GVR: Market for animal ultrasound to approach $490M
The global market for animal ultrasound is projected to attain a value of $488.93 million in the next 7 years, according to Grand View Research, Inc., a market research company. The increase would represent a growth rate of 11.0% CAGR in the period, from 2021 to 2028. Expectations for growth are pinned on improvements in ultrasound technologies, increased numbers of adopted pets and pet owners with insurance, increased numbers of livestock, and increased diseases.
As the number of pets and livestock continue to rise, the number of diagnostic procedures is also likely to go up thereby increasing need for ultrasounds. The number of pet owners who have pet insurance also suggests they are willing to opt for extensive diagnostic routes.
Within the market, the segment of companion animals held the largest share by type of animal. By device, the handheld scanners and 3D and 4D ultrasound segments were expected to grow at the highest CAGR during the period. Geographically, North America had the greatest share of revenue in 2020.
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