The veterinary ultrasound market has seen tremendous growth driven by increasing pet adoption and growing reliance on advanced medical imaging modalities. Veterinary ultrasound systems are used for diagnostic imaging in pets and large animals to detect diseases or injuries in internal organs and structures. These systems enable visualization of internal body structures and function without surgery, allowing veterinarians to evaluate organs like the heart, lungs, abdomen, digestive tract and pregnancy in pets. Advantages of ultrasound include high resolution and real-time dynamic imaging, portability, safety with no ionizing radiation, and cost-effectiveness relative to other modalities like CT or MRI. The global veterinary ultrasound market is estimated to be valued at US$ 504.9 million in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period 2024 to 2031.
Key Takeaways
Key players: Key players operating in the veterinary ultrasound market are IDEXX, Esaote SpA, Mars Incorporated, Fujifilm Healthcare Solutions, Siemens Healthcare Limited, GE Healthcare, IMV Imaging, CHISON Medical Technologies Co., Ltd., BenQ Medical Technology Corp, Avante Animal Health, CONTEC MEDICAL SYSTEMS CO.,LTD, and Butterfly Network, Inc.
Growing demand: Rising pet healthcare expenditure and increasing awareness about early disease diagnosis are driving the expansion of the Veterinary Ultrasound Market size enabling portability and usability are further widening the scope of ultrasound in veterinary practices.
Global expansion: Leading players are expanding their geographical footprint through new product launches, partnerships and acquisitions to tap growth opportunities in emerging regions. Increased pet care budgets in Asia Pacific and Latin America are attracting large multinational companies.
Market Key Trends
Point-of-care ultrasonography is gaining prominence driven by technological developments facilitating rapid, integrated diagnostics. Compact, wireless units with high image quality and user-friendly interfaces allow on-site imaging in clinical settings as well as ambulatory and emergency care. Innovation in transducer design is also leading to better resolution and depth of penetration for different anatomical applications. Artificial intelligence and cloud integration are newer areas players are exploring to enhance ultrasound capabilities through automated analysis, remote access and data management. Porter's Analysis Threat of new entrants: Low capital requirements and knowledge barriers restrict entry to this technical market. Bargaining power of buyers: Large veterinary clinics and hospitals groups can negotiate lower prices, but many buyers are individual veterinarians with lower bargaining power. Bargaining power of suppliers: A few large multinational firms dominate supply, giving them significant power over component and technology pricing. Threat of new substitutes: No close substitutes exist for veterinary ultrasound as it is an essential diagnostic tool, limiting the risk from new alternatives and highlighting both Veterinary Ultrasound Market challenges and opportunities intense as leading firms target market share gains through new product innovation, pricing strategies, and wider product ranges.
The North American region accounts for the largest share of the global veterinary ultrasound market in terms of value as there are high pet adoption rates and advanced animal healthcare infrastructure in countries like the United States and copyright. The Asia Pacific region is expected to witness the fastest growth during the forecast period owing to rising animal health expenditure, growing pet population, and increasing awareness about veterinary ultrasound technology in India and China
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