Veterinary Endoscopy Devices Market size is projected to expand at a steady pace between 2023 to 2032 as these devices facilitate the acquisition of diagnostic data and aid veterinary experts in the inspection of a bodily cavity or an organ.
Endoscopes can be used to examine several body systems, however gastrointestinal (GI) endoscopy is most frequently performed in veterinary medicine. These procedures include esophagoscopy, arthroscopy, rhinoscopy, bronchoscopy, colonoscopy, male dog urethrocystoscopy, tracheoscopy, and others.
Based on end-use, the veterinary endoscopy devices market from the hospital segment is anticipated to record significant demand during the forecast period. The availability of modern endoscopes, skilled veterinarians, and compliance with pet insurance in these settings are expected to propel segment outlook. Rising popularity of veterinary clinics for the diagnosis and treatment of various gastrointestinal illnesses and the growing awareness of these disorders in developed nations will shape market trends.
In terms of product, the veterinary endoscopy devices market is estimated to witness significant expansion from the flexible endoscopes segment. This increase is related to the expanding use of fiberscopes and video endoscopes across various applications. These devices exhibit enhanced portability and low cost. The segment will continue to grow in the coming years due to the increasing use of flexible endoscopes for navigating the complex anatomy of the GI tract.
Regionally, the North America veterinary endoscopy devices market is likely to expand by 2032 due to the rising pet population across countries like the U.S. and the increased development of new diagnostic centers by different regional competitors. According to the American Veterinary Medical Association (AVMA), in 2020, the population of pet cats was estimated to be between 60 million and 61.9 million in 2019, compared with 58.4 million recorded five years ago.
Biovision Veterinary Endoscopy, LLC., Karl Storz SE & Co. KG, Olympus Corporation, DRE Veterinary (Avante Animal Health), Pentax Medical, Welch Allyn, Infiniti Medical, Fujifilm Holdings Corporation, STERIS, and Dr. Fritz GmbH, among others are significant market participants in the global veterinary endoscopy devices industry.
Over the past few years, global inflation is causing a price surge in raw materials for medical supplies which is disrupting consumer purchasing power. Developing economies across the globe are affected by inflation as development prospects reduce or slowdown in various sectors. The impact of inflation can be seen in demand/supply, cash flow, and more.