Animal Ultrasound Market Size, Share & Trends Analysis Report By Type (2D, 3D/4D), By Scanner Type (Cart-based, Handheld), By Technology, By Animal Type, By End-use, By Application, And Segment Forecasts, 2021 - 2028

Report Overview

The global animal ultrasound market size was valued at USD 215.47 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 11.0% from 2021 to 2028. The rise in the companion animal population coupled with the growing adoption of pet insurance is anticipated to boost the market growth. Furthermore, an increasing number of veterinary practitioners and technological advancements in the sector are expected to fuel animal/veterinary ultrasound market growth. During the COVID-19 pandemic, the Centers for Disease Control & Prevention (CDC) in August 2020, reported that few animals including dogs and cats were infected by the SARS-CoV-2 after close contact with people suffering from COVID-19.

This also created a wave of fear amongst veterinarians against the treatment of animals suffering from various types of diseases. The pandemic largely affected the livestock supply chain in various areas, such as production, processing & distribution, and markets & consumers. The closure of non-essential businesses, border controls, and travel restrictions hindered farmers from accessing farming inputs, supplies, as well as equipment, including machines. It also caused a temporary shortage of labor and resulted in the loss/waste of animal products as well as animals. This negatively affected the market growth during the pandemic.

The population of companion animals as well as livestock is increasing globally, which is resulting in the rising demand for veterinary services, such as ultrasound. This population is also increasing due to the rising adoption of pets on account of various health benefits associated with them. According to the Pet Food Manufacturers Association, it is estimated that in 2020, in the U.K., 41% of households are expected to own a pet. This equals 12 million pets.

A steadily growing market, slightly negatively impacted by the pandemic

Increasing incidences of diseases in animals and the high cost of diagnosis are fueling the demand for pet insurance. According to the North American Pet Health Insurance Association (NAPHIA), the combined gross written premium for the U.S. was USD 1.99 billion in 2020, as compared to USD 1.56 billion in 2019. At the end of 2020, the organization also reported that a total of 3.1 million pets were insured.

Type Insights

The 2-D ultrasound imaging segment accounted for the maximum revenue share of more than 39% in 2020. The segment growth is attributed to the widespread popularity of such devices in pregnancy detection as well as disease diagnosis. Furthermore, less cost as compared to other types of ultrasounds is also expected to boost the market growth.

The 3-D/4-D ultrasound imaging segment is expected to grow at the fastest CAGR of 12.4% over the forecast period owing to the rising technological advancements in the segment. The Doppler imaging segment is expected to account for the second-largest revenue share in 2020 but is expected to lead the market by 2028 owing to its increasing popularity over 2-D ultrasound imaging.

Animal Type Insights

The small companion animals segment accounted for the highest revenue share of more than 54% in 2020. The rising adoption of pets coupled with increasing spending on their well-being and health is expected to boost the market growth. Furthermore, the rising prevalence of cancer and cardiac disorders in dogs and cats, among others is estimated to drive the market growth. The large animals segment is anticipated to grow at the fastest CAGR owing to the increasing incidences of zoonotic diseases in cows, horses, buffalos, etc. Furthermore, the growing livestock population is also anticipated to boost the market growth during the forecast period.

Scanner Type Insights

The cart-based ultrasound scanners segment accounted for the maximum revenue share of more than 52% in 2020. The segment growth is attributed to the high adoption of these devices in veterinary clinics, hospitals, and diagnostic centers due to the ease of use. Furthermore, technological advancements by major market players, such as IMV imaging, Sonosite and Celtic SMR, are also expected to boost the market growth during the forecast period.

The handheld scanners segment is expected to grow at the fastest CAGR from 2021 to 2028 owing to the rising technological advancements related to the 2-D ultrasound imaging scanners and their increasing demand, as they can be used at the point of care. Examples of handheld scanners include Duo-Scan by IMV Imaging and C3 Microconvex Vet, L7 Linear Vet, and C3 Convex Vet by Clarius Mobile Health Corp., among others.

Technology Insights

The contrast imaging segment accounted for the highest revenue share of more than 51% in 2020 owing to its high penetration in veterinary hospitals and clinics, as compared to the digital imaging segment. Contrast imaging is used for myocardial perfusion and M-mode imaging. Myocardial perfusion, which is majorly used for cardiac infarction diagnosis is used for assessment of the left ventricular free wall and the septum in companion animals, such as cats and dogs.

