiac arrhythmias, normalization of blood pressure, decreased anxiety, greater psychological stability, and improved well-being. Emerging markets such as Brazil, China, India, and Mexico are also witnessing growth in animal ownership. The increasing pet population is expected to drive the demand for pet care products and services, which, in turn, will support the growth of dependent industries such as veterinary ultrasound.

The companion animal population has witnessed significant growth across the globe over the last few years. According to the National Pet Owners Survey (2021-2022) conducted by the American Pet Products Association (APPA), 70% of US households, which accounts for approximately 90.5 million families, own a pet. This is up from 56% of US households in 1988, the first year the survey was conducted. The increasing pet population is expected to drive the demand for pet care products and services, which, in turn, will support the growth of the dependent industries. Emerging markets such as Brazil, China, Japan, and Mexico are also witnessing significant growth in pet ownership. The increasing pet population is expected to increase the demand for pet care products and services, which, in turn, will drive the growth of dependent markets, such as the veterinary ultrasound market.

Restraints: High cost of instruments and procedures

Veterinary ultrasound are high-priced products, the cost of traditional cart-based ultrasound systems is approximately USD 20,000–25,000, while that of portable ultrasound systems is around USD 10,000–15,000. Similar to ultrasound systems, the cost of veterinary ultrasound procedures is also high. For instance, abdominal ultrasound costs around USD 250–500. Specialists such as cardiologists, oncologists, and radiologists offer more expensive services ranging up to USD 500 per area of an animal body. The high cost of these procedures a major market restraint, as it prompts pet owners to avoid an ultrasound until it becomes necessary.

Opportunities: Increasing number of untapped emerging markets

In  the last few years, Companion animal ownership has grown significantly across the globe. This is particularly evident in emerging markets in the APAC and Latin American countries due to a rise in the rate of urbanization and an increase in disposable incomes, which have expanded access to animal healthcare and enabled owners to spend more on pet care. Other emerging countries across Latin America, such as Brazil and Argentina, are major beef and poultry exporters to global markets. These countries have emerged as major competitors to the US export market in recent years. According to the Food and Agriculture Organization (FAO), the livestock sector in Latin America has grown at an annual rate (3.7%) higher than the average global growth rate (2.1%). Furthermore, there has been a steady increase in the companion animal population in emerging countries, such as India, China, Brazil, and other APAC and Latin American countries, in the past few years. This, coupled with the rapid urbanization in these markets and the growing companion animal health expenditure, is encouraging global players to focus on catering to the growing demand for various animal health products in these countries.

Challenges: Shortage of trained professionals

With the rising demand for faster and more economical ultrasounds, the lack of skilled, trained, and qualified sonographers are creating pressure on clinicians. The shortage of trained professionals in underdeveloped rural areas is a challenge because the number of farms is more in rural areas than in urban areas. In several countries, there are no veterinary ultrasound-accredited bodies or certifications. Also, dedicated training programs are not offered in several countries. As a result, ultrasound procedures are performed on animals by non-trained personnel.

North America is expected to account for the largest share of the veterinary ultrasound market in 2021

To know about the assumptions considered for the study, download the pdf brochure

The prominent players in the veterinary ultrasound market are GE Healthcare (US), Esaote SpA (Italy), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China), Siemens Healthineers (Germany), FUJIFILM Holdings Corporation (Japan), Heska Corporation (US), Samsung Electronics Co., Ltd. (South Korea), Diagnostic Imaging Systems, Inc. (US), IMV Imaging (UK), Shenzhen Ricso Technology Co., Ltd. (China), DRAMINSKI S.A. (Poland), Shantou Institute of Ultrasonic Instruments (SIUI) (China), Clarius Mobile Health (Canada), SonoScape Medical Corp. (China), E.I. Medical Imaging(US), BMV Technology Co., Ltd. (China), Edan Diagnostics, Inc. (China), Xuzhou Kaixin Electronic Instrument Co. Ltd. (China), Sound (US), ReproScan (US), Interson Corporation (US), Scintica Instrumentation, Inc. (Canada), Lepu Medical Technology (China), Promed Technology Co., Ltd. (China).

Veterinary Ultrasound Market Report Scope:

The study categorizes the veterinary ultrasound market into following segments & Sub-segments:

By Type

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

By Product

• Cart- based Ultrasound Scanners
• Portable Ultrasound Scanners

By Technology

• Digital Imaging
• Contrast Imaging

By Animal Type

• Small Companion Animals
• Large Animals
• Other Animals

By Application

• Obstetrics & Gynecology
• Cardiology
• Orthopedics
• Other Applications

By End User

• Veterinary Clinics
• Veterinary Hospitals & Academic Institutes
• Other End Users

By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa

Recent Developments

• In September 2021, GE Healthcare (US) announced that it had completed its acquisition of BK Medical (US). This acquisition would support the expansion of its Ultrasound business from diagnostics to surgical and therapeutic interventions.
• In August 2021, Esaote SpA (Italy) completed an agreement with Magnet Group (US). This agreement provided Magnet Group members full access to Esaote North America’s comprehensive imaging portfolio and services. This includes the MyLab ultrasound portfolio and the dedicated MRI product line.
• In January 2021, Esaote SpA (Italy) completed an agreement with Intalere (US). This agreement provided Intalere members full access to Esaote North America’s comprehensive imaging portfolio and services. This includes the MyLab ultrasound portfolio and the dedicated MRI product line.

Frequently Asked Questions (FAQ):

To speak to our analyst for a discussion on the above findings, click Speak to Analyst