Animal Ultrasound Market Poised for Significant Growth, Projected to Reach US$ 903.4 Million by 2032 - Persistence Market Research

Overview of the Animal Ultrasound Market

The global animal ultrasound market has been experiencing substantial growth over recent years and is poised for significant expansion in the coming decade. According to the latest report by Persistence Market Research, the global sales of animal ultrasound equipment stood at approximately US$ 245.2 million in 2022 and are projected to reach a valuation of US$ 903.4 million by 2032, registering a robust compound annual growth rate (CAGR) of 14.1% between 2022 and 2032. This impressive growth trajectory reflects the increasing adoption of ultrasound technology in veterinary diagnostics and animal healthcare across the world.

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The key growth drivers fueling this market include the rising number of companion animals globally, increased awareness of animal health, and growing adoption of pet insurance which enhances access to veterinary services. Small companion animals, such as dogs and cats, dominate the market in terms of revenue contribution due to rising pet ownership and increasing expenditure on pet health and wellness. Geographically, the Asia Pacific region is emerging as the fastest-growing market, driven by low-cost veterinary healthcare services, expanding research and development, and heightened awareness of advanced veterinary diagnostic technologies. Meanwhile, the United States remains the largest regional market, owing to high veterinary healthcare spending, established players, and growing pet insurance penetration.

Key Highlights from the Report

✦ The global animal ultrasound market is projected to grow at a CAGR of 14.1% during 2022-2032.
✦ Small companion animals contribute more than 54% of the total market revenue share.
✦ Contrast imaging technology holds the dominant share, accounting for over 50% of the market in 2021.
✦ Cart-based ultrasound scanners represent over 52% of market share due to their popularity in clinical settings.
✦ Asia Pacific is the fastest-growing regional market with a CAGR of 12.3%.
✦ The U.S. accounts for over 31.6% of the global market share, leading due to higher veterinary spending and pet insurance uptake.

✦ Market Segmentation

The animal ultrasound market is broadly segmented based on product type, end-user, and technology.

By Product Type: The market is divided into handheld ultrasound devices, cart-based ultrasound scanners, and others. Among these, cart-based ultrasound scanners dominate due to their widespread adoption in veterinary hospitals and clinics for detailed diagnostics and better imaging quality. Handheld devices are gaining traction due to their portability and ease of use, especially in field applications.

By End-User: Veterinary hospitals, clinics, diagnostic centers, and research institutions constitute the primary users of animal ultrasound devices. Veterinary hospitals and clinics dominate this space due to the increasing demand for routine and specialized diagnostic procedures for companion animals and livestock.

By Technology: The market is also segmented into traditional ultrasound imaging, digital imaging, and contrast imaging. Contrast imaging leads the market as it is extensively used in cardiac diagnostics for companion animals, providing more detailed insights such as myocardial perfusion and ventricular assessments. Digital imaging is witnessing rapid growth because of enhanced image clarity, storage, and sharing capabilities, which improve diagnostic accuracy.

✦ Regional Insights

The animal ultrasound market shows distinct regional trends driven by varying animal healthcare practices and economic conditions.

North America: The U.S. leads the North American market and globally with high veterinary expenditure, technological advancements, and widespread pet insurance coverage. The presence of major market players and a high number of veterinary practitioners further fuels growth.

Europe: Countries like the U.K. have a strong veterinary healthcare infrastructure and increased spending on pet care, with the Animal Ultrasound Association playing a key role in market development. The U.K. market alone is expected to reach US$ 36.6 million by 2032.

Asia Pacific: This region is the fastest-growing market, supported by rising disposable incomes, increasing pet ownership, and expanding livestock populations. Countries such as China, Japan, and South Korea are driving demand with growing awareness of veterinary diagnostics. Japan, in particular, shows unique trends where pets outnumber children, underlining the importance of animal healthcare.

Rest of the World: Emerging markets in Latin America, the Middle East, and Africa are witnessing gradual adoption due to growing livestock farming and increasing pet ownership, though market penetration remains comparatively low.

