CHICAGO, Nov. 10, 2021 /PRNewswire/ -- According to the new market research report "Veterinary Ultrasound Market by Type (2D, 3D-4D, Doppler), Product (Portable), Technology (Digital, Contrast Imaging), Animal Type (Small, Large), Application (Obstetrics, Cardiology, and Orthopedic), End User (Vet Clinics) - Global Forecast to 2026", published by MarketsandMarkets, 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.
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210 - Tables
48 - Figures
225 - Pages
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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. However, the high cost of instruments and procedures is expected to restrain the growth of this market during the forecast period. The base year considered for the study is 2020, while, the forecast period is 2021 to 2026.
By type, the 2D ultrasound segment accounted for the largest share of the veterinary ultrasound market in 2020.
On the basis of type, the 2D ultrasound segment accounted for the largest share. The large share of this segment can be attributed to the widespread adoption of 2D ultrasound in veterinary clinics, owing to its comparatively lower cost.
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The veterinary clinics segment is expected to witness the highest growth rate in the veterinary ultrasound market, by end user, during the forecast period
Based on end user, the veterinary clinics segment is expected to register the highest CAGR during the forecast period. Factors responsible for the growth of this segment are wide adoption of ultrasound in veterinary clinics and the growing number of veterinary clinics across the globe.
North America dominated the veterinary ultrasound market in 2020
North America accounted for the largest share of the veterinary ultrasound market in 2020, followed by Europe and Asia Pacific. The rising number of veterinary practices, growing companion animal population, and growth in animal health expenditure are the key factors responsible for the large share of North America in the veterinary ultrasound market.
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Some of the prominent players in this market are GE Healthcare (US), Esaote SpA (Italy), Shenzhen Mindray Bio-medical Electronics Co., Ltd. (China), Siemens Healthineers (Germany), and FUJIFILM Holdings Corporation (Japan), Heska Corporation (US), Samsung Medison Co., Ltd. (South Korea), Diagnostic Imaging Systems, Inc. (US), IMV Imaging (UK), Shenzhen Ricso Technology Co., Ltd. (China), DRAMIÑSKI S.A. (Poland), Clarius Mobile Health (Canada), Shantou Institute of Ultrasonic Instruments Co., Ltd. (China), E.I. Medical Imaging (US), and SonoScape Medical Corp. (China).
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