The Veterinary Endoscopes Market revenues were estimated at US$ 245.2 Mn in 2022 and is anticipated to grow at a CAGR of 8.7% from 2022-2032, according to a recently published Future Market Insights report. By the end of 2032, the market is expected to reach US$ 560.3 Mn.
Due to associated benefits such as real-time image projection on a digital screen and application in complex operations, video endoscopy systems are projected to gain popularity among veterinary endoscopes in the coming years. In case of suspected irregular breathing or nasal discharge, video endoscopy is often performed to check the upper respiratory tract. Video endoscopes can also be used to look into the urethra and bladder, as well as the sinuses in the brain.
On of the key factor spurring veterinary endoscopes 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 Mn, and rabbits had a population of 2.2 Mn. The U.S. spent an average of US$ 40 annually per household for pet birds. This likely will increase the demand for small animal endoscopes in future.
Veterinary endoscopes are utilized in a range of diagnostic procedures, including liver or kidney biopsies during laparoscopy and diagnostic samples during otoscopy, therefore market expansion is likely to be supported by increasing demand from diagnostic clinics. Various diagnostic methods are performed to evaluate cases of weight loss, chronic nausea, and chronic diarrhea. Over the next few years, this is projected to propel market expansion.
Key Takeaways from the Market Study
- Global Veterinary Endoscopes market is expected to reach a market size of US$ 560 Mn by 2032.
- In 2022, North America is estimated to contribute more than 35% market revenue.
- Among application, Diagnostics contributes with maximum revenue growing at a CAGR of 9.9%.
- Small animal segment is expected to grow at the highest rate of 8.2% CAGR.
- Going by the country, US is expected to generate largest revenue of US$ 190 Mn by 2032.
Competitive Landscape
A number of regional and global players operate in this market. Some of the key players operating in the market include Steris, MDS Incorporated, Firefly Global, eKuore, and KARL STORZ SE & Co KG. Some of the recent developments of key Veterinary Endoscopes providers are as follows:
- In December 2020, Cantel Medical Corp and CENSIS TECHNOLOGY have announced a new long-term contract to combine Cantel Medical Corp’s premier endoscope reprocessing workflow portfolio with CENSIS’s surgical asset monitoring and instrument monitoring solutions.
- In December 2020, Apollo Endosurgery, Inc., a leader in the field of minimally invasive gastrointestinal and bariatric surgical instruments, announced approval from the U.S. Food and Drug Administration (FDA) for its X-TackTM Endoscopic HeliXTM Tacking System. This system contains sutures primarily designed for use in closing and repairing defects in the lower digestive tract with upper gastrointestinal tract applications.
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