NEWARK, Del, May 08, 2023 (GLOBE NEWSWIRE) -- Future Market Insights (FMI) finds that global sales of veterinary endoscopes in 2022 were nearly US$ 245.2 million. While countries such as the United States, the United Kingdom, and China, held a significant share of the global veterinary endoscope market.
According to the global veterinary video endoscopy market analysis report the valuation is expected to be around US$ 266.5 million in 2023. With a CAGR of 8.7%, the projected market growth through 2033 is expected to be significantly higher than the historical growth. Furthermore, the net worth of the market is poised to reach US$ 613.8 million by the end of this forecast period.
Surging incidences of animal diseases and treatment options are the major factors maintaining the veterinary endoscopy market growth. Another factor spurring market growth is increasing pet or companion animal ownership in advanced as well as developing economies.
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The pandemic had a significant impact on veterinary endoscope sales, causing low demand for veterinary endoscopes in 2020-21. It was primarily caused by supply chain issues, postponed or cancelled veterinary procedures, reduced veterinary visits, and movement restrictions.
Key Takeaways from the Veterinary Video Endoscopy Market Study Report
- The United States contributed up to 35% of the revenue generated by veterinary video endoscopy services globally. Furthermore, along with the implementation of insurance policies for pet animals, its share is anticipated to strengthen further.
- The increasing pet population and health concerns are expected to drive the adoption of veterinary endoscopes in Asia.
- Among applications, veterinary video endoscopy for diagnostic purposes is projected to contribute to higher revenue than other segments. This segment is expected to grow at a CAGR of 8.2% until the end of the forecast years.
- Revenue through veterinary video endoscopy for small animals segment is expected to grow at a CAGR of 8.2% through 2033.
- The veterinary video endoscope by flexible endoscopes is projected to witness some significant growth in the next ten years. In contrast, the rigid endoscopes segment held the second spot in the analysis report in terms of year-on-year growth through 2033.
- Due to the advancement and availability of many minimally invasive surgical procedures, surgical endoscopy popularity is growing these days.
Competitive Landscape for the Veterinary Video Endoscopy Market Players
The emergence of many big and small veterinary video endoscopy service providers has made the market fragmented in the last few years. To grow their coverage, market participants are concentrating on putting strategic initiatives into practice such as product development, and portfolio expansion.
Apollo Endosurgery, Inc. is a leader in the field of minimally invasive gastrointestinal and bariatric surgical instruments. Zhuhai Seesheen Medical Technology Co., Ltd., for example, is a Chinese firm that supplies and markets medical endoscopes globally. It also designs and develops endoscopes for veterinary bronchoscopy, rhinolaryngoscopy, and ureteroscopy which are popular products from this company.
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Recent Developments by the Veterinary Video Endoscopy Industries
- In July 2020, eKuore updated the eKuore Vet app to successfully coordinate its selection of veterinary gadgets, including heart monitors, and digital otoscopes. Steris' is a flagship wireless veterinary video endoscope system developed by this Company which is called the Endo-i system.
- OmniVision Company unveiled a novel image sensor for both disposable and reusable endoscopes named OH02B in November 2022. This new device has a 2 MP resolution which is expected to increase the market competitiveness of the market.
Key Segments in Veterinary Video Endoscopy Industry Analysis Report
Veterinary Video Endoscopy Industry by Solutions:
- Veterinary Video Endoscopy Equipment
- Veterinary Video Endoscopy Accessories or Consumables
- Veterinary Video Endoscopy PACs
- Other Solutions
Veterinary Video Endoscopy Industry by Product Type:
- Veterinary Video Endoscopy by Flexible Endoscopes
- Veterinary Video Endoscopy by Rigid Endoscopes
- Veterinary Video Endoscopy by Capsule Endoscopes
- Veterinary Video Endoscopy by Robot-assisted Endoscopes
- Veterinary Video Endoscopy by Other Products
Veterinary Video Endoscopy Industry by Animal Type:
- Veterinary Video Endoscopy for Big Animals
- Veterinary Video Endoscopy for Small Animals
- Veterinary Video Endoscopy for Companion Animals
- Veterinary Video Endoscopy for Livestock Animals
- Veterinary Video Endoscopy for Other Animals
Veterinary Video Endoscopy Industry by Application:
- Veterinary Video Endoscopy for Diagnostic Applications
- Veterinary Video Endoscopy for Surgical or Interventional Applications
Veterinary Video Endoscopy Industry by Procedure:
- Veterinary Video Gastroduodenoscopy
- Veterinary Video Colonoscopy
- Veterinary Video Bronchoscopy
- Veterinary Video Male Urethrocystoscopy
- Veterinary Video Tracheoscopy
- Veterinary Video Laparoscopy
- Veterinary Video Otoscopy
- Veterinary Video Rhinoscopy
- Veterinary Video Thoracoscopy
- Veterinary Video Arthroscopy
- Other Veterinary Video Endoscopy procedures
Veterinary Video Endoscopy Industry by End-users:
- Video Endoscopy at Veterinary Clinics
- Video Endoscopy at Veterinary Hospital
- Veterinary Video Endoscopy at Academic Institutes
- Veterinary Video Endoscopy at Other End-users
Veterinary Video Endoscopy Industry by Region:
- Veterinary Video Endoscopy Industry in North America Market
- Veterinary Video Endoscopy Industry in Latin America Market
- Veterinary Video Endoscopy Industry in Europe Market
- Veterinary Video Endoscopy Industry in East Asia Market
- Veterinary Video Endoscopy Industry in South Asia and Pacific Market
- Veterinary Video Endoscopy Industry in the Middle East and Africa (MEA) Market
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Table of Content (ToC):
1. Executive Summary | Veterinary Video Endoscopy Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Solutions
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Solutions, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Solutions, 2023 to 2033
5.4. Y-o-Y Growth Trend Analysis By Solutions, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Solutions, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Animal Type
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Animal Type, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Animal Type, 2023 to 2033
6.4. Y-o-Y Growth Trend Analysis By Animal Type, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Animal Type, 2023 to 2033
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