The market for veterinary ultrasound scanners witnessed massive slowdown in its progress as a result of the spread of Covid-19 pandemic across the globe. But in the post covid world, the increasing number of veterans and availability of cost-effective veterinary ultrasound scanners has been driving the market. As recovery commences in 2021, major players are recuperating their positions through production expansion, capacity utilizations and online selling in 2021 keeping in view the covid-19 norms.
Leading corporations including GE Healthcare, Heska Corporation, Siemens AG, FUJIFILM Holdings Corporation, EsaoteSpA, and Mindray Medical International, Ltd., and Brother Enterprises Holding Co., Ltd., are making high investments in the establishment of research institutes in different regions to come up with improvements in their offerings. They are adopting business strategies such as sales contracts, strategic alliances, acquiring technical expertise, product approvals, patents and events, joint ventures, partnership agreements, collaborations, digital marketing, mergers and acquisitions, capacity utilisations, technological advancements etc. to lead the global market for veterinary ultrasound scanners with largest market share.
For instance, GE Healthcare launched the Thr GE LOGIQ S7 Expert veterinary ultrasound system which provides superb imaging in a wide range of species and applications. By january 2021, the company had made more than 23 acquisitions and 14 investments. In addition to this, Heska Corporation entered into an agreement to acquire Lacuna Diagnostics, a Pioneer and Market Leader in Point-of-Care Digital Cytology. Lacuna is a leading digital telemedicine cytology platform that works on improving the standard of care veterinarians they offer for pets.
North America is predicted to rule the global market for the veterinary ultrasound scanners through 2030 owing to increased consumer spending on pets. The awareness of diseases in animals is one of the main driving factors of the market. Rising incidences of zoonotic diseases and safety concerns for animals and humans makes Germany the second market expected to witness growth. India and China region is an emerging and potential market for veterinary ultrasound as the regions are witnessing improvement in vet healthcare.
The veterinary ultrasound scanner is an imaging device that uses high-frequency ultrasound waves to create images of the inside of the animal body. It is designed for various veterinary examination applications such as pregnancy scan, distal limb exams, abdominal, musculoskeletal, and cardiology in animals. The veterinary ultrasound scanners help to diagnose the problems with soft tissues, muscles, blood vessels, tendons, and joints. There are different types of veterinary ultrasound scanners available in the market based on technology and application type.
Veterinary ultrasound scanners are available for all types of species and animals, e.g., companions, equine, bovine, small animals, farm animal, ovine, porcine, ruminants, swine, feline, etc. In this report, the veterinary ultrasound scanners market is segmented by product type, imaging technology, and end users. The report analyses the demand from veterinary hospitals, veterinary clinics, animal breeding and farms. By product type, the veterinary ultrasound scanners market is segmented into portable/handheld ultrasound scanner and cart-based ultrasound scanner.
The study covers the revenue generated by the products mentioned. The portable/handheld veterinary ultrasound scanner is lightweight and mobile, it can be carried around the field and operated with the help of a battery. The cart-based veterinary ultrasound scanner requires a cart, which allows easy maneuvering and mobility throughout the facility.
In terms of revenue, the global veterinary ultrasound scanners market is projected to expand at 4.2% CAGR over the forecast period of 2018–2028, and is expected to be valued at US$ 239.6 Mn by 2028 end.
Geographically, the global veterinary ultrasound scanners market is segmented into eight major regions, namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific (Asia-Pacific excluding China & Japan), Japan, China and the Middle East & Africa (MEA). In terms of value, North America dominated the global veterinary ultrasound scanners market in 2017 and is expected to expand at a CAGR of 3.5% over the forecast period of 2018–2028. China and Asia Pacific are expected to be the fast-growing markets, in terms of revenue, in the global veterinary ultrasound scanners market, registering CAGRs of 12.1% and 6.5%, respectively, over 2018–2028.
In North America, the U.S. is the dominant market for veterinary ultrasound scanners due to increased consumer spending on pets. Over the past few decades, it has been noted that the U.S. vet care spending has almost doubled owing to increase in awareness regarding the diseases in animals and accessibility of treatment and diagnostic methods for various chronic diseases. Increasing vet care spending is expected to directly impact the need for better pet screening and treatment, which in turn is expected to create high growth opportunities for the players operating in the veterinary ultrasound scanners market over the forecast period.
As per the American Pet Products Association, about US$ 69.5 Bn was spent on pet healthcare in 2017 in the U.S. Increasing acceptance of pet insurance policies by pet owners in the U.S. to provide proper health care services to their pets is the other factor expected to boost the growth of the U.S. veterinary ultrasound scanners market over the forecast period. According to the 2017-2018 APPA National Pet Owners Survey Debut, nearly 9 million dogs and over 4.5 million cats are insured in the U.S.
By country, the second dominant market in the veterinary ultrasound scanners market is Germany owing to the rise in the prevalence of zoonotic diseases and increasing safety concerns for animals and humans. Food-related safety concerns with increasing meat consumption and dairy products is expected to fuel the demand for veterinary ultrasound scanners in the country. Additionally, increasing expenditure on vet care in European countries, such as Germany, France, the U.K., and Italy, is also expected to boost the growth of the market for veterinary ultrasound scanners.
The European government has funded US$ 1.48 billion between 2009 and 2014 under the European Animal Health Strategy Programs. These fundings for reducing the burden of zoonotic diseases are expected to spur the demand for veterinary ultrasound scanners over the forecast period.
Increased funding and support by the World Organization for Animal Health (OIE), Centre for Disease Prevention and Control, Food and Agriculture Organization for animal disease eradication programs are expected to drive the growth of the veterinary ultrasound scanners market in Asia Pacific and Middle East and Africa.
FMD control programs conducted in India and China are expected to boost the growth of the veterinary ultrasound scanners market with improvement of vet healthcare. Increasing number of veterians and availability of cost-effective veterinary ultrasound scanners is expected to boost the demand for veterinary ultrasound scanners in China. Increasing adoption of portable and multiplication veterinary ultrasound scanners for farm and livestock animal diagnosis is expected to spur the growth of the Japan veterinary ultrasound scanners market.
Moreover, the growing adoption rate of pets from shelters and rescue homes and the One Health Zoonotic Disease Prioritization Workshops to control and prevent infectious diseases are also expected to fuel the growth of the global veterinary ultrasound scanners market over the forecast period. The growing adoption of veterinary ultrasound scanners by cattle breeders for prenatal diagnosis is expected to create growth opportunities for the players operating in the global veterinary ultrasound scanners market.
The global veterinary ultrasound scanners market is segmented on the basis of product type into:
- Portable/Hand Held Ultrasound Scanner
- Cart Based Ultrasound Scanner
The report begins with the market definition, followed by definitions of the different product types. The market dynamics section includes FMI’s analysis on key trends, drivers, restraints, opportunities and macro-economic factors influencing the growth of the global veterinary ultrasound scanners market.
The report analyses the market on the basis of the imaging technology and end user and presents forecast in terms of value for the next 10 years. On the basis of imaging technology, the global veterinary ultrasound scanners market is segmented into:
- Digital Imaging Technology
- Analog Imaging Technology
- Contrast Imaging Technology
On the basis of the end users, the global veterinary ultrasound scanners market is segmented into:
- Veterinary Hospitals
- Veterinary Clinics
- Animal Breeding and Farms
Next, the report analyses the market on the basis of regions and presents the forecast in terms of value for the next 10 years. On the basis of region, the global veterinary ultrasound scanners market is segmented into:
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Australia & New Zealand
- Rest of APAC
- GCC Countries
- South Africa
- Rest of MEA