Animal Ultrasound Market: Rising Demand for Pet Insurance and Increasing Pet Care Expenditure


Posted May 14, 2020 by healthcaremarkettrend

The Veterinary Ultrasound Market is projected to reach USD 448 million by 2025 from USD 338 million in 2020, at a CAGR of 5.8%.
 
The growth of the animal ultrasound market is attributed to the increasing adoption of companion animals, the growing pet insurance industry, rising veterinary healthcare expenditure, and the growing number of veterinary practices. However, high cost of instruments and procedures is restraining the growth of this market to some extent.
How much is the Veterinary Ultrasound Market worth?
The Veterinary Ultrasound Market is projected to reach USD 448 million by 2025 from USD 338 million in 2020, at a CAGR of 5.8%. Factors such as growth in the companion animal population, rising demand for pet insurance, increasing number of veterinary practitioners in developed economies, technological advancements are driving the growth of this market during the forecast period. North America is expected to register the highest growth rate during the forecast period.
The 2D ultrasound segment dominates the animal ultrasound market, by type of ultrasound scanners
Based on the type of scanners, the 2D segment accounted for the largest share of the animal/veterinary ultrasound market in 2019. The large share of this segment can primarily be attributed to the widespread popularity of this type in disease diagnosis as well as in pregnancy detection.
By animal, the small companion animals segment accounted for the largest market share in 2019
Based on animal, the veterinary ultrasound market is segmented into small companion animals, large animals, and other animals. The companion animals segment accounted for the largest market share in 2019. This segment is also projected to register the highest CAGR during the forecast period. The growth in this segment can be attributed to the growing adoption of companion animals and growing willingness of companion animal owners to spend more on animal health.
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By application, the obstetrics/gynecology segment accounted for the largest share of the market in 2019
Based on application, the animal/veterinary ultrasound market is segmented into obstetrics/gynecology, cardiology, orthopedics and others. In 2019, the obstetrics/gynecology segment accounted for the largest share of the market. The rising volume of pregnancy tests performed is the major factor driving the demand for ultrasound in animals.
By end user, the veterinary clinics segment accounted for the largest share of the animal ultrasound market in 2019
Based on end user, the market is segmented into veterinary clinics, veterinary hospitals & Academic Institutes, and other end users. In 2019, the veterinary clinics segment accounted for the largest share of the animal/veterinary ultrasound industry. Veterinary clinics are the first point of contact for animals which makes them a driving factor in this market.
By technology, the digital imaging technology segment accounted for the largest market share in 2019
Based on technology, the animal ultrasound market is segmented into digital and contrast imaging. The digital imaging segment accounted for the largest market share in 2019. This segment is also projected to register the highest CAGR during the forecast period due to better imaging quality and cost effectiveness involved with this segment.
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North America will continue to dominate the market during the forecast period
This report covers the market across four major geographies, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW). Of the four geographic regions studied in the report, North America is expected to register the highest growth rate during the forecast period.
Geographically, the animal ultrasound market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the largest share of the animal/veterinary ultrasound industry in 2019. The growth of the North American market is attributed to the increasing adoption of companion animals, the growing pet insurance industry, rising veterinary healthcare expenditure, and the growing number of veterinary practices. In addition, a majority of players in the animal/veterinary ultrasound industry are based in the US.
Leading Companies
The major players in the market include GE Healthcare (US), Heska Corporation (US), Siemens AG (Germany), FUJIFILM Holdings Corporation (Japan), Esaote SpA (Italy), Mindray Medical International, Ltd. (China), Samsung Medison Co., Ltd.( Korea), Diagnostic Imaging Systems Inc. (US), IMV imaging (Scotland), Shenzhen Ricso Technology Co., Ltd. (China), DRAMIÑSKI S.A. (Poland), Shantou Institute of Ultrasonic Instruments Co., Ltd. (SIUI), Clarius Mobile Health (US) and SonoScape Medical Corporation (China)
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Issued By healthcare market
Country United States
Categories Business , Health , Medical
Tags animal ultrasound , animal ultrasound market , veterinary ultrasound , veterinary ultrasound market
Last Updated May 14, 2020