Rockville, Oct. 18, 2022 (GLOBE NEWSWIRE) -- Global demand for veterinary endoscopes is expected to increase at a CAGR of 5.5% from 2022 to 2027, says Fact.MR, a market research and competitive intelligence provider.
These tools aid veterinary specialists in the inspection of a bodily cavity or an organ and make it possible to gather diagnostic data. While GI endoscopy is most frequently employed in veterinary medicine, endoscopes can also be used to examine a variety of different body systems. Esophagoscopy, bronchoscopy, rhinoscopy, arthroscopy, colonoscopy, and tracheoscopy are a few of these procedures. Demand for flexible endoscopes is anticipated to witness significant growth over the coming years.
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The enhanced portability and low cost of fiberscopes are the main reasons for their strong demand. In contrast, video endoscopes are well-liked because of their excellent visual quality. The product segment will continue to grow over the coming years as a result of the increasing use of flexible endoscopes for navigating the GI tract's intricate anatomy.
The availability of modern endoscopes, skilled veterinarians, and compliance with pet insurance in these settings are expected to propel the veterinary endoscopy market to new heights during the projected period. This growth is also attributable to the rising popularity of veterinary hospitals for the diagnosis and treatment of various gastrointestinal illnesses and the growing awareness of these disorders.
In terms of market share and revenue, North America currently dominates the global market and will maintain this dominance throughout the projection period. This is because more people in the region are adopting companion animals. On the other hand, the Asia Pacific market is anticipated to experience the highest growth rate because of the region's improved veterinary healthcare infrastructure.
Key Takeaways from Market Study
- The global market for veterinary endoscopy is currently valued at US$ 184 million.
- The global veterinary endoscopes market is expected to attain a valuation of US$ 240.4 million by 2027.
- China’s market is expected to reach US$ 50 million by 2027.
- Global sales of flexible endoscopes are predicted to rise at a CAGR of 6% from 2022 to 2027.
“Primary driver fuelling the growth of the veterinary endoscopy market is the rise in veterinary practitioners and increased demand for capsule endoscopy,” says Fact.MR analyst.
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Key Segments in Veterinary Endoscopy Industry Research
- By Product :
- Flexible
- Videoscope
- Fibreoptic
- Rigid
- Others
- By Animal Type :
- Companion Animals
- Large Animals
- Others
- By End User :
- Hospitals
- Academic Institutes
- Clinics
- Others
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
Winning Strategy
Fujifilm Holdings Corporation, Olympus Corporation, Biovision Veterinary Endoscopy, LLC, DRE Veterinary (Avante Animal Health), and Karl Storz SE & Co. are key participants in the veterinary endoscopy industry.
For the purpose of gaining a firm foothold in the market, these companies have taken a particular interest in the adoption of strategic moves, including mergers, acquisitions, partnerships, collaborations, and product developments.
- An upgraded version of the VetVision endoscopy machine was introduced in 2019 by Veterinary Endoscopy Services. The recently launched system creates high-quality photos using CCD technology.
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Key Companies Profiled
- Fujifilm Holdings Corporation
- Biovision Veterinary Endoscopy, LLC.
- Olympus Corporation
- DRE Veterinary (Avante Animal Health)
- Karl Storz SE & Co. KG
- STERIS
- Dr. Fritz GmbH
- Pentax Medical
- Welch Allyn
- Infiniti Medical
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global veterinary endoscopy market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2027.
The study divulges essential insights on the market on the basis of product (flexible, videoscope, fibreoptic, rigid, others), animal type (companion animals, large animals, others), and end user (hospitals, academic institutes, clinics, and others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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Endoscopy Devices Market: Global sales of Endoscopy Devices Market in 2021 was held at US$ 44.8 Bn. With 9.0%, the projected market growth during 2022 - 2032 is expected to be significantly higher than the historical growth. Gastrointestinal (GI) Endoscopy is expected to be the highest revenue generating segment, accounting for an expected CAGR of 10.0% during 2022 – 2032.
Endoscopy Operative Devices Market: Global sales of Endoscopy Operative Devices Market in 2021 was held at US$ 8.7 Bn. With 5.8%, the projected market growth during 2022 - 2032 is expected to be significantly higher than the historical growth. Gastrointestinal (GI) Endoscopy is expected to be the highest revenue generating segment, accounting for an expected CAGR rate of 6.3% during 2022 – 2032.
Endoscopy Cameras Market: Worldwide sales of endoscopy cameras are anticipated to increase at a stellar CAGR of 10.6% from 2022 to 2027. At present, the global endoscopy cameras market is valued at US$ 1.3 billion and is projected to reach a value of US$ 2.15 billion by the end of 2027.
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