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The Veterinary Endoscopy Devices Market size is estimated to grow by USD 157.37 million at a CAGR of 8.31% between 2023 and 2028.
There has been a growing focus by various government and non-governmental organizations (NGOs) on increasing awareness among people about animal healthcare through various initiatives. For example, the Animal and Plant Health Inspection Service (APHIS) was established by the US Department of Agriculture (USDA) in 1972 to protect and promote animal and agriculture health. Also, the Animal Welfare Act came into existence in the US in 1966, which regulates the treatment of animals in research, exhibition, and transport by dealers. Hence, such factors are positively impacting the market.
Technavio has segmented the market into End-user, Product, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.
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The veterinary hospitals and clinics segment is estimated to witness significant growth during the forecast period. This segment plays a major l role in the diagnosis and treatment of animals, and endoscopy devices have become indispensable tools in their daily operations. In addition, veterinary hospitals and clinics are witnessing a growing demand for endoscopy devices. Furthermore, this segment is driven by a surge in pet ownership, increased awareness of advanced veterinary procedures, and a desire for minimally invasive diagnostic and surgical options.
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The veterinary hospitals and clinics segment was the largest segment and was valued at USD 142.07 million in 2018. Moreover, pet owners increasingly seek high-quality healthcare for their animals, and these facilities must meet these demands. In addition, endoscopy devices are used for a range of diagnostic and therapeutic procedures, including gastroscopy, colonoscopy, rhinoscopy, bronchoscopy, and more. Furthermore, this allows for the examination and treatment of various conditions, such as gastrointestinal disorders, respiratory issues, and urinary tract problems. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
Flexible endoscope segments are mainly used in the removal of foreign bodies and biopsies. In addition, these endoscopes have approximately 10,000 fiberoptic fibers, whereas advanced flexible endoscopes have up to 50,000 fibers. Moreover, flexible endoscopes are mostly used to examine the gastrointestinal tract and respiratory tract. In addition, these endoscopes consist of a complex piece of equipment with channels for suction and irrigation, a lumen for the passage of instruments, light guide fibers, optical /image fibers, and guidewires for the angulation at the tip. Furthermore, factors such as the growing demand for minimally invasive procedures in veterinary medicine and the increasing adoption of flexible endoscopes are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
The rigid endoscopes segment includes a rigid fiber-optic telescope and a fiber-optic light cable, which is connected to a light source (xenon or halogen). In addition, the xenon light source delivers a brighter light and is the often-used light source for rigid video endoscopes and fiberscopes. Moreover, rigid endoscopes have rod lenses and are heat tolerant as they are made of metal. In addition, they can be decontaminated through steam sterilization. Furthermore, rigid endoscopes are mostly used for anterograde rhinoscopy, tracheoscopy, laparoscopy (for examination and biopsy of the liver, pancreas, and kidneys), cystoscopy (in female dogs and cats), thoracoscopy, arthroscopy, endoscopy (in birds, reptiles, amphibians, and fish), and otoscopy. Hence, such applications are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
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North America is estimated to contribute 47% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. There are several awareness programs by various government and private organizations which is contributing to the market growth in North America. For example, every year, the American Kennel Club hosts a flagship Responsible Dog Ownership Day in Raleigh in the month of September to educate the public about the responsibilities of dog ownership and help owners enhance their relationships with their pets.
Moreover, July is celebrated as Parasite Awareness Month by the Animal Rescue League (ARL) of Boston) and Boston Veterinary Care (BVC). In addition, the main intention of this awareness campaign is to focus on intestinal parasites present inside the gastrointestinal tract of dogs and cats, which aids in monitoring pet protection. Therefore, the increasing awareness about pet healthcare and the adoption of pets are expected to drive the growth of the veterinary endoscopy devices market in North America during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global veterinary endoscopy devices market witnessed a significant slowdown and temporary closure of various industries, including those manufacturing endoscopy devices in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the restoration of operations in manufacturing units. Such factors are expected to drive the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Avante Health Solutions: The company offers veterinary endoscopy devices such as Stryker Laparoscopy Tower, olympus EVIS EXERA III CLV 190 xenon light source, endoscopy video processors, and many more.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
One of the key factors driving the veterinary endoscopy devices market growth is the advanced applications of veterinary endoscopes. The main application of veterinary endoscopes is for the diagnosis and treatment of various gastrointestinal diseases. In addition, based on the improvements in medical devices, the use of endoscopic devices and their applications are widely increased for various purposes, including laparoscopy, arthroscopy, bronchoscopy, cystoscopy, enterostomy, hysteroscopy, and insemination.
Moreover, hysteroscopy is used to observe the uterus and to diagnose and treat any abnormal bleeding in the vagina. In addition, this procedure is performed using a thin, lighted tube inserted through the vagina to examine the cervix and inside of the uterus. Hence, such increasing applications are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
A key factor shaping the veterinary endoscopy devices market growth is the developments in veterinary endoscopic technologies. There are several advancements in endoscopic technologies that further improve the results and effectiveness of endoscopic procedures. In addition, interventional endoscopy has various advantages, such as enhanced /image quality. Furthermore, minimally invasive devices are noticing improvements in the global veterinary endoscopy devices market.
Moreover, laparoscopic surgeries are gaining importance over conventional surgeries. In addition, these surgeries require a single incision with improved accuracy, which avoids surgeries and improves the quality of life of animals. For example, laser lithotripsy is considered the best minimally invasive endoscopy-guided approach to urolith resolution than surgery. Hence, such factors are driving the market growth during the forecast period.
High costs associated with veterinary endoscopy are one of the key challenges hindering the veterinary endoscopy devices market growth. The main purpose of veterinary endoscopy devices is that they are used to diagnose animals with gastrointestinal tract diseases. In addition, the high cost of these devices is a major challenge for market growth as it increases the cost burden on pet owners, especially in low-income countries. In addition, the high cost of the treatment can be attributed to the requirement for highly skilled professionals.
Moreover, the procedures that involve the use of an endoscopy device are expensive as the cost of device manufacturing and installation is high. In addition, the adoption of this procedure increases the cost burden on pet owners without insurance. Furthermore, the average cost of a veterinary endoscope device ranges between USD5,000 and USD7,000. Hence, such factors are hindering the market growth during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Veterinary Endoscopy Devices Market Customer Landscape
The veterinary endoscopy devices market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Veterinary Endoscopy Devices Market Scope |
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Report Coverage |
Details |
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Page number |
161 |
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Base year |
2023 |
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Historic period |
2018-022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.31% |
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Market Growth 2024-2028 |
USD 157.37 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
7.63 |
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Regional analysis |
North America, Europe, Asia, and the Rest of the World (ROW) |
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Performing market contribution |
North America at 47% |
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Key countries |
US, Canada, Germany, UK, and France |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Albert Waeschle Ltd., American Diagnostic Corp., Avante Health Solutions, B.Braun SE, Baxter International Inc., Biovision Veterinary Endoscopy LLC, Chip Ideas Electronics S.L., Dr. Fritz Endoscopes GmbH, Eickemeyer Medical technology for veterinarians KG, Endoscopy Support Services Inc., Healicom Medical Equipment Co. Ltd., Jorgen Kruuse AS, KARL STORZ SE and Co. KG, KIRCHNER and WILHELM plus GmbH Co. KG, MDS Inc., Medtronic Plc, STERIS plc, Sumitomo Mitsui Financial Group, SyncVision Technology Corp., and Zhejiang MDKingdom Technology Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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