Animal Ultrasound Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Animal Ultrasound Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Fairfield Market Research has released a comprehensive analysis report on the Animal Ultrasound industry, revealing that global sales of Animal Ultrasound in 2024 reached US$ 2310 Mn. The market is poised for significant growth, with a projected Compound Annual Growth Rate (CAGR) of 16% during the period of 2024 to 2031, aiming to attain a valuation of US$ 880 Mn by 2032. Notably, market revenue generated through Small Companion Animals is expected to witness substantial growth, with an absolute dollar opportunity during the same period.

Factors Driving Market Growth:

The expansion of the Animal Ultrasound market can be attributed to several key factors:
• Rising Companion Animal Population: The increasing number of companion animals worldwide, coupled with the growing demand for pet insurance, is expected to drive market expansion.
• Advancements in Veterinary Technology: The market is likely to be fueled by an increasing number of veterinary practitioners and continuous technical improvements in the field of animal ultrasound.
• COVID-19 Impact: The pandemic had both positive and negative impacts on the market. While a small number of animals, including dogs and cats, were infected with SARS-CoV-2, it also led to veterinarians' hesitation in treating animals, affecting the market negatively. Additionally, disruptions in the cattle supply chain due to the pandemic had adverse consequences on production, processing, and distribution.
• Increasing Adoption of Pets: The population of companion animals and livestock is on the rise, leading to an increased need for veterinary services such as ultrasound. The growing adoption of pets for their numerous health benefits further contributes to this trend.
• Surge in Pet Insurance: Rising rates of animal illnesses and the increasing cost of diagnostics have attracted more consumers to pet insurance, further boosting the market. In the USA, the total amount written for pet insurance in 2020 reached US$1.99 billion, up from US$1.56 billion in 2019.

Region with the Largest Revenue Share:

The Asia Pacific region is expected to lead in terms of revenue share, with the highest projected CAGR, primarily driven by the growing popularity of companion animals. Market participants' increased focus on the Asia Pacific region, availability of low-cost animal health products, and increased research and development activities are expected to promote market growth further.

Country-wise Analysis:
• U.S. Animal Ultrasound Market: The United States dominates the global animal ultrasound market, primarily due to the substantial veterinary healthcare spending and the presence of key competitors. Additionally, the increasing number of pet owners in the country and the growing utilization of pet insurance are expected to drive market growth.
• U.K. Animal Ultrasound Market: The United Kingdom has a strong market for animal ultrasound, driven by significant expenditures on pet care. The presence of the Animal Ultrasound Association in the country has further supported the growth of this industry. The market size for animal ultrasound in the U.K. is expected to increase significantly during 2024-2031.
• Japan Animal Ultrasound Market: Japan has a remarkable affinity for pets, with more pets than children in the country. According to the Japan Pet Food Association, there are nearly 20 million cats and dogs in Japan, outnumbering the 17 million children under 16 years of age. With such statistics, the animal ultrasound market in Japan is anticipated to reach a valuation of $34 million by 2031.
• South Korea Animal Ultrasound Market: In 2021, the animal ultrasound market in South Korea was valued at $4.6 million. The market is projected to grow significantly by 2031.

Competitive Analysis:

Key players in the 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, and Heska Corp. Recent developments in the market include partnerships, new product launches, and expansions to enhance the use of ultrasound in animal healthcare.

Market Segments Covered in Animal Ultrasound Industry Analysis

By Animal Type
• Small Companion Animals
• Large Animals

By Type
• 3-D/4-D Ultrasound Imaging
• 2-D Ultrasound Imaging
• Doppler Imaging

By Technology
• Digital Imaging
• Contrast Imaging
• Microstream

By Scanner Type
• Cart-Based Ultrasound Scanners
• Handheld Ultrasound Scanners

By Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

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