The global veterinary ultrasound market is set to expand saliently striking a CAGR of 6.10% during the forecast period 2018 to 2023. The market is estimated to expand from USD 164.42 Mn in 2017 to USD 234.55 Mn by 2023-end. The accuracy standards set by Food & Drug Administration (FDA) and other similar bodies have opened avenues of innovations in the market. This, in turn, is forecasted to have a positive influence on the veterinary ultrasound market proliferation over the next couple of years. However, lack of knowledge and awareness about animal health remains an impediment to the market growth.
The inclination towards pet companionship coupled with increased spending on pet healthcare has paved the way for veterinary ultrasound market expansion. According to the Oasmia Pharmaceutical AB in the U.S., the number of pets (dogs) increased from 68 million in 2000 to 83.3 million in 2014. Increased awareness about animal health care and the availability of advanced medical facilities are the key factors driving the growth of the market.
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