Veterinary Ultrasound Market Size, Share & Trends by Type (2D, 3D/4D, Doppler), Product (Portable Scanners), Technology (Digital, Contrast), Animal Type (Small, Large), Application (Obstetrics, Cardiology, Orthopedic), End User (Clinics, Hospitals) - Global Forecast to 2029
Veterinary Ultrasound Market Size, Share & Trends
The size of global veterinary ultrasound market in terms of revenue was estimated to be worth $385 million in 2024 and is poised to reach $539 million in 2029, growing at a CAGR of 7.0% from 2024 to 2029. The comprehensive research encompasses an exhaustive examination of industry trends, meticulous pricing analysis, patent scrutiny, insights derived from conferences and webinars, identification of key stakeholders, and a nuanced understanding of market purchasing dynamics.
The veterinary ultrasound market is fueled by increasing demand for specialized ultrasound devices, technological advancements, and increased pet healthcare expenditure, but challenges include high costs of the ultrasound devices and lack of veterinarians.
In this report, the veterinary ultrasound is segmented into – animal type, application, type, technology, product, end user and region.
Veterinary Ultrasound Market Trends
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Veterinary Ultrasound Equipment Market Dynamics
Driver: Technological advancements in veterinary ultrasound will drive the market
Technological advancements are a pivotal driver of the veterinary ultrasound market, enhancing both the capability and accessibility of ultrasound devices. Modern ultrasound systems offer significantly improved image quality, which allows for more accurate diagnoses of complex conditions in animals. Innovations such as portable and handheld devices have expanded the use of ultrasound beyond traditional clinic settings to field applications, enabling veterinarians to conduct examinations and diagnoses on-the-spot, particularly useful in treating large or non-ambulatory animals. Furthermore, the integration of digital features, such as wireless connectivity and cloud storage, has facilitated the easier sharing and management of imaging data, enhancing collaboration among veterinary professionals.
Restraint: High cost of veterinary ultrasound devices
The high cost of ultrasound devices is a significant factor restraining the growth of the veterinary ultrasound market. Advanced ultrasound technology, equipped with cutting-edge features like high-resolution imaging and sophisticated data analysis capabilities, often comes with a hefty price tag. This poses a substantial barrier to entry for smaller veterinary practices and clinics, particularly those in developing regions or rural areas where financial resources are limited. The capital investment required not only includes the initial purchase price but also the ongoing maintenance and potential upgrades, which can further strain budgets.
Opportunity: emerging markets create an opportunity for growth
Emerging markets represent a significant opportunity for growth in the veterinary ultrasound market, driven by rapid economic development, increasing pet ownership, and heightened awareness of animal health care. As the middle class expands in these regions, there is a growing willingness to invest in advanced veterinary services, including diagnostic imaging. This demographic shift is coupled with an increasing number of veterinary practitioners and clinics in these areas, creating a demand for modern medical equipment. Furthermore, governments in these countries are often investing in improving animal health infrastructure to boost livestock productivity, which further amplifies the need for diagnostic tools like ultrasound. The relatively low penetration of advanced veterinary technologies in these markets also means that there is substantial room for growth, providing an attractive opportunity for manufacturers and distributors of ultrasound equipment to establish a strong presence and expand their market share.
Challenge: Limited awareness among pet owners
Limited awareness among pet owners about the benefits and capabilities of veterinary ultrasound presents a significant challenge for the market. Many pet owners are not fully informed about the advantages of ultrasound in diagnosing and monitoring various health conditions in animals. This lack of awareness can lead to reluctance in opting for ultrasound procedures, especially when they perceive these as optional or excessively costly compared to other diagnostic methods.
The challenge is particularly acute in regions with less developed veterinary care systems where information about the latest advancements in pet healthcare may not be as accessible. Pet owners in such areas might not understand the importance of regular health checks that could include ultrasound examinations, which are crucial for early detection of diseases and conditions.
Veterinary Ultrasound Market Ecosystem
In the veterinary ultrasound market, the ecosystem encompasses a network of interconnected stakeholders and components, ranging from manufacturers and distributors of ultrasound devices to veterinary clinics, hospitals, and research institutions. Manufacturers develop and supply a diverse range of equipment tailored specifically for veterinary ultrasound.
