SAN FRANCISCO, Nov. 23, 2021 /PRNewswire/ -- The global veterinary endoscopes market size is anticipated to reach USD 314.2 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a significant CAGR of 6.6% from 2021 to 2028. The key factors driving the growth include rising diagnostic and interventional procedures in companion as well as livestock animals and technological advancements.
Key Insights & Findings:
Rigid endoscopes dominated the market by type in 2020 while the others segment is anticipated to expand the fastest CAGR of 8.4% during the forecast period
This is owing to the increasing use of veterinary endoscopes in laparoscopies and GI tract endoscopies and the demand for endoscopes that can be easily maneuvered to reach body cavities in the animal
Point Grey Veterinary Hospital in Vancouver in Canada, for instance, uses a fiberoptic endoscope to perform endoscopy of areas such as the stomach, trachea, and colon without the use of surgery. The commonly conducted procedures using endoscope include stomach and gastrointestinal exam and biopsy, retrieval of objects from the stomach, placement of feeding tubes, and examination of the upper airways
By animal type, large animals held the largest share of over 50% of the market in 2020. The small animals' segment on the other hand is estimated to expand at the fastest CAGR in the forthcoming years
This can be attributed to factors such as increasing animal health concerns, pet expenditure, and humanization of pets
North America dominated the market in terms of the region due to the presence of a large number of veterinary hospitals and clinics offering endoscopy as part of their service offerings
The COVID-19 pandemic adversely impacted the market. Manufacturers and other market participants registered low demand and sales due to several challenges such as supply chain bottlenecks, reduced sales and marketing activities, and movement restrictions. Lockdown measures implemented at national and regional levels, in particular, led to reduced patient volume at veterinary hospitals and clinics. This dampened the demand for veterinary equipment including endoscopes.
According to an April 2020 survey of veterinary practice owners conducted by the American Veterinary Medical Association, almost all respondents experienced a decrease in client traffic. Practice owners reported an estimated average monthly cash shortfall of about USD 17,000 due to a decline in revenue and costs incurred to ensure continuity of operations. However, the patient volume and sales started to recover during the latter half of 2020, as movement restrictions were eased.
Technological advancements in veterinary endoscopes and growing demand for less painful, minimally invasive procedures for pets by pet parents are expected to fuel the growth of the market during the forecast period. The German company, KARL STORZ SE & Co. KG, for instance, offers an extensive portfolio of rigid and flexible veterinary endoscopes that include large animal videoendoscopes, Hopkins telescope, EquiVeo videoendoscope, uretero-reno-fiberscopes, otoscopes, small animal fiberscopes, hysteroscope, multi-purpose rigid telescopes, and others. These endoscopes are designed to serve the needs of different procedures and in animals of varying sizes.
Grand View Research has segmented the global veterinary endoscopes market based on type, animal type, application, procedure, and region:
Veterinary Endoscopes Type Outlook (Revenue, USD Million, 2016 - 2028)
Veterinary Endoscopes Animal Type Outlook (Revenue, USD Million, 2016 - 2028)
Veterinary Endoscopes Application Outlook (Revenue, USD Million, 2016 - 2028)
Veterinary Endoscopes Procedure Outlook (Revenue, USD Million, 2016 - 2028)
Gastrointestinal Tract Endoscopy
Urinary & genital Tract Endoscopy
Veterinary Endoscopes Regional Outlook (Revenue, USD Million, 2016 - 2028)
List of Key Players of the Veterinary Endoscopes Market
KARL STORZ SE & Co. KG
Advanced Monitors Corporation
Dr. Fritz Endoscopes GmbH
Zhuhai Seesheen Medical Technology Co., Ltd.
Biovision Veterinary Endoscopy, LLC
Check out more studies related to endoscopes & endoscopy systems, conducted by Grand View Research:
Endoscopes Market – The global endoscopes market size was valued at USD 11.6 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 9.2% from 2021 to 2028. The growing awareness regarding the benefits of minimally invasive surgeries as compared to open invasive surgeries and the rising prevalence of chronic diseases, such as cancer, heart diseases, and diabetes, are some of the key factors driving the market.
Endoscopy Devices Market – The global endoscopy devices market size was valued at USD 41.0 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.3% from 2021 to 2028. The shift in the trend of adoption from traditional open surgeries to minimally invasive procedures by healthcare professionals and patients is one of the major factors boosting the market.
Endoscopy Visualization Systems Market – The global endoscopy visualization systems market size was valued at USD 21.5 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.0% from 2021 to 2028. Endoscopy is a minimally invasive procedure used for the examination of the internal organs in the body.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.