Veterinary Endoscopy Market size is projected to experience significant growth from 2018 to 2024. Increasing prevalence of diseases such as zoonosis, anthrax, bovine spongiform encephalopathy, brucellosis foot-and-mouth disease and other emerging infectious diseases is the key factor that will foster the veterinary endoscopy market growth. According to a study published in the Journal of Veterinary Medicine and Animal Health, 2018, gastrointestinal helminths of cattle causes serious problems in animals especially in developed as well as developing countries. Growing burden of animal disease worldwide will increase the demand for veterinary diagnosis and treatment thereby propelling the market growth.
Growing awareness among pet owners regarding animal health coupled with availability of numerous veterinary hospitals and clinics will augment the market growth. Favorable reimbursement policies, availability of pet insurance and its benefits resulting in affordable treatment cost will further surge the veterinary endoscopy market size over the analysis period. However, high costs associated with veterinary endoscopy as well as limited number veterinarians especially in developing economies may hinder the veterinary endoscope market growth over the forecast timeframe.
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Flexible endoscope product segment dominated the veterinary endoscopy market with the highest revenue share in 2017 owing to wide use of flexible endoscopes in veterinary treatments. Flexible endoscopes enable healthcare providers to examine interior body cavities using least invasive mechanism. Increasing adoption of innovative and advanced flexible endoscopes that are highly pliant and provide direct viewing facility to healthcare providers, will further upsurge the segmental growth.
Gastrointestinal procedures segment is anticipated to witness robust growth rate during the forecast timeframe owing to the rising prevalence of diarrhea, bowel obstruction, exocrine pancreatic insufficiency, hookworm infection and other such gastrointestinal diseases. Prevalence of such diseases is high in animals especially in the low and middle income countries. Such factors will upsurge the segmental growth in the coming years.
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Diagnostic applications segment dominated veterinary endoscopy market in 2017 and is projected to show similar growth in the coming years. Increasing number of gastrointestinal diseases among animals is the key driver that will boost the segmental growth. Endoscopes form an essential component in diagnosis of diseases in pets. Increasing adoption of endoscopes for diagnostic purpose will spur the segment size in the foreseeable future.
Companion animal segment is estimated to witness significant growth over the analysis timeframe owing to growing adoption of companion animals in developed as well as developing countries. Rising awareness among pet owners regarding animal health coupled with increasing pet healthcare expenditure will further accelerate the segmental growth during the forthcoming years.
Hospitals end-use segment dominated the veterinary endoscopy market with the highest revenue in 2017. Availability of advanced and sophisticated equipment, presence pf skilled veterinarians and well-developed veterinary care facilities will upsurge segment revenue size. Moreover, hospital compliance with pet insurance will boost the number of surgeries being performed in hospital settings thereby augmenting the segmental growth in coming years.
North America veterinary endoscopy market accounted for the largest revenue share in 2017 and is estimated to witness lucrative growth during the forecast period. The growth is attributable to the advanced veterinary healthcare infrastructure available in the region. Presence of notable industry players leading to development in veterinary endoscopes will drive the is one of the key factors that will drive the veterinary endoscopy industry growth.
Some of the prominent industry players in veterinary endoscopy market include B. Braun, Biovision Veterinary Endoscopy, Dr. Fritz, Eickemeyer, Endoscopy Support Services, Fujifilm, Hoya Corporation (Pentax Medical), Karl Storz, Olympus Corporation, Richard Wolf GmbH, Steris and Welch Allyn. Major industry players are focusing on strategic partnerships, mergers, acquisitions and new product launch as their key strategies to diversify existing product as well as customer portfolio.
Veterinary endoscopy market by product type, 2013-2024 (USD Million)
- Flexible endoscopes
- Rigid endoscopes
- Capsule endoscopes
- Robot-assisted endoscopes
Veterinary Endoscopy market by application, 2013-2024 (USD Million)
- Diagnostic application
- Surgical application
Veterinary Endoscopy market by procedure, 2013-2024 (USD Million)
- Gastrointestinal procedures
Veterinary Endoscopy market by animal, 2013-2024 (USD Million)
Veterinary endoscopy market by end-use, 2013-2024 (USD Million)