Veterinary Endoscopy Market  Extends at a Healthy CAGR of 5.7% by 2030

Introduction

The global veterinary endoscopy market's growth is driven by several factors, including the increasing prevalence of gastrointestinal diseases among animals, the rising preference for minimally invasive surgeries over conventional surgeries, and rising animal healthcare expenditures coupled with improved insurance coverage. Increased pet ownership has also substantially impacted the global demand for endoscopy. The adoption rate of animal-related insurance coverage has also contributed significantly to the veterinary endoscopy market. Endoscopy will likely be in higher demand because more people choose minimally invasive procedures over traditional ones due to its many benefits.

Market Dynamics

Shifting Trend toward Minimally Invasive Procedures Drives the Global Market

Technical breakthroughs have revolutionized surgical processes and surgical techniques, such as the advent of minimally invasive surgeries and improvements in equipment handling. Endoscopes are currently utilized to prevent, diagnose, diagnose, and treat numerous disorders. Technologically enhanced devices can perform the above functions with less invasiveness and improved health results. These procedures typically provide the same outcomes as traditional open surgery and other significant advantages, including less major bleeding, fewer preoperative infections, fewer complications, shorter length of stay, quicker return to normal activities, less scarring, and comparable/lower cost, among others. Additionally, minimally invasive techniques have reduced post-operative pain and fewer cuts or stitches. The increasing significance, use, and evolution of minimally invasive surgery (MIS) provide evidence that innovation has a beneficial impact on and is consistently used to enhance results.

Increasing Animal Health Expenditure and Improved Insurance Policies Creates Tremendous Opportunities

Pet owners have invested heavily in their pets to an unparalleled level of companionship, viewing the pet as a family member. This has resulted in increased expenditures on their health, thereby serving as a crucial factor in the market's expansion. According to the 2019 research "Pets in Australia: A national survey of pets and humans," pet expenditures have skyrocketed due to increased pet adoption. The survey estimates that owners spend over AUD 13 billion annually to keep their dogs nourished, healthy, and well-accessorized, with food and veterinary services continuing to account for the majority of continuous expenditures. In the United States, approximately 2.6 billion United States Dollars are spent on veterinary services. Individuals are increasingly purchasing pet health insurance, which is anticipated to benefit the industry.

Regional Analysis

North America is the largest shareholder of the global veterinary endoscopy devices market and is expected to grow at a CAGR of 5.6% over the forecast period. Increased adoption of companion animals, increasing prevalence of diseases such as zoonosis, availability of advanced veterinary healthcare infrastructure in the region, and the presence of key market players leading to innovations in veterinary endoscopes are the significant factors driving the growth of the veterinary endoscopy market. Consequently, the rising ownership of pets and livestock and the greater awareness of their health are essential drivers driving the expansion of this industry.

Europe is expected to grow at a CAGR of 5.8%, generating USD 87 million during the forecast period. The expansion of the German market can be ascribed to technology improvements that have led to innovations in veterinary endoscopes and expanding government initiatives. In addition, the increasing number of homes with pets has been a critical factor in developing the German veterinary endoscopy market. According to a research article by Alexandros O. Konstantinidis et al. and published in BMC Veterinary Research in February 2020, dogs underwent colonoscopy under general anesthesia and with the appropriate preparation. Consequently, the veterinary endoscopy market is anticipated to expand during the forecast period due to the rising adoption of animals and higher spending on animals.

The increasing prevalence of gastrointestinal illnesses in animals and the rise in animal welfare efforts are two of the key factors driving the growth of the veterinary endoscopy market in China. This significant increase in disease frequency has prompted firms to invest in veterinary medicine and practice research and development. In addition, well-established veterinary care facilities, such as the International Center for Veterinary Services (ICVS), contribute to expanding the area market by delivering superior treatment. ICVS offers vaccines, dermatology, internal medicine, orthopedics, hospitalization, dentistry, radiography, ultrasound, laboratory diagnostics, preventative care, nutrition counseling, and complementary/alternative medicine.

Key Highlights

• The global veterinary endoscopy devices market was valued at USD 195 million in 2021. It is expected to reach USD 300 million by 2030, growing at a CAGR of 5.7% during the forecast period (2022–2030).
• By product, the global veterinary endoscopy devices market is segmented into capsule endoscopes, flexible endoscopes, rigid endoscopes, and robot-assisted endoscopes. The flexible endoscopes segment accounts for the largest market share and is expected to grow at a CAGR of 5.8% during the forecast period.
• By animal type, the global veterinary endoscopy devices market is segmented into companion and livestock. The companion segment accounts for the largest market share and is expected to grow at a CAGR of 6.2% during the forecast period.
• By end-user, the global veterinary endoscopy devices market is segmented into veterinary hospitals, academic institutes, and others. The veterinary hospital segment accounts for the largest market share and is expected to grow at a CAGR of 5.9% during the forecast period.
• North America is the largest shareholder of the global veterinary endoscopy devices market and is expected to grow at a CAGR of 5.6% over the forecast period.

Competitive Players

1. Biovision Veterinary Endoscopy LLC
2. Fritz Endoscopy GmbH
3. Medtronic Plc
4. Eickemeyer Veterinary Equipment
5. Braun Melsungen AG
6. eKuore
7. KARL STORZ SE & Co. KG
8. Olympus Corporation
9. Steris Plc
10. Hill-Rom Holdings Inc

Recent Developments

Recent Developments

• July 2022 - With assistance from Amazon Web Services (AWS) Health Equity Initiative, Medtronic plc (NYSE: MDT), a leader in healthcare technology, and the American Society for Gastrointestinal Endoscopy (ASGE) announced they are expanding the Medtronic Health Equity Assistance Program for colon cancer screening in medically underserved communities across the United States. From 50 to 133 GI Genius units, spread throughout 62 locations, have been provided as part of the initiative.
• July 2022 - Medtronic received FDA clearance for the next-generation UNiD™ Spine Analyzer with degenerative spine surgery predictive model

Segmentation

1. By Product Type
   1. Capsule Endoscopes
   2. Flexible Endoscopes
   3. Rigid Endoscopes
   4. Robot-Assisted Endoscopes
2. By Animal Type
   1. Companion
   2. Livestock
3. By End-User
   1. Veterinary Hospitals
   2. Academic Institutes
   3. Others