The digital imaging segment is anticipated to grow at the fastest CAGR from 2021 to 2028 owing to technological advancements by key market players and its rising popularity amongst veterinarians. Furthermore, increased efficiency of radiograph dissemination and production, offered by digital imaging systems is also estimated to fuel the animal/veterinary ultrasound market growth. Also, these systems provide wide viewing area and more latitude exposure, which further increases their efficiency by reducing the requirement of retakes, hence fueling the market growth. ImageVue DR50 Digital Imaging System by IDEXX Laboratories is one of the examples of a digital imaging system for carrying out veterinary ultrasounds.v

End-use Insights

The veterinary hospitals & clinics segment accounted for the highest revenue share of more than 56% in 2020. The availability of a wide range of diagnostic alternatives in veterinary hospitals and clinics is anticipated to contribute to the segment growth. Furthermore, technological advancements, such as efficient pet owner mobile technologies and cloud-based information management systems are also estimated to drive the market growth. The adoption of these devices in veterinary hospitals and clinics is more because of their cost-effectiveness and accuracy, which is likely to boost the market growth.

Other end-uses include reference laboratories, diagnostic laboratories, Point-of-Care (PoC) facilities, and academic & research centers, among others. The others segment is expected to grow at the fastest growth rate over the forecast period. Reference laboratories provide comprehensive diagnostic tests for delivering efficient results and consultation services of a specialist. Increasing collaboration activities between market players and the reference laboratories are expected to boost the segment’s growth. End-users, such as academic & research centers and PoC facilities, generally outsource their imaging services to reference laboratories, diagnostic laboratories, and veterinary hospitals, which leads to their low market share.

Application Insights

The cardiology segment accounted for the maximum revenue share of 22.56% of the global market in 2020. The increasing prevalence of cardiac disorders in animals is expected to contribute to market growth. According to Merck Sharp & Dohme Corp., in June 2018, a little more than 10% of animals examined by veterinarians suffered from cardiovascular disease.

The obstetrics and gynecology segment is anticipated to grow at the fastest CAGR of more than 12% during the forecast period owing to the high adoption of ultrasound for pregnancy testing in animals. The orthopedics segment is expected to hold a significant market share owing to increasing incidences of orthopedic diseases in animals.

Regional Insights

North America accounted for the largest revenue share of more than 31.6% in 2020 owing to the presence of key players in the U.S. Increasing veterinary healthcare expenditure in the region is expected to drive the market further. In addition, growing number of pet owners coupled with the rising adoption of pet insurance in the region is expected to boost the market growth.

Asia Pacific is expected to grow at the fastest CAGR of 12.2% owing to the rising adoption of companion animals in the region. Furthermore, the rising focus of market players in the Asia Pacific region is expected to boost the market growth during the forecast period. Availability of low-cost animal health products and increasing research & development activities in the region are expected to boost the market growth. Europe and Latin America are also expected to grow at significant growth rates owing to the rising awareness levels regarding advanced veterinary technologies.

Key Companies & Market Share Insights

The global market is highly competitive. Market players implement strategic initiatives, such as product development & launches, expansion of distribution network, and global footprint through subsidiaries and partnerships. Key players are also involved in portfolio diversification and mergers & acquisition. For instance, in August 2020, IDEXX Laboratories, Inc. launched the ImageVue DR30 Digital Imaging System, hence expanding its imaging portfolio. Some of the key players in the global animal ultrasound market include:

• IDEXX

• Carestream Health

• Esaote SpA

• Sound

• Fujifilm Sonosite, Inc.

• Hallmarq Veterinary Imaging

• BCF (IMV Imaging)

• Shenzhen Mindray Bio-Medical Electronics Co., Ltd

• Siemens Medical Solutions

• Heska Corp. 

Animal Ultrasound Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this report, Grand View Research has segmented the global animal ultrasound market report on the basis of animal type, type, technology, scanner type, application, end-use, and region:

• Animal Type Outlook (Revenue, USD Million, 2016 - 2028)

  • Small Companion Animals

  • Large Animals

• Type Outlook (Revenue, USD Million, 2016 - 2028)

  • 2-D Ultrasound Imaging

  • 3-D/4-D Ultrasound Imaging

  • Doppler Imaging

• Technology Outlook (Revenue, USD Million, 2016 - 2028)

  • Digital Imaging

  • Contrast Imaging

  • Microstream

• Scanner Type Outlook (Revenue, USD Million, 2016 - 2028)

  • Cart-Based Ultrasound Scanners

  • Handheld Ultrasound Scanners

• Application Outlook (Revenue, USD Million, 2016 - 2028)

  • Orthopedics

  • Cardiology

  • Oncology

  • Obstetrics & Gynecology

  • Others

• End-use Outlook (Revenue, USD Million, 2016 - 2028)

  • Veterinary Hospitals & Clinics

  • Others

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

    • Mexico

  • MEA

    • South Africa

    • Saudi Arabia