Additionally, the development of portable and user-friendly ultrasound scanners enhances their accessibility in veterinary clinics and hospitals, further driving market growth.
By 2023, the veterinary ultrasound scanner market is expected to grow significantly, with a projected revenue of US$ 198.1 million. The market exhibits a noteworthy pattern, with a forecasted compound annual growth rate (CAGR) of 3.7% through 2033. The worldwide veterinary ultrasound scanner market is expected to reach an amazing valuation of US$ 284.8 million by 2033, according to the steady growth estimates.
Ultrasound scanners offer non-invasive imaging solutions for various animals, aiding in the diagnosis of diseases and monitoring of pregnancies. Factors such as technological advancements, rising pet adoption rates, and the growing prevalence of animal diseases contribute to the market's expansion. Additionally, the development of portable and user-friendly ultrasound scanners enhances their accessibility in veterinary clinics and hospitals, further driving market growth.
North America to Dominate Global Veterinary Ultrasound Scanner Market; Western Europe to Follow, APECJ to Present Lucrative Opportunities
Increasing pet adoption and vet care expenditure will boost the veterinary ultrasound market in North America. Western Europe is pegged to be the second largest market for veterinary ultrasound scanners owing to increasing occurrence of zoonotic diseases and livestock screening for food safety attributable to increased meat consumption. On the other hand, public and private funding along with support programs for vet care will open positive investment prospects for manufacturers of veterinary ultrasound scanners in Asia Pacific excluding China and Japan.
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Veterinary Ultrasound Scanners to find Increased Adoption for Zoonosis and Pre-Natal Diagnosis
Owing to increased international travelling and animal transportation has led to an increase in the number of zoonotic cases- infectious diseases that are spread between humans and animals. Since zoonosis can be severe resulting in death of human beings, the Centers for Disease Control and Prevention (CDC) is always tracking and reporting such cases. . The major pathogens and diseases associated with zoonotic are anthrax, brucellosis, Chagas disease, Type A influenza, Ebola hemorrhagic fever, Rift Valley fever, severe acute respiratory syndrome (SARS) among others. Vector borne zoonosis coupled with direct and indirect contact of human beings with infected animals increased the chances of contracting zoonotic diseases, in turn, pushing the adoption of veterinary ultrasound scanners.
Governments and vet healthcare organizations are taking initiatives to spread awareness apropos of zoonotic diseases and other travel-acquired diseases. CDC has collaborated with several countries and their human and animal health organizations to conduct ‘One Health Zoonotic Disease Prioritization Workshops’ in a bid to reduce travel-related zoonosis. Moreover, pet owners and animal breeders have increased routine screening and veterinary diagnosis as a prevention method—using imaging devices such as veterinary ultrasound scanners, thereby, positively impacting the overall market growth.
Moreover, since per capita meat and dairy consumption has increased, globally, animal breeders are under immense focus to provide good quality livestock products. For which, regular checking and monitoring of animals is paramount, favoring the growth of the global veterinary ultrasound scanner market during the forecast period.
Animal breeders are adopting ultrasound scanners to assess reproductive scenarios such as early pregnancy diagnosis, multiple pregnancies, and fetal sex determination. Fetal sex determination in equinox and livestock animals allows breeders to replacement cycle of animals and determine the sale value of a breed. However, since the ultrasound scanners used for humans and animals is the same and scanners have to be registered under the PNDT Act 1994, stringent Government regulations makes determination of fetal gender difficult in countries like China and India, hampering the growth of the veterinary ultrasound scanners market in these regions.
“Companies are introducing technologically advanced ultrasound scanners for animals that can be paired with Android and iOS devices. Lightweight and portable ultrasound scanners are also making its way in the global market that can be used for a number of species and applications”- Healthcare Industry Analyst, Future Market Insights
Competitive Landscape Insights: Expansion, M&A Strategies to Define Market Growth Roadmap
Key players in the global veterinary ultrasound scanners market include Samsung Medison, IMV Technologies, Mindray, Hitachi, Siemens Healthineers, and Canon Medical Systems. Top manufacturers are likely to focus on strategic alliances and mergers and acquisitions to strengthen their product portfolio and increase scope for market expansion, thereby, creating opportunities for the players in veterinary ultrasound market in the untapped regions. Establishment of subsidiaries and marketing alliances would offer geographical expansion prospects to the top players.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market.
Feb 20, 2024
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