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. This created a substantial backlog in wellness visits. As restrictions loosened, patients started returning for routine examinations and preventive care.
The veterinary ultrasound market experienced short-term negative growth in this period. However, there will be minimum or no change in the long-term fundamental drivers affecting the demand for veterinary Ultrasound devices. As a result, it can be estimated that the market will experience no significant change post the COVID-19 pandemic.
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The growing number of veterinarians, especially in developed economies, is one of the major factors driving the growth of the veterinary ultrasound market and its sub-markets. In addition, the income of veterinarians in developed countries has increased in the last few years.
The median pay for veterinarians in the US is USD 99,250. An increase in the number of veterinarians will lead to the establishment of new clinics to a certain extent, which is expected to drive the demand for various veterinary products, including veterinary ultrasound systems. In addition, the increasing income of veterinarians will increase their purchasing capacity, which is further expected to drive the adoption of ultrasound systems in their clinics.
The cost of traditional cart-based ultrasound systems is higher than that of portable ultrasound systems. Advanced ultrasound systems from Esaote SpA (Italy) and GE Healthcare (US) are priced at a premium. Similar to ultrasound systems, the cost of veterinary ultrasound procedures is also high.
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.
Based on the end user, the veterinary ultrasound market is into veterinary clinics, veterinary hospitals academic institutes, and other end users. In 2020, the veterinary clinics segment accounted for the largest share of the global veterinary ultrasound market.