Market Trends of Veterinary Ultrasound Devices Industry
This section covers the major market trends shaping the Veterinary Ultrasound Devices Market according to our research experts:
Small Animals Segment is Expected to Witness a Healthy CAGR Over the Forecast Period
The animals considered under the small animals sub-segment include rabbits, cats, dogs, birds, chickens, ducks, and guinea pigs, among others. Every year, the population of these animals is increasing gradually, along with the diseases associated with them. Additionally, according to the annual report of the FEDIAF for 2022, dogs and cats are the major pets adopted in Europe. Moreover, an estimated 90 million European households own at least one pet animal. Thus, the growing population of small animals increases the care towards the animals, and it is expected to boost market growth over the forecast period.
Furthermore, technological advancements are resulting in the development of more precise and efficient ultrasound systems, and key players in the veterinary ultrasound devices market are constantly improving their technologies and launching new and advanced ultrasound devices over time, which is expected to drive growth. For instance, in October 2021, Butterfly Network Inc. launched its latest handheld ultrasound scanner called Butterfly iQ+ Vet, which is a second-generation device and brings sharper imaging, a new procedural guidance tool, and hardware improvements that make the solution more powerful, versatile, and easy-to-use. Thus, with the new ultrasound devices the quality of the imaging increases which is expected to have a positive impact on the market over the forecast period.
Hence, with the rising focus on animal health and technological advancements in veterinary imaging diagnosis, the small animals sub-segment is expected to grow significantly.
North America is Expected to Dominate the Market Over the Forecast Period
The United States is expected to have significant growth in the veterinary ultrasound devices market in North America, owing to factors, like rising pet adoption and increasing per capita animal healthcare expenditure. Additionally, the rise in the prevalence of various animal diseases and internal injuries has been identified as the primary driving factor for market growth. According to the NAPHIA 2021 data, the total number of pets insured in the United States was 3.1 million. The adoption of more pet insurance that also covers ultrasound, reflects the rising number of diagnostic examinations of pets with less economical burden in hospitals across the country.
Additionally, according to the APPA National Pet Owners Survey 2022, around 70% of United States households own a pet, equating to 90.5 million homes, including 45.3 million cats and 69 million dogs. According to the same above-mentioned source, there are 6.2 million homes in the United States that have small animals. One of the primary elements driving the market's growth is the region's high pet ownership rate. Moreover, the increasing expenditure on pet care is also fueling the growth of the market. For instance, companion animal or pet ownership is increasing in Canada recently. The data published by Pet Keen, in May 2022 shows that an estimated 38% of Canadian households own a cat, while 35% own a dog. Also, the source mentioned above estimated that pet owners in Canada are spending more money on their pets than before and 17% of owners are willing to spend more than USD 500 every year for their pet healthcare.
Therefore, the factors mentioned above are driving the growth of the veterinary ultrasound devices market in North America.
