Vet ultrasound to surpass 6% growth
by Katie Pfaff
The market for veterinary ultrasound devices is expected to grow at a CAGR of 6.1% across 2022 to 2027, according to report by research firm, MarketsandMarkets. The 2022 estimated value was predicted to be $334 million. According to the company’s market research, the value is forecasted to reach $449 million by 2027.
Market value growth is expected based on the rates of high spending on pets coupled with high rates of pet insurance. With these factors, diagnostics and treatments that would use ultrasound are expected to increase and grow the industry. In addition, the rates of disease among pets is anticipated to continue or increase, necessitating diagnostic and treatment regimens that could include ultrasound technologies.
Within the market segment by type, 2D ultrasound imaging is expected to have the largest share. This is thought to be due in part to increases in applications in recent years such as point of care diagnostics and in veterinary medicine for sports animals.
The greatest share of the market in 2021 by product was ultrasound scanners that can be portable and moved by cart. Also in 2021, the largest portion of the market by technology was expected to be digital imaging compared to contrast imaging. The popularity of digital imaging is thought to be based on its ease of accessibility for radiology and other specialties in both storing and sharing files.
When viewed by type of animal, the small animal segment garnered the largest portion of the animal ultrasound market in 2021 as opposed to large and other animals. In 2021, the veterinary ultrasound market is segmented into its largest share by the end user of veterinary clinics.
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