Veterinary Ultrasound Market to Boost at USD 234.55 Mn by 2023 | Comprehensive Analysis by Hitachi, Ltd, Chison, Xuzhou Kaixin Electronic Instrument Co., Ltd, GE Healthcare,etc– Global Forecast Till 2023

Veterinary Ultrasound Market: Animal Type (Large Animal) Type (2D Ultrasound Imaging) Product Type (Device) Therapeutic Area (Cardiology, Oncology) Imaging Technology (Digital Imaging Technology) and End-User (Veterinary Clinic)– Global Forecast Till 2023

Market Scenario

Market Research Future (MRFR)’s latest report reveals that the global veterinary ultrasound market is set to expand saliently striking a CAGR of 6.10% during the forecast period 2018 to 2023. The market is estimated to expand from USD 164.42 Mn in 2017 to USD 234.55 Mn by 2023-end.

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The inclination towards pet companionship coupled with increased spending on pet healthcare has paved the way for veterinary ultrasound market expansion. According to the Oasmia Pharmaceutical AB in the U.S., the number of pets (dogs) increased from 68 million in 2000 to 83.3 million in 2014. Increased awareness about animal health care and the availability of advanced medical facilities are the key factors driving the growth of the market.

Key Players

Some of the key players profiled by MRFR are Hitachi, Ltd, Chison, Xuzhou Kaixin Electronic Instrument Co., Ltd, GE Healthcare, Fujifilm SonoSite Inc., Samsung Medison Co. Ltd, Esaote, Mindray, Kaixin Electric, BCF Technology, and SonoScape

Segmentation

By therapeutic area, the veterinary ultrasound market is segmented into cardiology, neurology, oncology, orthopedics and traumatology, and others. The segment is estimated to reach a valuation of USD 104.11 Mn by the end of 2023.

By product type, the global veterinary ultrasound market has been segmented into devices and software.

By type, the market is segmented into 2D ultrasound imaging, 3D ultrasound, Doppler imaging, and others. The segment is expected to gain traction in the market owing to its applications in diagnosing heart defects, issues with kidneys, and other potential internal issues.

By animal type, the market has been segmented into small companion animals, large animals, and others. The small companion animals segment currently holds the largest share of the veterinary ultrasound market which accounts for 64.8% share.

Intended Audience

Medical Devices Companies
Research and Development (R&D) Companies
Government Research Institutes
Academic Institutes and Universities
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Regional Outlook:

By region, the global veterinary ultrasound market has been segmented into Americas, Europe, Asia Pacific, and the Middle East & Africa. Americas accounts for the most substantial share of the market currently and is estimated to register a CAGR of 5.89% during the forecast period. The segment is projected to reach a valuation of USD 87.2 Mn by the end of the assessment period. The growth of the regional market can be ascribed to the increasing adoption of pets, rising technically-advanced devices, growing demand for preventive treatments and care facilities for companion animals, and rising awareness regarding animal health and animal welfare.

Europe presently holds the second spot in the global veterinary market and is expected to account for a healthy share of the market over the next few years. The availability of advanced pet healthcare facilities coupled with the accelerating rate of pet adoption has fueled demand in the market. The trend is anticipated to perpetuate through the projection period. Meanwhile, Asia Pacific is projected to strike a relatively higher CAGR owing to factors such as increasing pet adoptions and increasing animal welfare programs.

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Research Methodology

MRFR leverages its in-house expertise for drawing insightful conclusions into the market. Extensive primary and secondary research are undertaken which include SEC filings, interviews with stakeholders across the value chain, whitepaper references, etc. for backing the research findings. Top-down and bottom-up approaches employed validate the authenticity of the statistical observations available in the report. Furthermore, a multi-layer verification process is applied for eliminating deviations and discrepancies.

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