Distributors play a crucial role in the supply chain, ensuring the efficient distribution of equipment to veterinary facilities worldwide. Veterinary clinics and hospitals serve as end users, employing ultrasound equipment for routine examinations, diagnostics, and surgical interventions in animals. Regulatory bodies and industry associations also influence the market landscape by establishing standards, guidelines, and certifications to ensure product quality, safety, and compliance. Overall, this interconnected ecosystem fosters collaboration, innovation, and advancement in veterinary ultrasound, ultimately benefiting both animal patients and caregivers
Based on type, the veterinary ultrasound market is segmented into 2D ultrasound, Doppler ultrasound and 3D/4D ultrasound. 2D ultrasound holds the largest market share in the veterinary ultrasound market as 2D ultrasound boasts affordability and ease of use. The scanners are generally less expensive than their 3D/4D counterparts, making them accessible to a wider range of veterinary clinics. Additionally, the technology is well-established, with many veterinarians already familiar and comfortable operating 2D machines. This translates to faster examination times and potentially lower overall costs for pet owners. Furthermore, 2D ultrasound excels at providing real-time, cross-sectional images perfectly suited for numerous applications, from pregnancy detection and abdominal examinations to evaluating heart function.
Based on product, the veterinary ultrasound market is segmented into cart-based ultrasound and portable ultrasound. Portable ultrasound machines dominate the veterinary ultrasound market for several reasons. Their compact size and lightweight design make them incredibly versatile. They can be easily transported between exam rooms, taken out to farms or remote locations for on-site examinations of large animals, and even incorporated into house calls. This portability enhances accessibility for both veterinarians and animals, allowing for examinations in a more comfortable and stress-free environment for the animal. Additionally, portable machines are generally more affordable compared to their cart-based counterparts.
Based on technology, the veterinary ultrasound market is segmented into digital and contrast. Digital imaging holds the largest market share in the veterinary ultrasound market as it provides superior image quality. Digital images are sharper, clearer, and less prone to artifacts, allowing for more accurate diagnoses. Secondly, digital technology facilitates image manipulation and storage. Veterinarians can easily enhance the image for better visualization, share it electronically with colleagues for consultations, and store it securely in digital archives for future reference. This eliminates the need for bulky film and simplifies record-keeping.
Based on application, the veterinary ultrasound market is segmented into obstetrics/Gynecology, cardiology, orthopedics and other applications. Obstetrics and gynecology hold the largest market share in the veterinary ultrasound market as pregnancy detection in animals is a routine procedure heavily reliant on ultrasound technology. Its non-invasive nature and ability to provide clear images of developing fetuses make it the go-to tool for veterinarians. Also, the growing focus on animal breeding and responsible pet ownership fuels the demand for ultrasound in this area. Additionally, ultrasound plays a crucial role in diagnosing and treating various gynecological conditions in animals, such as uterine abnormalities, ovarian cysts, and tumors.
Based on animal, the veterinary ultrasound market is segmented into small animals, large animals and other animals. Small animals hold the largest market share in the veterinary ultrasound market as the booming pet ownership trend translates directly to a larger market for companion animal care. Rising disposable income and a growing humanization of pets fuel pet owners' willingness to invest in advanced diagnostics like ultrasound. Secondly, the sheer number of small animals, particularly dogs and cats, compared to larger livestock, creates a naturally larger customer base for this technology. Additionally, the smaller size of these animals makes them well-suited for the ergonomics and capabilities of portable ultrasound machines, further driving adoption in veterinary clinics.
Based on end user, the veterinary ultrasound market is segmented into Veterinary clinics, veterinary hospitals and academic institutes and Other End Users. Veterinary clinics hold the largest market share in the veterinary ultrasound market as they represent the frontline of animal healthcare, providing routine checkups, preventive care, and initial diagnoses. Ultrasound's non-invasive nature and versatility make it a perfect fit for this environment, allowing veterinarians to quickly assess a wide range of issues without resorting to more expensive or potentially risky procedures. Secondly, the growing focus on preventative pet care and pet wellness encourages vets to invest in diagnostic tools like ultrasound.
