Growth in this market is largely driven by the growing companion animal population, a growing number of veterinary practitioners in developed countries, technological advancements, and the rising demand for pet insurance and increasing pet care expenditure. Moreover, untapped emerging markets in developing countries are creating lucrative opportunities for the market players. 

The veterinary ultrasound market has been negatively impacted by the pandemic, and this trend is expected to continue till December 2021. Unfavorable changes in regulations and guidelines are hampering the growth of this market. The closing down of manufacturing facilities due to lockdowns, disruptions in supply chains, and recruitment challenges for clinical trials have further impacted the growth of the overall veterinary ultrasound market. 

According to data from the AVMA Census of Veterinarians and Veterinary Practice Owners, veterinarians saw fewer patients per hour, and average productivity declined by almost 25% in 2020, compared with 2019. During the pandemic’s earliest months, veterinary practices operated as essential businesses, seeing only urgent cases. 

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Meanwhile, clients were spending more time at home with their pets, which gave them the opportunity to spot health issues more readily and to think about veterinary care more generally. Many also had more disposable income—from stimulus payments and reduced spending in other areas—that they could now allocate to pet care. 

With the surge in companion animal population, the growing demand for animal food products, the huge population of livestock animals, and the increasing animal health expenditure in emerging countries across the APAC and Latin America, these regions showcase high-growth opportunities. 

The demand for various veterinary products, including ultrasound devices, is expected to increase in the respective veterinary sectors in these countries during the forecast period. 

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Emerging economies such as India, China, Brazil, and some other Southeast Asian countries are home to large companion and farm animal populations. However, animal health expenditure in these countries is comparatively lower than in the developed countries across North America and Europe. This is mainly due to a lack of animal health awareness among pet owners and livestock owners.