Veterinary endoscopy Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2864
Veterinary Endoscopy Market size is projected to expand considerably over 2021-2027, given the strong focus on ensuring the health and safety of pets, alongside the high risks of zoonotic parasites among canine companion animals and their owners. Likewise, the potential mutation of zoonosis to human-only virus strains, including newly identified and recurring diseases like Ebola, HIV, and salmonellosis, is likely to further boost the demand for veterinary endoscopy services in the coming years.
An endoscope is a flexible tube with a viewing port and video camera that is inserted into the stomach via the mouth, colon, or rectum to allow full color viewing of the stomach, esophagus, as well as the upper part of the small intestine. Endoscopy in veterinary has been designed for the purpose of diagnosing various diseases among pets showing clinical signs of abdominal pain or swelling, weight loss, diarrhea, vomiting, and loss of appetite.
Availability of pet insurance policies and the growing number of veterinarians are the prominent factors bolstering the overall veterinary endoscopy market trends over the coming years. As per reliable estimates from the Society for Human Resource Management, around 15% of the employers provide a pet insurance benefit, to cater to the rapid spike in pet adoption in the wake of the coronavirus outbreak. Moreover, there are over 1.8 million vets worldwide in 2021, with nearly 63,000 registered veterinarians in India.
On the basis of animal, the companion segment is expected to account for a considerable share by 2027, due to the increasing acceptance of indie dogs, alongside the high preference for pet animals to ensure emotional well-being amid the COVID-19 crisis. According to an APPA (American Pet Product Association) survey, 75% of the pet owners spent time with their companion animals to de-stress during the pandemic.
From a regional perspective, the North America market is set to exhibit a high growth rate through 2027, which can be attributed to the escalating animal rescue efforts and adoptions, coupled with the introduction of pet insurance policies in countries such as the United States and Canada. As per the North American Pet Health Insurance Association, the average annual rate of pets insured in these countries increased by 22.1% in the last 5 years, reaching nearly 2.82 million in 2020.
Prominent companies operating in the market include Welch Allyn (Hillrom), Steris, Richard Wolf GmbH, Olympus Corporation, Karl Storz, Hoya Corporation, Fujifilm, Endoscopy Support Services, Eickemeyer, Biovision Veterinary Endoscopy, and B. Braun, among others. These firms are focusing on new product launches, business expansions, and M&A to diversify their product portfolio and geographical presence across the global market.
For instance, in October 2020, Olympus Corporation launched ENDO-AID, an AI-powered platform that is compatible with its advanced endoscopy system, EVIS X1, designed to enable doctors and veterinarians to display automatically detected suspicious lesions in real-time.
Impact of Mounting Pet Adoption During COVID-19 on Veterinary Endoscopy Market Trends:
The unprecedented impact of the coronavirus pandemic has been witnessed across various sectors, owing to business shutdowns and the implementation of strict measures to reduce the rate of virus transmission. Various veterinary clinics and hospitals also have incorporated strategies to reduce person-to-person contact, thus creating indirect impacts on the industry expansion.
However, the stay-at-home trend has led to a surge in pet adoption across the globe. Studies suggest that 11.3 million Americans adopted a new pet during the pandemic, while around half of all the households in Britain that own a pet adopted at least one new animal during the lockdown. These aforementioned factors, along with the gradual ease of restrictions and resumption of commercial activities, are anticipated to fuel the demand for veterinary endoscopy equipment to treat the ever-increasing population of companion pets over the coming years.
The veterinary endoscopy market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2027 for the following segments:
Market, by product type, 2013-2024 (USD Million)
- Flexible endoscopes
- Rigid endoscopes
- Capsule endoscopes
- Robot-assisted endoscopes
Market, by application, 2013-2024 (USD Million)
- Diagnostic application
- Surgical application
Market, by procedure, 2013-2024 (USD Million)
- Gastrointestinal procedures
Market, by animal, 2013-2024 (USD Million)
Market, by end-use, 2013-2024 (USD Million)
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
What Information does this report contain?
Customize this Report
Our Market Research Reports Include:
- Market snapshot
- Market Segmentation
- Value Chain Analysis
- Growth Dynamics
- Potential Market Opportunities
- Regulatory Overview
- Technology Evolution
- Innovation & Sustainability