Newly-released Animal Ultrasound industry analysis report by Persistence Market Research shows that global sales of Animal Ultrasound in 2021 was held at US$ 219.3 Mn. With 14.1% CAGR during 2022 – 2032, the market growth is projected to reach a valuation of US$ 903 Mn by 2032. Market revenue through Small Companion Animals is expected to register an absolute dollar opportunity of nearly US$ 419.6 Mn during 2022 – 2032.
The animal ultrasound market refers to the market for ultrasound equipment used for diagnosing and monitoring animal health. Ultrasound technology uses high-frequency sound waves to create images of the internal structures of animals. These images are used by veterinarians to diagnose and monitor a variety of conditions, including pregnancy, cardiovascular disease, and cancer.
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U.S. Animal Ultrasound Market Analysis
Due to the rising veterinary healthcare spending and the existence of key competitors in the United States, the market in the country accounted for the largest global share of more than 31.6% in 2020. Furthermore, the expanding number of pet owners in the country, together with the increased usage of pet insurance, is likely to drive market expansion.
U.K. Animal Ultrasound Market Analysis
Animal ultrasound is very popular in the U.K. owing to the large pet care expenditure in the country. The presence of the Animal Ultrasound Association in the country has been further elevated providing a fertile ground for the animal ultrasound to flourish. The market for animal ultrasound in the U.K. stood at US$ 8.8 Mn in 2021. Growing at a CAGR of US$ 14.3% during 2022 – 2032, the market in the country is projected to reach a valuation of US$ 36.6 Mn by 2032.
Japan Animal Ultrasound Market Analysis
Pet fondness in Japan can be estimated from the fact that it is the only country globally where pets outnumber children. According to the Japan Pet Food Association, the country is populated with 17 Mn children under 16 years of age, whereas it constitutes nearly 20 Mn cats and dogs. With these statistics, the market for animal ultrasound in Japan is expected to reach a valuation of US$ 34.3 Mn by 2032, growing at a CAGR of 15.2% during 2022 – 2032.
South Korea Animal Ultrasound Market Analysis
The market for animal ultrasound in South Korea stood at US$ 4.6 Mn in 2021. The market in the country is projected to reach a valuation of US$ 20 Mn by 2032, growing at a CAGR of 14.8% during 2022 – 2032.
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Market Segmentation:
The animal ultrasound market can be segmented based on product type, animal type, and end-user. By product type, the market can be segmented into portable ultrasound machines, cart-based ultrasound machines, and handheld ultrasound machines. By animal type, the market can be segmented into companion animals, livestock, and others. By end-user, the market can be segmented into veterinary clinics, animal hospitals, and research laboratories.
Regional Analysis:
North America is expected to dominate the animal ultrasound market, followed by Europe and Asia-Pacific. The market growth in North America can be attributed to the growing adoption of companion animals, increasing prevalence of animal diseases, and favorable government initiatives to promote animal healthcare.
Competitive Analysis
Some of the key players in the animal ultrasound market are IDEXX, Carestream Health; Esaote SpA; Sound; Fujifilm Sonosite, Inc.; Hallmarq Veterinary Imaging; BCF (IMV Imaging); Shenzhen Mindray Bio-Medical Electronics Co., Ltd.; Siemens Medical Solutions; and Heska Corp.
Some of the recent developments in Animal Ultrasound market are as follows:
- In June 2019, Fujifilm Sonosite and Partners Healthcare, a US-based enterpriser, partnered to improve the design of ultrasound projects using artificial intelligence.
- In September 2019, E. I Medical Imaging, one of the most well-known vendors, unveiled the IBEX PRO, a new ultrasonic brand scanner.
- In November 2019, the most popular Butterfly Network launched its new product Butterfly iQ Vet, which uses chip technology to scan animals ranging from companions to huge and exotic animals using a single probe.
- In August 2020, IDEXX Laboratories, Inc. announced the release of ImageVue DR30 Digital Imaging System, thus expanding its imaging offering.
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