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DUBLIN, January 19, 2022 (GLOBE NEWSWIRE) — “Animal Ultrasound Market Size, Share & Trends Analysis Report By Type (2D, 3D/4D), By Scanner Type (Cartridge Based, Handheld), By Technology, By Animal Type, By End Use, By Application And Segment Forecasts, 2021 – 2028” report added to ResearchAndMarkets.com’s supply.
The global animal ultrasound market size is expected to reach USD 488.93 million by 2028, according to a new report from the publisher. The market is expected to grow at a CAGR of 11.0% from 2021 to 2028.
Key factors driving the market growth include the rising prevalence of various zoonotic diseases and technological advancements in the industry. In addition, the growing popularity of pet insurance and the increase in the number of companions and livestock are also expected to positively impact the growth of the animal/veterinary ultrasound market.
The COVID-19 pandemic has reduced veterinary testing and diagnostic capacity due to facility closures. This limits the ability to test animals for disease. In addition, lockdowns and closures of veterinary facilities and laboratories have resulted in the suspension of testing and research on animal diseases. Animal disease surveillance and reporting activities, such as outbreak investigations and disease reporting, have also been disrupted by logistical issues, such as restricted and restricted access to farms and access to veterinary ultrasounds during the pandemic. These factors have had a negative impact on the market.
Ultrasound procedures are required for the diagnosis of many procedures and before most veterinary procedures. Hence, increasing number of veterinary surgeries along with increasing number of veterinarians is expected to drive market growth. According to a survey by the Canadian Veterinary Association, in 2020, the number of veterinarians in Canada will be approximately 12,921, and the number of veterinary practitioners will be approximately 3,301. Globally, the number of companion animals and livestock is increasing, which has led to a growing demand for products that diagnose various chronic diseases in animals.
According to a 2021-2022 survey by the American Pet Products Association, approximately 70 percent of U.S. households own pets. This is equivalent to 90.5 million households. According to the same source, spending on pets in the U.S. in 2020 was $103.6 billion. Hence, high pet care spending is also expected to drive the market growth. Market players are investing in many strategic initiatives such as acquisitions, mergers, partnerships and product launches to maintain a competitive edge. For example, in January 2021, Heska Corp. acquired Lacuna Diagnostics, a point-of-care (POC) diagnostics company. This is expected to enhance Heska’s product portfolio.
Animal Ultrasound Market Report Highlights
- Growing number of pets and livestock, rising popularity of pet insurance, and growing demand for POC diagnostics are expected to drive market growth
- The 2-D ultrasound imaging segment leads the market in 2020 due to widespread use, while 3-D/4-D ultrasound imaging…
The full story is available on Benzinga.com
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