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The global animal/veterinary ultrasound market size is projected to reach USD 448 million by 2025 from USD 338 million in 2020, at a CAGR of 5.8%. The market is driven by the growth in the companion animal population, rising demand for pet insurance, and increase in the number of veterinary practitioners in developed economies. However, the high cost of instruments and procedures are expected to restrain market growth to a certain extent.
Obstetrics/Gynecology is the fastest-growing application segment during the forecast period
Based on application, the animal/veterinary ultrasound market is segmented into obstetrics/gynecology, cardiology, orthopedics and others. The obstetrics/gynecology segment is expected to register the highest CAGR during the forecast period, primarily due to the large volume of pregnancy tests performed.
Veterinary Clinics dominate the animal/veterinary ultrasound market, by end user during the forecast period
Based on end user, the market is segmented into veterinary clinics, veterinary hospitals and acdemic institutes and others. The veterinary clinics segment is expected to grow at the highest CAGR during the forecast period. Veterinary clinics are the primary point of contact for pet owners, making them a significant driver in this market.
Asia Pacific market to witness the highest growth during the forecast period
Asia Pacific is expected to witness the highest growth during the forecast period (2020 to 2025), owing to factors such as rise in demand for pet insurance, increasing pet healthcare expenditure, growing population of food-producing animals and the need for animal-derived food products, rising awareness of zoonotic animals, and the growing number of veterinary hospitals and clinics in this region.
Breakdown of primary participants is as mentioned below:
- By Company Type: Tier 1: 22%, Tier 2: 36%, and Tier 3: 42%
- By Designation: C-level: 13%, Director-level: 17%, and Others: 70%
- By Region: North America: 28%, Europe: 20%, Asia Pacific: 32%, Middle East and Africa: 12%, and South America: 8%
Prominent players in the animal/veterinary ultrasound market are 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) and Shenzhen Ricso Technology Co., Ltd. (China)
The report analyzes the animal/veterinary ultrasound market and aims at estimating the market size and future growth potential of this market based on various segments, such as type, product, application, animal, end user, technology and region. It also covers competitive leadership mapping, which helps in analyzing the position of key market players as visionary leaders, innovators, dynamic players, and emerging players. The report also provides a competitive analysis of the key players in this market, along with their company profiles, product offerings, recent developments, and key market strategies.
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The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them to garner a greater market share. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their position in the market.
This report provides insights into the following pointers:
- Market Penetration: Comprehensive information on product portfolios offered by the top players in the global animal/veterinary ultrasound market. The report analyzes this market by type, product, application, animal, end user, technology and region.
- Product Enhancement/Innovation: Detailed insights on upcoming trends and service launches in the global animal/veterinary ultrasound market.
- Market Development: Comprehensive information on the lucrative emerging markets by type, product, application, animal, end user, technology and region.
- Market Diversification: Exhaustive information about new technologies, growing geographies, recent developments, and investments in the global animal/veterinary ultrasound market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, service offerings, and capabilities of leading players in the global animal/veterinary ultrasound market.