The global veterinary ultrasound market is projected to reach USD 456 million by 2026 from USD 301 million in 2021, at a CAGR of 7.0% during the forecast period. Growth in this market is largely driven by the growing companion animal population, a growing number of veterinary practitioners in developed countries, technological advancements, and the rising demand for pet insurance and increasing pet care expenditure. Moreover, untapped emerging markets in developing countries are creating lucrative opportunities for the market players.
The veterinary ultrasound market has been negatively impacted by the pandemic, and this trend is expected to continue till December 2021. Unfavorable changes in regulations and guidelines are hampering the growth of this market. The closing down of manufacturing facilities due to lockdowns, disruptions in supply chains, and recruitment challenges for clinical trials have further impacted the growth of the overall veterinary ultrasound market.
According to data from the AVMA Census of Veterinarians and Veterinary Practice Owners, veterinarians saw fewer patients per hour, and average productivity declined by almost 25% in 2020, compared with 2019. During the pandemic’s earliest months, veterinary practices operated as essential businesses, seeing only urgent cases. This created a substantial backlog in wellness visits. As restrictions loosened, patients started returning for routine examinations and preventive care.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=10482074
Meanwhile, clients were spending more time at home with their pets, which gave them the opportunity to spot health issues more readily and to think about veterinary care more generally. Many also had more disposable income—from stimulus payments and reduced spending in other areas—that they could now allocate to pet care.
This can be attributed to the increase in the number of ultrasound procedures resulting from the clearing of the backlog, as well as new cases, and fully reopened healthcare services. Thus, the veterinary ultrasound market experienced short-term negative growth in this period. However, there will be minimum or no change in the long-term fundamental drivers affecting the demand for veterinary Ultrasound devices. As a result, it can be estimated that the market will experience no significant change post the COVID-19 pandemic.
The growing number of veterinarians, especially in developed economies, is one of the major factors driving the growth of the veterinary ultrasound market and its sub-markets. In addition, the income of veterinarians in developed countries has increased in the last few years. According to the U.S. Bureau of Labor Statistics, the total number of veterinarians in the country has increased by around 3.5% from 71,060 in 2018 to 73,710 in 2020.
Similar to ultrasound systems, the cost of veterinary ultrasound procedures is also high. For instance, abdominal ultrasound costs around USD 250–500. Specialists such as cardiologists, oncologists, and radiologists offer more expensive services ranging up to USD 500 per area of animal body. The high cost of these procedures has long been a restraining factor for the market, as it prompts pet owners to avoid an ultrasound until it becomes necessary.
Key Market Players
The products and services market is dominated by a few globally established players such as include GE Healthcare (US), Esaote SpA (Italy), Shenzhen Mindray Bio-medical Electronics Co., Ltd. (China), Siemens Healthineers (Germany), FUJIFILM Holdings Corporation (Japan).