Veterinary Ultrasound Scanners Market

Veterinary Ultrasound Scanners Market Outlook (2022-2028)

[247 Pages Report] The global Veterinary Ultrasound Scanners Market is currently worth US$ 190 Mn, and is projected to expand at a CAGR of 4% and reach a valuation of US$ 240 Mn by the end of 2028. 

Veterinary ultrasound scanner sales accounted for around 2% share of the global ultrasound systems market, which held a valuation of US$ 9 Bn in 2021.

Consumption Analysis of Veterinary Ultrasound Scanner: (2013 to 2021) Vs Market Outlook (2022 to 2028)

Pet adoption and ownership have grown substantially over the past few years and this has definitely given the veterinary industry boost that it required. From 2013 to 2021, sales of animal ultrasound scanners rose at a CAGR of 3.8% and the market held a net worth of US$ 181.7 Mn by the end of 2021.

The world has also seen a major increase in companion animal population on a global scale, and this has largely influenced the pet insurance and pet care markets. Technological advancements have also largely influenced the veterinary care market and this also has had an effect on the veterinary ultrasound scanner demand.

Veterinary ultrasound scanner sales are predicted to rise at a CAGR of 4% from 2022 to 2028, and this analysis suggests the market to end up with a net worth of US$ 240 Mn by the end of the forecast period.

Growing consumer spending on pet care, rising pet companion population, increasing veterinary practitioners, rising pet ownership, and growing awareness about pet health are some major factors that influence the veterinary ultrasound scanners market trajectory.

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Which Regional Markets Should Veterinary Ultrasound Scanner Manufacturers Focus On?

“North America Leads Global Demand for Animal Ultrasound Scanners”

This veterinary ultrasound scanners market survey by FMI focuses on key statistics from regions such as North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa (MEA). 

Veterinary ultrasound scanners demand in North America currently accounts for 45% of the global industry. Massive demand is majorly driven by rising consumer spending on pets in this region. Veterinary ultrasound scanner suppliers should focus on the U.S. and Canada to maximize their market presence in North America, where demand for wireless veterinary ultrasound scanners is slated to rise rapidly, especially canine ultrasound scanners.

The Western Europe veterinary ultrasound scanners market accounts for a significant share in the global market landscape. Increasing awareness for the safety and health of animals as well as humans is expected to majorly guide the demand for veterinary ultrasound scanners in this region. The Germany animal ultrasound scanners market is expected to be the most lucrative market in this region.

The Latin American veterinary ultrasound scanners market currently holds a 3.4% market share in the global industry. The market share of this region is anticipated to rise at a lower CAGR than some regions but as disposable income increases, this trend is expected to change by the end of the forecast period.

Veterinary ultrasound scanner consumption in East Asia, South Asia, and the Pacific regions are expected to see an increase over the forecast period with key nations like India and China being at the forefront of the market growth. Increasing spending on pet care and rising awareness for pet care are also expected to aid the market in these regions.

The veterinary ultrasound scanners market in the MEA region currently holds the lowest market share of all regions, but is expected to increase its share owing to the rising popularity of pet adoption and ownership in this region. Veterinary ultrasound scanner demand from the MEA region only accounts for 1.6% of the global industry.

Country-wise Analysis

Will China Be a Lucrative Market for Veterinary Ultrasound Scanner Manufacturers?

“Rising Pet Ownership to Drive Demand for Vet Ultrasound Machines”

Pet adoption and pet ownership in China are expected to see a major rise over the forecast period, and this is expected to drive the pet care industry in the nation. The young population is expected to opt for more pets in the near future, and this is expected to help in boosting the sales of animal ultrasound scanners in China.

Chinese millennials are veering away from their traditions and are staying away from marriages and starting families and this has majorly helped pet ownership trends in the nation.

People living alone in China are increasing at a rapid rate due to the younger population wanting to live alone and increasing divorce rate, and both these factors are expected to promote pet ownership and subsequently drive demand for veterinary ultrasound scanners and mostly portable veterinary ultrasound machines in the country.

