The market is driven by a number of factors, including the rising number of people owning and adopting companion animals, the growing awareness of pet healthcare, the rising prevalence of animal diseases, and technological advancements in veterinary ultrasound systems. Veterinary ultrasound is also increasingly used for disease monitoring, general animal imaging, and pregnancy detection.
Ultrasound, or sonography, is a non-invasive diagnostic procedure that uses high-frequency sound waves to produce pictures of interior body structures. It is widely used in veterinary medicine to see the structure and movement of bodily components such the kidneys, liver, gallbladder, pancreas, spleen, and arteries in real time. One of the primary benefits of ultrasonic imaging is that it may be conducted rapidly and with minimum restriction or anesthesia. Ultrasound is used by veterinarians to identify problems such as kidney/bladder stones, enlarged organs, pancreatitis, portosystemic shunts, and to guide needles during tissue biopsies.
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Growing Population and Adoption of Companion Animals Fuels the Veterinary Ultrasound Market
A global increase in companion animal population and adoption rates has been shown. Numerous studies have shown that keeping a companion animal has beneficial health advantages, including reduced cardiac arrhythmias, normalized blood pressure, decreased anxiety, greater psychological stability, and improved general well-being. The global companion animal population has increased significantly in recent years. The American Pet Products Association (APPA) National Pet Owners Survey (2021-2022) found that over 70% of US households (roughly 90.5 million people) own a pet, up from 56% in 1988. This increasing pet ownership trend is expected to drive demand for veterinary ultrasonography systems.
Growing Awareness of Pet Healthcare is Driving Veterinary Ultrasound Market Growth
The rising need for animal diagnostics to treat pregnancy-related disorders, organ enlargement, foreign body ingestion, and internal injuries has resulted in an increase in animal healthcare costs. This tendency is projected to contribute to the market’s growth throughout the forecast period. The growing emphasis on improving animal healthcare is driving the worldwide veterinary ultrasonography market. North America, Europe, and Asia Pacific are expected to be key areas for market growth. Furthermore, government assistance through insurance and investments in the animal healthcare sector is strengthening the veterinary ultrasonography business.
Competitive Landscape Analysis of the Veterinary Ultrasound Market
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 Veterinary Ultrasound 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 debuted the MyLab X90VET ultrasound machine, which has been upgraded with artificial intelligence. It is packed with sophisticated patented Augmented Insight technology, developed to move veterinary care forward, providing precise 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
The veterinary ultrasound market is anticipated to grow in the upcoming years as a result of several factors, including the rise in veterinary practitioners, the entry of new companies into the market with veterinary ultrasound systems, rising pet healthcare costs, expansion into emerging markets, and the players’ aggressive organic and inorganic growth strategies.
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