Veterinary Ultrasound Market is anticipated to grow at a CAGR of 5.5% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Veterinary Ultrasound Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the Global Veterinary Ultrasound Market is estimated to be valued at over US$333 million by 2020. The market is anticipated to grow at a CAGR of 5.5% from 2020 to 2030.
Growing companion animal population, rising demand for pet insurance and increasing pet care expenditure are some of the key factors driving the the market. However, stringent government regulation is likely to restrain market growth to a certain extent.
To fortify their presence in the market, prominent players are increasingly collaborating with several institutes, research centers, and companies. For instance, in December 2019, Kindred Biosciences, Inc. and Butterfly Network announced an affiliate relationship to make Butterfly’s veterinary ultrasound tool, the iQ Vet, available to veterinarians in the United States.
Growing companion animal ownership has increased the demand for highly accurate and effective diagnostic solutions, which in turn is expected to propel the veterinary ultrasound market. In 2019-2020, according to American Pet Products Association (APPA), around 67% of U.S. households owned a pet, which equates to 84.9 million homes. This number is anticipated to grow further in the coming years. Due to expected rise in companion animal population, the veterinary ultrasound market is also expected to rise concomitantly.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, Veterinary Ultrasound Market by Type (2D Ultrasound, 3D/4D Ultrasound and Doppler Ultrasound), Technology (Digital Imaging and Contrast Imaging), Product (Hand-held [Portable] Ultrasound Scanner and Cart-based Ultrasound Scanner), End User (Veterinary Clinics and Veterinary Hospitals)-Analysis & Forecast 2020-2030. in detail along with the table of contents:https://www.marketindustryreports.com/veterinary-ultrasound-market/286
Rising demand for pet insurance and increasing pet care expenditure are other factors that are expected to propel its adoption in the coming years. In 2019, as per APPA, around US$ 95.7 Bn were spent on pets in U.S. Furthermore, according 2017-2018 APPA National Pet Owners Survey Debut, around 9 Mn dogs and over 4.5 Mn cats were insured in the U.S.
However, stringent government regulation is one of the major factors hampering the market growth. For instance, the Indian health ministry has notified ultrasound equipment under the Drugs and Cosmetics (D&C) Act to regulate its import, manufacture and sale. With effect from November, 2020 companies that offer ultrasound technology will have to apply for permission from the Drug Controller General of India (DCGI) which is responsible for approval of licenses, before the company can sell their medical devices in India.
Asia Pacific is the fastest-growing market for veterinary ultrasound and is anticipated to contribute significantly to the global market share. China dominates the APAC veterinary ultrasound market. The growth in this region can be attributed to rising pet health expenditure rising livestock animal population, growing awareness and increase in interest of key players to invest in this market. Countries in the APAC, such as India, China, and Japan, are anticipated to provide significant growth opportunities to the stakeholders in the global veterinary ultrasound market.
Some of the prominent players operating in the veterinary ultrasound market include SOUND, Heska Corporation, GENERAL ELECTRIC COMPANY, Siemens Healthcare Limited, SAMSUNGHEALTHCARE.COM, FUJIFILM Corporation, ESAOTE SPA, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Diagnostic Imaging Systems and DRAMI?SKI S. A., among others.
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