Veterinary Ultrasound Scanners Market Expected to Reach US$ 198.8 Million by 2026 - Future Market Insights
Valley Cottage, NY, December 19, 2017 (Newswire.com) - As veterinary diagnostics continue to advance in leaps and bounds, effective imaging technologies gain a foothold in the animal healthcare industry. The adoption of effective imaging systems such as ultrasound scanners continues to surge, enabling vets to bring more efficiency in zoological disease diagnosis. An exclusive study by Future Market Insights projects that by the end of 2026, the global market for veterinary ultrasound scanners will reach US$ 198 Mn in terms of value. The study further projects that during the forecast period, 2017-2026, the global veterinary ultrasound scanners market will grow steadily at a CAGR of 5.4%. The report also estimates that the demand for portable or hand-held ultrasound scanners will be high, compared to cart-based ultrasound systems.
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In 2017, Products worth over US$ 123 Mn to be Sold in Global Veterinary Ultrasound Scanners Market
Key findings from the report reveal that by the end of 2017, sales of veterinary ultrasound scanners will bring in around US$ 123 Mn revenues across the globe. The demand for portable or handheld veterinary ultrasound scanners will remain considerably high. With easier usability, portable veterinary ultrasound scanners allow faster diagnosis and accurate imaging. Compact designs of hand-held veterinary ultrasound scanners ensure economical consumption of raw materials during manufacturing. As these devices, require less space, pet owners and husbandry businesses can use them domestically to understand the changes inside their animals, without seeking professional help. The DIY operability of portable veterinary ultrasound scanners will play a key role in boosting their demand in the near future. By the end of 2026, portable veterinary ultrasound scanners worth over US$ 170 Mn are likely to be sold across the global market.
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Limitations of Cart-based Veterinary Ultrasound Scanners to Drive the Demand for Portable Scanners
One of the key factors driving the adoption of portable veterinary ultrasound scanners is the basic limitations of using cart-based veterinary ultrasound scanners. While handheld scanners are affordable, one of the biggest restraint for adoption of cart-based veterinary ultrasound scanners is their price. High price, coupled with high energy consumption, are collectively lowering the demand for veterinary ultrasound scanners based in carts. Moreover, these machines are technically limited to a few ultrasound imaging methods. While portable veterinary ultrasound scanners can facilitate 2D, 3D and 4D imaging at ease, these machines aren’t equally efficient in the operations.
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Hand-held Veterinary Ultrasound Scanners: Regional Forecast
During the forecast period, portable/handheld veterinary ultrasound scanners will represent the leading product-type segment in the global market, registering revenue growth at an estimated CAGR of 5.6%. The report further projects that North America and Europe will register high sales of portable veterinary ultrasound scanners through 2026. Robust healthcare infrastructure in the US will factor the growth in sales of portable veterinary ultrasound scanners across North America. While North America will record the highest sales of handheld veterinary ultrasound scanners, Europe will be at the second position. During the forecast period, the sales of portable veterinary ultrasound scanners in Europe will incur expansion at 5.4% CAGR. The report also reveals that Middle East & Africa (MEA) and Latin America will be the least-lucrative markets for adoption of portable veterinary ultrasound scanners, and medical professionals in this region will continue to use conventional ultrasound machines in veterinary diagnostics. Meanwhile, the sales of handheld veterinary ultrasound scanners in the Asia-Pacific excluding Japan region will register a growth at 5.1% CAGR over the forecast period.
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Source: Future Market Insights