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(Health-NewsWire.Net, November 15, 2021 ) 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.
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.
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According to the U.S. Bureau of Labor Statistics, the total number of veterinarians in the country has increased by around 3.5% from 71,060 in 2018 to 73,710 in 2020. 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.
Specialists such as cardiologists, oncologists, and radiologists offer more expensive services ranging up to USD 500 per area of animal body. The high cost of these procedures has long been a restraining factor for the market, as it prompts pet owners to avoid an ultrasound until it becomes necessary.
A large number of pet owners in these countries are willing to spend more on pet care, specifically for healthcare services. . 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.
Emerging markets offer significant and attractive growth opportunities for veterinary ultrasound market. The growth of veterinary clinics & hospitals in these countries has increased the demand for veterinary ultrasound market.
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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