The veterinary endoscope market is evaluated at US$292.337 million for the year 2019 and is projected to grow at a CAGR of 5.36% reaching the market size of US$421.325 million by the year 2026.
Veterinary endoscopes are used for the examination of the internal organs in order to gain diagnostic information evaluating the area of interest and/or obtaining the tissue for histopathologic evaluation. For therapeutic purposes, the endoscopy can be useful in foreign body removal such as stones, or in the case of the placement of feeding tubes in animals. The incidences of digestive disorders among animals have seen a surge over the years. The use of veterinary endoscopes for the diagnosis of gastrointestinal disorders in animals serves as one of the major drivers projected to drive the growth of the global veterinary endoscopes market during the forecast period. Also, the growing number of veterinary practitioners worldwide is further expected to propel market growth. Furthermore, the rise in the adoption of pets around the world and an increase in pet insurances are also some of the prominent factors driving the market growth of veterinary endoscopes. Some of the commonly performed procedures include bronchoscopy, arthroscopy, dogs' urethrocystoscopy among others.
Veterinary Endoscope market, US$ million, 2019 to 2026
Source: Knowledge Sourcing Intelligence Analysis
The outbreak of the novel coronavirus disease had a positive impact on the veterinary endoscope market. During the lockdown period, the adoption of pets saw a boost, while several animal shelters reported increased demand during the pandemic. As per data from PetPoint shared by ASPCA, United States witnessed a 58% adoption rate for pets at the beginning of March 2020, which increased to 85% by the end of the month. The rise in adoption had a slightly positive impact on the veterinary endoscope market during the COVID-19 pandemic.
Rising prevalence of gastrointestinal diseases in animals.
One of the major factors anticipated to drive the growth of the veterinary endoscope market during the forecast period is the growing prevalence of digestive diseases among animals. According to the journal Veterinary World, digestive problems are most common among dogs while the commonly recorded diseases include diarrhea, vomiting, concurrent vomiting with diarrhea, constipation, and anorexia. A rise in the incidences of such cases has been seen over the years in dogs as well as other animals, which prompts the need for increased use of endoscopy in those animals, and is expected to propel the market growth in the coming years.
Growing pet adoption.
The rise in the adoption of pets across the world is prompting increased use of endoscopes, as the health of the pets are taken care of after adoption, which is anticipated to propel the growth of the veterinary endoscope market during the forecast period. According to ASPCA, people own nearly 78 million dogs and 85.8 million cats in the United States. Furthermore, the year 2020 saw an increased rate of pet adoption. As per PetPoint, the rate of pets rescued from shelters saw a 12% increase in 2020. Mars Petcare stated in January 2021 that the adoption rate for puppies in India has grown in the range of 50-100% in 2020. It also states that the adoption rate for cats has surged by nearly 40%. The increased pet adoptions further accelerated in the year 2020 is expected to lead to the rising use of veterinary endoscopes during the forecast period. Furthermore, the adoption of street dogs has been gaining popularity in countries such as India which is projected to support market growth in the coming years.
Increase in pet insurance.
The rise in pet insurances is another reason which is expected to propel the veterinary endoscope market growth during the assessment period. Pets, especially in developed countries, are increasingly being insured. For instance, as per Insurance Information Institute, nearly 50% of the pets are insured in Sweden, a share which is expected to increase further in the coming years. The North American Pet Health Insurance Association (NAPHIA) states that the pet insurance market in the U.S. witnessed an average annual growth rate of nearly 24.2% from 2016 to 2020.
North America to dominate the market.
Geographically, the North American region is anticipated to hold a significant market share is anticipated to witness substantial growth during the forecast period. The large market share is attributed to the presence of an advanced healthcare system in the region, especially in the United States, which leads to a larger number of veterinary endoscopies being conducted in the region. Furthermore, the rise of zoonotic diseases in the region has led to people being more conscious about the animals’ health which is further expected to increase the market size of veterinary endoscopes in North America. The increasing adoption of companion animals is also projected to have a positive impact on the North American market.
|Market size value in 2018||US$277.665 million|
|Market size value in 2024||US$378.182 million|
|Growth Rate||CAGR of 5.28% from 2018 to 2024|
|Forecast Unit (Value)||USD Million|
|Segments covered||Type, Component, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||KARL STORZ, Biovision Veterinary Endoscopy, LLC., Advanced Monitors Corporation, MDS INCORPORATED, Aohua Endoscopy Co., Ltd, Dr. Fritz GmbH, Vetel Diagnostics, Eickemeyer Veterinary Equipment Limited|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the veterinary endoscopes market size by 2024?
A1. The veterinary endoscopes market is projected to reach a total market size of US$378.182 million by 2024.
Q2. What is the size of global veterinary endoscopes market?
A2. Veterinary Endoscopes market was valued at US$277.665 million in 2018.
Q3. What are the growth prospects for the veterinary endoscopes market?
A3. The global veterinary endoscopes market is projected to grow at a CAGR of 5.28% during the forecast period.
Q4. Who are the major players in the veterinary endoscopes market?
A4. Major industry players profiled as part of the veterinary endoscopes market report are KARL STORZ, Biovision Veterinary Endoscopy, LLC., Advanced Monitors Corporation, and MDS INCORPORATED among others.
Q5. What factors are anticipated to drive the veterinary endoscopes market growth?
A5. The diagnosis of gastrointestinal disorders serves as one of the drivers driving the growth of the global veterinary endoscopes market.