North America accounted for the largest share of the global veterinary ultrasound, by region in the forecast period.
North America holds the largest market share in the veterinary ultrasound market due to factors such as high pet ownership, advanced veterinary infrastructure, pet health awareness, key market players, and a favorable regulatory landscape. Pet owners are more likely to seek veterinary attention for their pets health, leading to a larger market for veterinary ultrasound. However, developing veterinary infrastructure and lower disposable income levels in other regions may limit the market size. Despite these challenges, North America's high pet ownership rate, emphasis on pet healthcare spending, advanced veterinary infrastructure, and key market players contribute to its market dominance.
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The key players in the market include GE Healthcare (US), Esaote SpA (Italy), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China), Siemens Healthineers (Germany), FUJIFILM Holdings Corporation (Japan), Chison Medical Technologies Co., Ltd., (China), Shantou Institute of Ultrasonic Instruments Co., Ltd. (China), E.I. Medical Imaging (US), EDAN Diagnostics, Inc. (China), BMV Technology Co., Ltd (China), Samsung Electronics Co., Ltd. (South Korea), Vinno Technology (China), Shenzhen Ricso Technology Co., Ltd (China), SonoScape Medical Corp. (China), Interson Corporation (US), Scintica Instrumentation (Canada), Promed Technology Co., Ltd. (China), Leltek Inc. (China), DRAMINSKI S.A (Poland), Lepu Medical Technology (China), Butterfly Network Inc (US), Clarius Mobile Health (Canada), Xuzhou Kaixin Electronic Instrument Co., Ltd. (China), Contec Medical Systems Co., Ltd (China), Reproscan (US), and IMV Imaging (UK).
Scope of the Veterinary Ultrasound Industry
|
Report Metric |
Details |
|
Market Revenue in 2024 |
$385 million |
|
Projected Revenue by 2029 |
$539 million |
|
Revenue Rate |
Poised to Grow at a CAGR of 7.0% |
|
Market Driver |
Technological advancements in veterinary ultrasound will drive the market |
|
Market Opportunity |
emerging markets create an opportunity for growth |
The study categorizes the veterinary ultrasound market to forecast revenue and analyze trends in each of the following submarkets:
By Type
- 2D Ultrasound
- Doppler Ultrasound
- 3D/4D Ultrasound
By Product
- Cart-based
- Portable
By Technology
- Digital
- Contrast
By Animal
- Small Animals
- Large Animals
- Other Animals
By Application
- Obstetrics/Gynecology
- Cardiology
- Orthopaedics
- Other Applications
By End User
- Veterinary Hospitals and Academic Institutes
- Veterinary Clinics
- Other End Users
By Region
-
North America
- US
- Canada
-
Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Sweden
- Norway
- Rest of Europe
-
Asia Pacific
- Japan
- China
- India
- Rest of APAC
-
Latin America
- Brazil
- Mexico
- Rest of LATAM
- Middle East & Africa
Recent Developments of Veterinary Ultrasound Industry
- In January 2024, Esaote introduced two new ultrasound systems, MyLab A50 and MyLab A70, at Arab Health in Dubai World Trade Centre
- In January 2023, GE Healthcare and Sound Technologies entered into an agreement to distribute Vscan Air to veterinary practices in the US.
- In September 2021, GE Healthcare acquired BK Medical to bolster its Ultrasound business, extending from diagnostics to surgical and therapeutic intervention.
- In November 2021, FUJIFILM Europe plans to broaden its customer base by offering products and services for veterinary diagnostics through the acquisition of the French distribution company DMV Imaging.
Frequently Asked Questions (FAQ):
Which is the largest segment of the veterinary ultrasound by product?
On the basis of product, the portable ultrasound is the largest segment of the veterinary ophthalmology equipment.
Which is the largest segment of the veterinary ultrasound, by application?
On the basis of application, the obstetrics/gynecology segment is the largest segment of the veterinary ultrasound. .
