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.
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With the increasing penetration of pet insurance and the increasing pet care expenditure, access to high-cost diagnostic and treatment procedures for various veterinary health conditions is expected to increase in the coming years. This is considered an indicator of the growth of the veterinary ultrasound market.
Pet healthcare expenditure includes the purchase of pet food, supplies/over-the-counter medications, veterinary care services, and pet insurance policies. Over the last few years, pet care expenditure has increased significantly in several countries. 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.
The 2D ultrasound segment accounted for the largest share of the veterinary ultrasound market
On the basis of type, the veterinary ultrasound market is segmented into 2D ultrasound, 3D/4D ultrasound, and Doppler ultrasound. In 2021, the 2D ultrasound segment accounted for the largest share of the veterinary ultrasound market. Over the years, the applications for 2D ultrasound imaging have also increased significantly. Point-of-care diagnostics, emergency care, and sports medicine are some of the applications of 2D ultrasound imaging. This is expected to contribute to the growth of the 2D ultrasound imaging market in the coming years.
The cart-based ultrasound scanners segment accounted for the largest share of the veterinary ultrasound market
Based on product, the veterinary ultrasound market is segmented into cart-based and portable ultrasound scanners. In 2021, the cart-based ultrasound scanners segment accounted for the largest share of the veterinary ultrasound market. The large share of this segment can be attributed to the constant demand for cart-based ultrasound scanners in ED and critical care units.
The digital imaging segment accounted for the largest share of the veterinary ultrasound market
Based on technology, the veterinary ultrasound market is segmented into digital and contrast imaging technologies. In 2021, the digital imaging segment accounted for the largest share of the veterinary ultrasound market. Digital imaging provides workflow benefits to hospitals and radiology departments, stores images on a centralized hard drive, and improves efficiency by allowing radiologists to review report patient studies in a digital format. These advantages are supporting the growth of this market segment.
The obstetrics/gynecology segment accounted for the largest share of the veterinary ultrasound market
Based on application, the veterinary ultrasound market is segmented into obstetrics/gynecology, cardiology, orthopedics, and other applications. The obstetrics/gynecology segment accounted for the largest share of the veterinary ultrasound market in 2021. The large share of this segment is attributed to the increasing volume of pregnancy tests performed on animals.
The small animals segment accounted for the largest share of the veterinary ultrasound market
Based on animal type, the veterinary ultrasound market is segmented into small animals, large animals, and other animals. In 2021, the small animals segment accounted for the largest share of the veterinary ultrasound market. The increasing small companion animal population, growing pet care expenditure, and growing demand for pet insurance are some of the major factors driving the small companion animals segment.
The veterinary clinics segment accounted for the largest share of the veterinary ultrasound market
Based on end user, the veterinary ultrasound market is segmented into veterinary clinics, veterinary hospitals and academic institutes, as well as other end users. The veterinary clinics segment accounted for the largest share of the veterinary ultrasound market in 2021. The growing number of patient visits, along with the increasing number of private clinical practices and increasing revenues of veterinary clinics, are the key factors driving the demand for veterinary ultrasound in clinics.
The Asia Pacific market is estimated to witness the highest CAGR during the forecast period
The Asia Pacific market is estimated to witness the highest CAGR during the forecast period owing to the growing livestock population, increasing pet adoption, rising awareness about animal health, progressive urbanization, and growing per capita animal health expenditure in several Asia Pacific countries.
Key players in the veterinary ultrasound market
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), and IMV Imaging (UK).
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