According to Vision Research Reports, the global veterinary endoscopes market size is expected to reach US$ 845 million by 2027 and is projected to grow at a CAGR of 7% from 2020 to 2027.
Rapid rise in pet population worldwide is projected to drive the global veterinary endoscopes market during the forecast period. A rise in pet population with gastrointestinal problem are more willing to undergo endoscopies surgeries and diagnosis at veterinary hospitals and clinic. This is expected to increase the number of endoscopy procedures thus propelling growth of the veterinary endoscopes market.
- Rising incidence of pet diseases across the globe alert the owners of the pet to keep them secure. To keep the pet healthy from devastating medical condition, they require frequent health checkup, diagnosis and treatment. The growing cost of modern medicine and advanced medical technologies is a cost burden for owner.
- Two main types of veterinary endoscopes are available in the market: rigid and flexible endoscopes.
- Both the rigid and flexible endoscopes are used for diagnostic and surgical procedure. But still they have some differences. A flexible endoscope’s body is sheathed in a specialized flexible covering and this covering provides bending capacity which is not possible in the rigid endoscopes. Rigid endoscopes tube is made of stainless steel and it is non-flexible.
- A rigid endoscope are simpler in design and less expensive than the flexible endoscope. The flexible endoscopes consists number of components but have greater advantages than rigid endoscopes. The flexible endoscopes are of two type. They are Fiber Optic Endoscope and video endoscopes
- North America dominated the global veterinary endoscopes market in 2019 and the trend is anticipated to continue during the forecast period. In a study conducted by the University of Minnesota (the U.S.), endoscopy procedures were observed to be efficient to evaluate the nature of diseases in the genital organs of dogs. These endoscopy procedures were also useful in visualization of the internal organs of animals in a less invasive manner. Hence, the veterinary endoscopes market in North America is expanding and is likely to witness significant growth during the forecast period.
- Asia Pacific is likely to be a highly lucrative market for veterinary endoscopes and it is expected to expand at a high CAGR during the forecast period
Government funding in emerging markets to Drive Market
- The market for veterinary endoscopes devices in emerging markets such as India, China is expanding due to multiple factors. Rise in government expenditure on vet health care is one of the major factors fueling the growth of veterinary endoscopes markets.
- According to the Government of India’s 12th five-year plan (2012–2017), various initiatives and plans to broaden basic health care coverage to faming cattle. According to data available, the government of India allocated US$ 2,209.2 Mn in the Department of Animal Husbandry, Dairying and Fisheries care in 12th five year plan which is almost double from the last 11th five year plan.
- These factors have invigorated the market and allowed market players to focus on R&D in providing user-friendly devices and medicine at low cost for cattle treatment.
Flexible endoscopes Segment to Dominate Market
- Based on product type, the global veterinary endoscopes market has been divided into flexible endoscopes, rigid endoscopes, capsule endoscopes, and robot assisted endoscopes. The flexible endoscopes segment has been bifurcated into fiber optic endoscopes, and video endoscopes.
- The flexible endoscopes segment dominated the global veterinary endoscopes market in 2019 and the trend is projected to continue during the forecast period. The advantage of a flexible endoscope is that it can be steered around the complicated portions where rigid endoscopes can’t travel. Flexible endoscopes are useful to view the inside of the stomachs and bowel where the endoscope has to travel a long distance.
Diagnostic application to be Highly Lucrative Segment
- In terms of application, the global veterinary endoscopes market has been classified into diagnostic and surgical.
- The diagnostic segment dominated the veterinary endoscopes market. Globally, the gastrointestinal problem in pet is increasing and it’s very difficult to find the actual cause of the disease in the pet without the internal examination. According to veterinary doctors, the endoscopy procedure is one of the most useful procedure to find the gastrointestinal problem. Moreover, the demands for laparoscopy procedure in diagnosis of gastrointestinal condition is increasing. Hence, the market share of diagnostic segment is higher than the surgical segment in the global veterinary endoscopes market.
Companion animals to dominate global market
- In terms of animal type, the global veterinary endoscopes market has been classified into companion and livestock.
