NEWARK, Del, Aug. 19, 2024 (GLOBE NEWSWIRE) -- The global veterinary endoscope market is on track for significant expansion, with estimated sales projected to reach USD 286.9 million in 2024. According to recent industry forecasts, the market is expected to grow substantially, achieving a valuation of approximately USD 625.3 million by 2034. This represents a robust Compound Annual Growth Rate (CAGR) of 8.10% over the forecast period from 2024 to 2034.
The market's growth trajectory is supported by increasing adoption of advanced diagnostic tools and technologies in veterinary medicine. Revenue generated by veterinary endoscopes in 2023 was USD 265.4 million, and the industry is anticipated to exhibit a Year-on-Year (Y-o-Y) growth rate of 8.10% in 2024.
The rising demand for minimally invasive diagnostic and therapeutic procedures in veterinary practices is driving this growth. Veterinary endoscopes offer enhanced imaging capabilities and greater accuracy in diagnosing and treating a variety of conditions in animals, contributing to the market's expansion.
What Factors are leading to Growth of Veterinary Endoscopes Market?
Increased pet population, demand for less invasive procedures in animals, implementation and acquisition by clinics for financial gain, advances in veterinary technology and treatment, and knowledge about animal diseases and treatment options are the drivers for maintaining market growth for veterinary services. A study in the journal of the American Veterinary Medical Association showed that introducing new procedures that included endoscopy and laparoscopy, to a small animal general practice was clinically and economically viable, with no major side effects. Subsequent implementation of these services will help increase the wealth of the veterinary practise by encouraging healthier clients and bringing in even more revenue.
Veterinary endoscopes will take advantage of widespread popularity in the coming years due to the primary benefits of digital screen-based image display and its use in complex procedures. Video endoscopy is frequently used to evaluate the upper respiratory tract in the investigation of abnormal breathing or nasal discharge symptoms. Gastroscopes can also be used as plug-and-play devices. Advanced Monitors Corporation's Tele-View USB Video Endoscopes enable you to observe the inside of the urinary and gastrointestinal tracts in the head. These are compatible with Windows PCs, laptops, tablets, and Android devices. The endoscopes are designed for gastroscopy, bronchoscopy, and duodenoscopy in small animals and horses.
Another factor spurring market growth is increasing pet ownership. According to the European Pet Food Industry 2020 report, Germany, has the highest pet population in Europe. According to the American Pet Products Association's 2019 to 2020 National Pet Owners Survey, the most popular pet in the United States is a dog. The American Veterinary Medical Association asserts that between 2017 and 2018, 2.8% of U.S. households had pet birds. Ferrets had a population of 0.5 million, and rabbits had a population of 2.2 million. The U.S. spent an average of $40 annually per household for pet birds. This likely will increase the demand for small animal endoscopes in future.
Key Takeaways Veterinary Endoscopes Industry:
- Strong Market Growth: The veterinary endoscope market is projected to grow from USD 286.9 million in 2024 to USD 625.3 million by 2034, demonstrating a CAGR of 8.10%.
- Year-over-Year Increase: Sales are anticipated to show a significant year-over-year growth of 8.10% in 2024, building on the USD 265.4 million revenue generated in 2023.
- Rising Demand: The growth is attributed to the increasing adoption of veterinary endoscopes for improved diagnostics and minimally invasive procedures in animal care.
- Technological Advancements: Ongoing innovations in endoscopic technology and a growing focus on enhancing veterinary services are key factors driving market expansion.
The anticipated growth underscores the vital role of advanced endoscopic technology in modern veterinary medicine, enhancing diagnostic accuracy and treatment outcomes for animals.
“Veterinary endoscopes, crucial for advanced diagnostic and minimally invasive surgical procedures, are increasingly favoured over traditional open surgeries due to their reduced pain and expedited recovery benefits. Gastrointestinal endoscopy currently dominates the market with a 43.2% share, followed by arthroscopy, while the diagnostic segment leads with a 69.3% contribution to revenue.” Says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.).
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Competitive Landscape:
The veterinary endoscopes market is characterized by active investment in the creation of advanced endoscopic technologies by leading industry players. Companies are increasingly pursuing mergers and acquisitions to bolster their market position and broaden their operational scope. Additionally, market participants are forming strategic partnerships within the value chain to enhance patient care and service offerings.
Recent Industry Developments in Veterinary Endoscopes Market
In June 2024, Asensus Surgical, Inc. and Karl Storz Endoscope-America, Inc. finalized a merger agreement, with Karl Storz set to acquire all outstanding shares of Asensus Surgical at $0.35 per share in cash. In November 2022, OmniVision unveiled the OH02B image sensor, offering a resolution of 1,500MP x 1,500MP, suitable for both reusable and disposable endoscopes. In January 2021, Steris signed a deal to acquire Cantel through its U.S. subsidiary, with the transaction valued at $84.66 per Cantel common share. Furthermore, in January 2022, IMV Technologies acquired VES Custom Optics (VESCO) based in L’Aigle, France.
Key Players of Veterinary Endoscopes Industry:
- Steris
- MDS Incorporated
- Firefly Global
- eKuore
- KARL STORZ SE & Co. KG
- Advanced Monitors Corporation
- Dr. Fritz Endoscopes GmbH
- Zhuhai Seesheen Medical Technology Co., Ltd.
- Biovision Veterinary Endoscopy, LLC
- Eickemeyer
Key Segments of Veterinary Endoscopes Industry:
By Type:
In terms of type, the industry is divided into rigid, flexible, and other types.
By Animal:
The industry is classified by animal into large animals and small animals.
By Application:
By Application, the industry is bifurcated into surgical/ interventional and diagnostic.
By Procedure:
The industry is classified by procedure into arthroscopy, respiratory endoscopy, gastrointestinal endoscopy, urinary & genital tract endoscopy, abdominal endoscopy, ENT endoscopy, and other procedure types.
By Region:
Key countries of North America, Latin America, East Asia, South Asia, Western Europe, Eastern Europe, and Middle East and Africa (MEA), have been covered in the report.
Authored By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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