Animal Ultrasound Market Size to Reach USD 532.5 Million in 2028 | Rising Spending on Pet Care and Increasing Incidence of Animal Diseases are Key Factors Driving Industry Demand, says Emergen Research

VANCOUVER, BC, Dec. 16, 2021 /PRNewswire/ -- The global animal ultrasound market size reached USD 286.2 Million in 2020 and is expected to register a significantly rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasing pet ownership in developing countries is a key factor expected to drive market revenue growth.

Drivers:

Companion animal ownership has increased in recent years, particularly in developing countries such as China, India, and Brazil. Increasing urbanization and rising disposable income are major factors boosting pet ownership in such countries. Demand for more advanced animal-related medical devices and equipment, including ultrasound systems, is expected to rise in such countries, which is projected to boost revenue growth of the market between 2021 and 2028.

Restraints:

However, animal health care spending is less in developing countries as compared to that in developed countries in Europe and North America. This is primarily due to the lack of awareness about animal care amongst companion animal and livestock owners. Additionally, animal care spending on farm animals is more focused on treatments than diagnostics in developing countries. These factors are expected to hamper revenue growth of the market to some extent during the forecast period.

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Growth Projections:

The global animal ultrasound market is expected to register a CAGR of 8.2% over the forecast period and revenue is projected to increase from USD 286.2 Million in 2020 to USD 532.5 Million in 2028. Increasing prevalence of animal diseases is driving revenue growth of the market.

COVID-19 Impact Analysis:

COVID-19 pandemic had a negative influence on the animal ultrasound market. Production plant closures owing to lockdowns, disruptions in supply chains, and staffing problems for clinical trials hampered growth of animal ultrasound market. However, easing of lockdowns across various countries has had a positive effect on the market.

Current Trends and Innovations:

Increased investment by leading companies along with government initiatives to build animal healthcare facilities are expected to open up lucrative growth opportunities for major players in the market over the forecast period. Additionally, increased public-private cooperation in developing countries is expected to support market growth.

Geographical Outlook:

Europe animal ultrasound market revenue is expected to expand at a significantly robust CAGR over the forecast period due to presence of major market players. Major companies in the region include Hallmarq Veterinary Imaging Limited, Esaote SpA, and DRAMIÑSKI S.A.

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Strategic Initiatives:

Major companies included in the market report are IDEXX Laboratories, Inc., Carestream Health, Inc., Fujifilm Holdings Corporation, Esaote SpA, GE Healthcare, Heska Corporation, Diagnostic Imaging Systems, Inc., Clarius Mobile Health Corp., Dramiñski S.A., and Hallmarq Veterinary Imaging Limited. 

• In November 2021, IDEXX Laboratories, Inc. officially announced the addition of the ImageVue DR30 Digital Imaging System to its industry-leading imaging portfolio. The new ImageVue DR30 system makes high-quality pictures and increased radiation safety accessible to a wider range of veterinarians who may have previously considered sophisticated low-dose digital radiography to be out of their budgetary range.

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Emergen Research has segmented global animal ultrasound on the basis of animal type, imaging type, scanner type, technology, application, end-use, and region:

• Animal Type Outlook (Revenue, USD Million; 2018–2028)
• Large Animals
• Small Companion Animals
• Imaging Type Outlook (Revenue, USD Million; 2018–2028)
• Doppler Imaging
• 2D Ultrasound Imaging
• 3D & 4D Ultrasound Imaging
• Scanner Type Outlook (Revenue, USD Million; 2018–2028)
• Handheld Ultrasound Scanners
• Cart-based Ultrasound Scanners
• Technology Outlook (Revenue, USD Million; 2018–2028)
• Contrast Imaging
• Digital Imaging
• Microstream
• Application Outlook (Revenue, USD Million; 2018–2028)
• Cardiology
• Orthopedics
• Obstetrics & Gynecology
• Oncology
• Others
• End-use Outlook (Revenue, USD Million; 2018–2028)
• Veterinary Hospitals & Clinics
• Academic & Research Centers
• Laboratories
• Point-of-care (POC) Facilities
• Others

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• Regional Outlook (Revenue, USD Million; 2018–2028)
• North America
  a.  U.S.
  b.  Canada
  c.  Mexico
• Europe
  a.  Germany
  b.  France
  c.  U.K.
  d.  Italy
  e.  Spain
  f.  Benelux
  g.  Rest of Europe
• Asia Pacific
  a.  China
  b.  India
  c.  Japan
  d.  South Korea
  e.  Rest of APAC
• Latin America
  a.  Brazil
  b.  Rest of LATAM
• Middle East & Africa
  a.  Saudi Arabia
  b.  UAE
  c.  South Africa
  d.  Turkey
  e.  Rest of MEA

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