CHICAGO, June 28,
2024 /PRNewswire/ -- The global veterinary ultrasound
market is poised for substantial growth, projected to reach
USD 539 million by 2029 from
USD 385 million in 2024, at a CAGR of
7.0% during 2024-2029. Key drivers include rising demand for
specialized ultrasound devices, technological advancements, and
increased pet healthcare spending. However, challenges such as high
device costs and a shortage of veterinarians persist. The market is
segmented by animal type, application, type, technology, product,
end user, and region. Opportunities abound in emerging markets due
to economic development and expanding pet ownership. North America leads the market, driven by high
pet ownership and advanced veterinary infrastructure. Major players
include GE Healthcare, Esaote SpA, and Siemens Healthineers, among
others, actively innovating in ultrasound technology.
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Key Drivers and Challenges
Factors propelling market growth include increasing pet
ownership and healthcare spending, advancements in technology,
growing awareness of animal health, and rising livestock
populations. Challenges include the high cost of advanced devices,
scarcity of skilled professionals, economic constraints in
developing regions, regulatory hurdles, and operational
challenges.
Major Players in the Market
Leading companies in the global veterinary ultrasound market
include GE Healthcare, Esaote SpA, Shenzhen Mindray Bio-Medical
Electronics Co., Ltd., Siemens Healthineers, FUJIFILM Holdings
Corporation, and others. These players are pivotal in driving
innovation and expanding the market reach of veterinary ultrasound
technology.
GE Healthcare's Market Position
GE Healthcare stands out in the veterinary ultrasound sector
with its cutting-edge imaging technologies, such as the LOGIQ
series. These devices are renowned for superior image quality,
portability, and user-friendly interfaces, enhancing diagnostic
precision for companion animals and livestock alike. Strategic
initiatives include continuous R&D investment and partnerships
with veterinary institutions to advance diagnostic
capabilities.
Esaote S.p.A.'s Innovative Solutions
Esaote S.p.A. excels in delivering tailored ultrasound solutions
for veterinary applications through its MyLab series. Known for
exceptional image resolution and ease of use, Esaote's products
evolve with technological advancements and customer feedback. The
company's strategic focus on innovation and customer collaboration
strengthens its market presence in veterinary diagnostics.
Shenzhen Mindray Bio-Medical Electronics Co., Ltd.'s
Competitive Edge
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. is recognized
for its cost-effective yet advanced ultrasound solutions, including
the M7Vet and DP-50Vet series. These systems offer superior imaging
capabilities, portability, and versatility, making them ideal for
diverse veterinary diagnostic needs. Mindray's global distribution
network and strategic pricing strategy enhance accessibility to
high-quality ultrasound technology in the veterinary sector.
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Market Drivers and Challenges
Driving factors include increasing pet ownership and veterinary
care expenditure, technological advancements in ultrasound, rising
animal health awareness, and government support. Challenges such as
high device costs, shortage of skilled professionals, economic
constraints in developing regions, regulatory complexities, and
operational hurdles are hindering market growth.
Market Segmentation by Type and Technology
Segmented into 2D, Doppler, and 3D/4D ultrasound types, with 2D
ultrasound dominating due to affordability and widespread
diagnostic efficacy. Digital ultrasound technology leads the market
for its superior imaging capabilities, efficiency, and ease of use
compared to traditional methods.
Application and Animal Type Segmentation
Obstetrics/Gynecology holds the largest market share in
veterinary ultrasound, essential for reproductive health management
in both companion animals and livestock. Small animals lead in
market share due to high pet ownership and increasing focus on pet
health and wellness.
End User and Regional Insights
Veterinary clinics dominate the market, equipped for
comprehensive care with advanced diagnostic tools like ultrasound.
North America leads globally in
market share, driven by high pet ownership rates, robust healthcare
spending, advanced infrastructure, and strong R&D
investments.
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