✦ Market Drivers

Several critical factors are driving the animal ultrasound market forward. Primarily, the rising global population of companion animals and livestock has increased the demand for veterinary diagnostic services. As pet adoption grows, so does the need for advanced healthcare technologies to monitor and treat these animals. Furthermore, the rising awareness about animal welfare and advancements in veterinary medical technology, including portable and high-resolution ultrasound devices, contribute significantly to market growth.

Another important driver is the increased penetration of pet insurance, particularly in developed markets like the U.S. and the U.K., which enables pet owners to afford expensive diagnostic procedures, including ultrasounds. Additionally, veterinary professionals' growing preference for non-invasive, radiation-free diagnostic tools has bolstered the adoption of ultrasound systems. Lastly, continuous technological advancements such as contrast-enhanced ultrasound and digital imaging systems are enhancing diagnostic accuracy, further encouraging the use of animal ultrasound devices.

✦ Market Restraints

Despite its growth, the animal ultrasound market faces several restraints that could limit its full potential. High costs associated with advanced ultrasound equipment and the need for trained professionals to operate these systems can be a significant barrier, especially for small veterinary clinics or practices in developing regions. Additionally, the lack of awareness about the benefits of ultrasound diagnostics among rural animal owners and limited access to veterinary healthcare in remote areas can hinder market expansion.

The COVID-19 pandemic also posed challenges by disrupting the livestock supply chain and veterinary services due to lockdowns and labor shortages, affecting market dynamics temporarily. Moreover, some veterinarians have been cautious in treating animals during disease outbreaks, affecting the routine use of diagnostic imaging. Finally, the availability of alternative diagnostic methods such as X-rays and CT scans, which are more established in some markets, may restrict ultrasound adoption.

✦ Market Opportunities

The animal ultrasound market offers several promising opportunities. The increasing adoption of telemedicine and remote monitoring technologies in veterinary care opens avenues for integrating ultrasound diagnostics with digital platforms. This could improve access to expert opinions and enhance treatment accuracy for animals in remote locations.

Emerging economies present untapped potential due to increasing pet adoption and rising livestock farming activities. Market players investing in cost-effective and portable ultrasound devices tailored to these markets can capitalize on this opportunity. Furthermore, the growing focus on early disease detection and preventive veterinary care, coupled with increasing consumer spending on pet health, creates significant demand for advanced ultrasound diagnostics.

Innovations such as artificial intelligence (AI) integration in ultrasound systems, improving image interpretation and workflow efficiency, present another growth avenue. Collaborations between technology companies and veterinary service providers to develop smart ultrasound solutions can revolutionize the market. Lastly, the expanding animal insurance market worldwide ensures more pets receive advanced diagnostic care, boosting ultrasound device sales.

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Frequently Asked Questions (FAQs)

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Company Insights

• IDEXX Laboratories, Inc.
• Carestream Health
• Esaote SpA
• Sound
• Fujifilm Sonosite, Inc.
• Hallmarq Veterinary Imaging
• BCF (IMV Imaging)
• Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
• Siemens Medical Solutions
• Heska Corporation

Recent Developments:

In June 2019, Fujifilm Sonosite partnered with Partners Healthcare in the U.S. to enhance ultrasound device designs using artificial intelligence (AI), aiming to improve diagnostic capabilities and workflow efficiency.

In November 2019, the Butterfly Network launched its Butterfly iQ Vet, a revolutionary chip-based ultrasound device capable of scanning animals from small companions to large and exotic species with a single probe, offering portability and versatility.

Conclusion

The animal ultrasound market is set for robust growth fueled by rising pet ownership, increased veterinary healthcare spending, and technological advancements in imaging systems. With an expanding global base of companion animals and livestock, the demand for accurate, non-invasive diagnostic tools like ultrasound is stronger than ever. While challenges such as high equipment costs and lack of awareness in some regions persist, emerging trends in digital imaging, AI integration, and telemedicine offer promising pathways for market expansion. The dominance of regions like North America, alongside rapid growth in Asia Pacific, reflects a dynamic and evolving market landscape. As veterinary professionals increasingly adopt advanced ultrasound technologies, the animal ultrasound market will continue to thrive, offering lucrative opportunities for manufacturers, service providers, and investors alike.

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