Vet ultrasound market to near $400M
The international market for veterinary ultrasound is forecast to grow to a value of $392.6 million over the next 4 years, according to market research firm, Global Industry Analysts Inc. The report on the market takes into account the impact of the COVID-19 pandemic, and will be updated across the year.
As an important way to image internal structures in companion animals and the back of large increases in animal adoption rates, the market is expected to grow in the coming years. In conjunction with the uptick in the number of pets, the number of veterinary clinics and hospitals is also expected to increase.
Adding even further to growth, the rate with which pet owners are choosing to purchase pet insurance has risen, and is likely to lead to greater animal healthcare utilization. More pet owners have disposable income and are willing to spend higher amounts on their pets as compared to past rates; the higher expenditure has led to increased complexity and specialization of companion animal care.
The veterinary ultrasound market is also expected to be bolstered by ongoing innovation in the field which is a driver for increased purchases of the ultrasound technology. As ultrasound scanners become more precise and are portable, a large number of facilities are expected to adopt the devices. In tandem with the use of ultrasound technology in more veterinary practices, the number of veterinary specialists who can interpret the results is expected to increase as well.
Yet another driver in the veterinary ultrasound market is the rate of disease in pets. More animals are likely to develop cancer than in the past, according to the report
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