Currently, China accounts for 8% of global animal ultrasound scanner sales revenue.

Which Factors are Driving the U.S. Veterinary Ultrasound Scanners Market?

“High Pet Health Awareness Driving Sales of Vet Ultrasound Systems”

Veterinary ultrasound scanners shipments in the U.S. are expected to rise over the forecast and this can be attributed to the rising pet companion population in the nation.

Rising prevalence of emotional issues in the nation has led to increasing adoption of pets as companions for emotional and assistive support. This, in turn, drove demand for better pet care and propelled demand for veterinary ultrasound scanners.

Rising pet ownership and rising pet health awareness are also majorly guiding veterinary ultrasound scanner sales in the U.S., especially portable veterinary ultrasound machines.

Category-wise Analysis

How are Sales of Portable/Hand Held Ultrasound Scanners Expected to Perform?

“Portable Veterinary Ultrasound Machines to Enjoy Huge Popularity”

Portable veterinary ultrasound scanners are expected to dominate the global veterinary ultrasound scanners market. The compact nature of vet portable ultrasound scanners makes them a favorite choice among veterinary practitioners and veterinary medical establishments.

Technological advancements and new product launches are expected to boost the sales of portable veterinary ultrasound machine scanners over the forecast period.

COVID-19 Impact on Industry

The pandemic of 2020 adversely affected the world economy and completely changed the way the world economy functions. With lockdown restrictions all over the globe, the sales of veterinary ultrasound scanners saw a massive drop in the COVID-19 pandemic era. With movement restrictions and disruptions to the supply chain, there was a rift between consumer demand and fulfilment, which is expected to change in the post-pandemic era as the world returns to normalcy.

As the world gears to recover from the slump of 2020, the veterinary ultrasound scanners companies are expected to pace their product manufacture capacity and focus on new launches as well. The veterinary ultrasound scanners market is expected to make full recovery from 2021 and maximize its revenue potential in all regions.

Competitive Landscape

Key veterinary ultrasound scanner suppliers are investing in the research & development of cost-effective veterinary ultrasound scanners to boost sales in emerging economies where spending potential is less.

Veterinary ultrasound scanner manufacturers are also focusing on mergers and collaborations to increase their geographical presence and market share.

• In October 2021, Butterfly Network Inc., a digital health firm known for its innovative product approach announced the release of its new veterinary ultrasound device. The new device iQ+ Vet ultrasound provides a new guidance tool with hardware improvements that provide sharper imaging.
• In January 2021, Lacuna Diagnostics Inc., a pioneer in telemedicine and point-of-care diagnostics company announced that it had entered into an agreement with Heska Corporation for complete acquisition. Heska Corporation is a leading veterinary diagnostic firm and this acquisition will help it to bolster its product portfolio.

Veterinary Ultrasound Scanners Industry Report Scope

Key Segments of Veterinary Ultrasound Scanners Industry Survey

Veterinary Ultrasound Scanners Market by Product Type:

• Portable/Hand Held Ultrasound Scanners
• Cart Based Ultrasound Scanners

Veterinary Ultrasound Scanners Market by Imaging Technology:

• Digital Imaging Technology in Veterinary Ultrasound Scanners
• Analog Imaging Technology in Veterinary Ultrasound Scanners
• Contrast Imaging Technology in Veterinary Ultrasound Scanners

Veterinary Ultrasound Scanners Market by End User:

• Veterinary Ultrasound Scanners in Veterinary Hospitals
• Veterinary Ultrasound Scanners in Veterinary Clinics
• Veterinary Ultrasound Scanners in Animal Breeding and Farms

Veterinary Ultrasound Scanners Market by Region:

• North America Veterinary Ultrasound Scanners Market
• Latin America Veterinary Ultrasound Scanners Market
• Europe Veterinary Ultrasound Scanners Market
• East Asia Veterinary Ultrasound Scanners Market
• South Asia & Pacific Veterinary Ultrasound Scanners Market
• Middle East & Africa (MEA) Veterinary Ultrasound Scanners Market