- Changes in consumer behavior and increase in pet ownership is leading to ‘humanization’ of pets. In recent years, pets have gained position as a member of the pet owner’s family. This has led to heightened tendency of pet owners to spend more on pet supplies, higher quality food, and more expensive medical treatment
Gastrointestinal Endoscopy to dominate global market
- In terms of procedure type, the global veterinary endoscopes market has been classified into gastrointestinal endoscopy, laparoscopy, bronchoscopy, otoscopy, cystoscopy, others.
- According to a Journal of Veterinary Medicine and Animal Health 2017, the prevalence's of gastrointestinal parasitic infection in tethered animals is very high. Every year, the gastrointestinal parasitic infection effected main cattle's throughout the globe. Veterinarians mostly recommend the gastrointestinal endoscopy to investigate whether the cattle's are suffered from gastrointestinal parasitic infection. Therefore, the market share of the gastrointestinal endoscopy procedures is predominant over other segments over other types of procedures in Global
North America to Dominate Global Market
- In terms of region, the global veterinary endoscopes market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global Veterinary Endoscopes market in 2019, followed by Europe.
- North America accounted for major share of the global veterinary endoscopes market in 2019, one of the drivers for the veterinary endoscopes market in North America is rising adoption of pets in the region. According to a government source, more than 50% of households in Canada own a pet. This includes nearly six million dogs (more than 30% of households own at least one dog) and nearly eight million cats (more than 35% of households own at least one cat). The same source also highlights that the number of households in Canada, which own at least one pet, is increasing. Additionally, rising interest in pet care, developed standards of care, availability of pet insurance, and technological breakthroughs are other factors driving the veterinary endoscopes market in North Ameri.
- The global veterinary endoscopes market is fragmented in terms of number of players. Key players in the global market include Harvard Bioscience Infiniti Medical, Olympus Corporation, Fujifilm Holdings Corporation, KARL STORZ SE & Co. KG, Richard Wolf GmbH, STERIS plc.,ESS, Inc., Jorgen Kruse A/S, HOYA Corporation (PENTAX Medical), among others
By Product Type
- Flexible Endoscopes
- Fiber Optic Endoscopes
- Video Endoscopes
- Rigid Endoscopes
- Capsule Endoscopes
- Robot Assisted Endoscopes
- Capsule Endoscopes
- Robot Assisted Endoscopes
By Procedure Type
By Animal Type
- Veterinary Hospitals
- Veterinary Clinics
- Others (Academic Institutes etc.)
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
VRR’s report on the global veterinary endoscopes market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2020 to 2027. The report provides revenue of the global veterinary endoscopes market for the period 2016–2027, considering 2020 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global veterinary endoscopes market during the forecast period.
The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global veterinary endoscopes market.
Secondary research also included Internet sources, statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global veterinary endoscopes market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global veterinary endoscopes market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global veterinary endoscopes market.
The report delves into the competitive landscape of the global veterinary endoscopes market. Key players operating in the global veterinary endoscopes market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global veterinary endoscopes market that have been profiled in this report.
Key Questions Answered in Global Veterinary Endoscopes Market Report
- What is the scope of growth of product companies in the global veterinary endoscopes market?
- What will be the Y-o-Y growth of the global veterinary endoscopes market between 2019 and 2027?
- What is the influence of changing trends in technologies on the global veterinary endoscopes market?
- Will North America continue to be the most profitable market for veterinary endoscopes providers?
- Which factors are anticipated to hamper the growth of the global veterinary endoscopes market during the forecast period?
- Which are the leading companies in the global veterinary endoscopes market?
A unique research methodology has been utilized by VRR to conduct comprehensive research on the growth of the global veterinary endoscopes market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary methods referred to by analysts during the production of the global Veterinary Endoscopes market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of VRR’s study on the veterinary endoscopes market as primary methods.
These primary and secondary methods have provided exclusive information during interviews, which serves as a validation from the Veterinary Endoscopes market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global Veterinary Endoscopes market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching VRR’s estimates on future prospects of the global veterinary endoscopes market more reliably and accurately.