Ultrasound, or sonography, is a non-invasive diagnostic technique utilizing high-frequency sound waves to create images of internal body structures. Widely employed in veterinary medicine, it is used to visualize body parts such as the structure and movement of the kidneys, liver, gallbladder, pancreas, spleen, and vessels in real-time. One of the key advantages of ultrasound imaging is that it can be performed quickly, using minimal restraint or sedation. Veterinarians use ultrasound to diagnose conditions such as kidney/bladder stones, enlarged organs, pancreatitis, portosystemic shunts and to guide needles for biopsies of tissue.
Rising Population & Adoption of Companion Animals
A global surge in companion animal population and adoption rates has been observed. Numerous studies highlight the positive health impacts of having a companion animal, including benefits such as cardiac arrhythmia reduction, blood pressure normalization, anxiety decrease, enhanced psychological stability, and improved overall well-being. The worldwide companion animal population has experienced substantial growth in recent years. According to the American Pet Products Association (APPA) National Pet Owners Survey (2021-2022), ~70% of US households (approximately 90.5 million families) now own a pet, a notable increase from 56% in 1988, the survey's inaugural year. This escalating pet ownership trend is anticipated to fuel demand for veterinary ultrasound systems.
Growing Awareness About Pet Healthcare is Driving Market Growth
The growing demand for animal diagnostics to address issues like pregnancy-related complications, organ enlargement, foreign body ingestion, and internal injuries has led to a rise in animal healthcare spending. This trend is expected to contribute to the market's expansion in the forecast period. The increasing emphasis on improved animal healthcare is a key factor propelling the global veterinary ultrasound market. North America, Europe, and Asia Pacific are anticipated to be pivotal regions for the market's growth. Additionally, government support through insurance and investments in the veterinary healthcare sector is further bolstering the veterinary ultrasound market.
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Veterinary Ultrasound Market: Competitive Landscape
Some of the key players operating in the market include GE Healthcare, Esaote SpA, Clarius Mobile Health, FUJIFILM SonoSite Inc., CHISON, Siemens Healthineers, Samsung Healthcare, Heska Corporation, Shenzhen Mindray Animal Medical Technology Co., Scintica Instrumentation, among others.
Organic and Inorganic Growth Strategies Adopted by Players to Establish Their Foothold in the Market
Players operating in this market are adopting organic and inorganic growth strategies such as launching new products, acquiring related firms, and entering into collaborations to garner higher market share. For instance,
- In June 2023, Esaote North America introduced new, A.I.-enhanced MyLab X90VET ultrasound system. It is equipped with intelligent proprietary Augmented Insight technology, designed to propel veterinary care forward, delivering accurate and precision imaging for a confident diagnosis
- In January 2023, Sound Technologies and GE HealthCare entered into a collaboration agreement to bring Vscan Air handheld ultrasound to veterinary practices across the United States
- In January 2022, Clarius Mobile Health introduced three new ultra-portable wireless smartphone ultrasound scanners for veterinarians. The newly launched ultrasound scanners are pocket-sized, 30% lighter with revolutionary pricing and new features
The Veterinary Ultrasound Market is expected to gain further momentum in the coming years due to the increasing number of veterinary practitioners, the foray of new players offering veterinary ultrasound systems, growing pet healthcare expenditure, growth in emerging markets, and aggressive organic and inorganic growth strategies followed by the players.
Key Strategic Questions Addressed
- What is the market size and forecast for the Veterinary Ultrasound Market?
- What are the historical, present, and forecasted market shares and growth rates of various segments and sub-segments of the Veterinary Ultrasound Market?
- What are the major growth drivers, restraints/challenges impacting the market?
- What are the opportunities prevailing in the market?
- What is the investment landscape?
- Which region has the highest share in the market? Which region is expected to witness the highest growth rate in the next 5 years?
- Who are the major players operating in the market? What is the competitive positioning of key players?
- Who are the new players entering the market?
- What are the key strategies adopted by players?
The study has been compiled based on extensive primary and secondary research.
To validate research findings (market size & forecasts, market segmentation, market dynamics, competitive landscape, key industry trends, etc.), extensive primary interviews were conducted with both supply and demand-side stakeholders.
Supply Side Stakeholders:
- Senior Management Level: CEOs, Presidents, Vice-Presidents, Directors, Chief Technology Officers, Chief Commercial Officers
- Mid-Management Level: Product Managers, Sales Managers, Brand Managers, Business Development Managers, Consultants
Demand Side Stakeholders: Veterinary Clinics, Veterinary Hospitals, Academic Institutes, among others
Breakdown of Primary Interviews
Market Size Estimation
Both ‘Top-Down and Bottom-Up Approaches’ were used to derive market size estimates and forecasts.
Research findings derived through secondary sources & and internal analysis were validated with Primary Interviews, Internal Knowledge Repository, and Company Sales Data.