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The study involved four major activities in estimating the current size of the veterinary ultrasound market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
The secondary research process involved the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B Hoovers), white papers, annual reports, company house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the veterinary ultrasound market. It was also used to obtain important information about the key players and market classification and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives. A database of the key industry leaders was also prepared using secondary research.
Primary Research
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing and sales directors, technology & innovation directors, and related key executives from various key companies and organizations operating in the veterinary ultrasound market. The primary sources from the demand side included industry experts, purchase & sales managers, doctors, and personnel from research organizations. Primary research was conducted to validate the market segmentation, identify key players in the market, and gather insights on key industry trends and key market dynamics.
A breakdown of the primary respondents for the veterinary ultrasound market is provided below:
Note 1: C-level primaries include CEOs, COOs, CTOs, and VPs.
Note 2: Other primaries include Others include sales managers, marketing managers, and product managers.
Note 3: Companies are classified into tiers based on their total revenue. As of 2023: Tier 1=>USD 1 billion, Tier 2 = USD 500 million to USD 1 billion, Tier 3=<USD 500 million
To know about the assumptions considered for the study, download the pdf brochure
The research methodology used to estimate the size of the veterinary ultrasound market includes the following details.
The market sizing of the market was undertaken from the global side.
Country-level Analysis: The size of the veterinary ultrasound market was obtained from the annual presentations of leading players and secondary data available in the public domain. The share of products in the overall veterinary ultrasound market was obtained from secondary data and validated by primary participants to arrive at the total veterinary ultrasound market. Primary participants further validated the numbers.
Geographic market assessment (by region & country): The geographic assessment was done using the following approaches:
Approach 1: Geographic revenue contributions/splits of leading players in the market (wherever available) and respective growth trends
Approach 2: Geographic adoption trends for individual product segments by end users and growth prospects for each of the segments (assumptions and indicative estimates validated from primary interviews)
At each point, the assumptions and approaches were validated through industry experts contacted during primary research. Considering the limitations of data available from secondary research, revenue estimates for individual companies (for the overall veterinary ultrasound market and geographic market assessment) were ascertained based on a detailed analysis of their respective product offerings, geographic reach/strength (direct or through distributors or suppliers), and the shares of the leading players in a particular region or country.
Global Veterinary Ultrasound Size: Top-Down Approach
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Global Veterinary Ultrasound Size: Bottom-Up Approach
Data Triangulation
After arriving at the overall market size—using the market size estimation processes explained above—the market was split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.
Market Definition
Veterinary ultrasound systems 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.
Key Stakeholders
- Veterinary Ultrasound Manufacturers and Distributors
- Veterinary R&D Companies
- Veterinary Reference Laboratories
- Government Associations
- Market Research and Consulting Firms
- Venture Capitalists and Investors
- Veterinary Hospitals and Clinics
- Veterinary Research and Academic Institutes
- Diagnostic Centers
Objectives of the Study
- To define, describe, and forecast the veterinary ultrasound market by product, type, technology, animal type, application, end user, and region.
- To provide detailed information about the major factors influencing the market growth (drivers, restraints, opportunities, and challenges).
- To strategically analyze the micro markets with respect to individual growth trends, prospects, and contributions to the overall veterinary ultrasound market.
- To analyze the market opportunities for stakeholders and provide details of the competitive landscape for key players.
- To forecast the size of the veterinary ultrasound market in North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa.
- To profile the key players and comprehensively analyze their market shares and core competencies in the veterinary ultrasound market.
- To track and analyze competitive developments such as partnerships, agreements, collaborations, mergers & acquisitions, expansions and product launches in the veterinary ultrasound market.
Available Customizations
With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:
Geographic Analysis
- Further breakdown of the Rest of Asia Pacific veterinary ultrasound market into Indonesia, Philippines, Vietnam, Hong Kong, and other countries
- Further breakdown of the Rest of Europe veterinary ultrasound market into Belgium, the Netherlands, Switzerland, and other countries.
- Further breakdown of the Latin America veterinary ultrasound market into Brazil, Argentina, Peru, and other countries.
Generating Response ...
Growth opportunities and latent adjacency in Veterinary Ultrasound Market