Covid 19 Outbreak Impact Analysis Veterinary Ultrasound Scanners Market
Global Veterinary Ultrasound Scanners: Snapshot
Veterinary ultrasound scanners are medical imaging devices that utilize high frequency sound waves to generate the image of body parts. Ultrasound does not use radiation like other imaging modalities, so it is one of the preferred viewing option during pregnancy. Ultrasound equipment used for animals are mostly similar to humans, except they use higher frequency and smaller size of probes. The global market for veterinary ultrasound scanners was worth US$103.0 million in 2016 and is expected to reach a valuation of US$179.4 mn by the end of 2025. The overall market is projected to exhibit a CAGR of 6% between 2017 and 2025.
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Portable or Hand Held Ultrasound Scanner to Lead Global Market are it Offers Remarkable Convenience
The global veterinary ultrasound scanners market is segmented on the basis of product type into portable/hand held ultrasound scanners and cart based ultrasound scanners. Portable/hand held ultrasound scanner accounted for over 80% share in terms of the value and approximately 90% in terms of volume of the global veterinary ultrasound scanners market, in 2016. The segment is anticipated to dominate the global veterinary ultrasound scanners market throughout the forecast period.
On the basis of imaging technology, the veterinary ultrasound scanner market is segmented into digital imaging technology, analog imaging technology and contrast imaging technology. Digital imaging technology is expected to be the fastest growing segment and is expected to expand at 6%-7% CAGR over the forecast period of 2017–2025. Based on end user, the global market is segmented into veterinary hospitals, veterinary clinics and animal breeding and farms. Veterinary hospitals segments accounts for maximum share in the global market due to rise in population of companion animals leading to frequent visits to hospitals.
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Rise of Companion Animal in Developing Countries of Asia Pacific to Drive Regional Market’s Growth
Geographically, North America and Europe are the major regions where revenue is derived from veterinary ultrasound scanners. The U.S, U.K and Germany show high adoption rates for veterinary ultrasound scanners due to more number of animal diagnostic practices in countries and increasing pet care expenditure. Rise in awareness towards animal health, growing livestock population and improved veterinary facilities in countries such as Brazil, China, Russia, and India are some of the factors determining demand for veterinary ultrasound scanners in emerging markets. The market in Asia Pacific is said to be at initial stage, it is anticipated that Asia Pacific will gain significant market share over the forecast period. Some of the key driving forces for veterinary ultrasound market in these countries are rise in companion animal population, animal health care initiatives undertaken by government and private bodies, rise in concern about zoonotic diseases etc.
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Lack of awareness towards animal well-being in developing countries is one of the prime factors restraining the growth and adoption of veterinary ultrasound scanners globally. Stringent government regulation acts for prohibition of prenatal determination technique further deter the growth of veterinary ultrasound scanners market in countries such as China and India. The demand for other imaging equipment like X- rays is higher as compared to ultrasound due to higher cost of veterinary ultrasound. Availability of technologically advanced equipment such as MRI and CT scan restricts the growth of veterinary ultrasound scanner market in majority of developed countries.
Some of the key players in the global veterinary ultrasound scanners market include Samsung Medison Co. Ltd, BCF Technology Ltd, Esaote SpA, Shenzhen Mindray Bio-Medical Electronics Co. Ltd, DRAMINSKI S. A., Siemens Healthineers, Sonostar Technologies Co. Limited etc. Improved image resolution associated with compactness and portability will act as an important factor in the growth of veterinary ultrasound scanner market.
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