The global veterinary endoscopy market size 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). The global veterinary endoscopy market is developing due to the rising prevalence of gastrointestinal illnesses in animals, the preference for minimally invasive surgeries over conventional ones, and rising animal healthcare costs and enhanced insurance policies. The increased pet adoption rates have considerably impacted the increasing demand for endoscopies worldwide. The adoption rate of pet insurance coverage has also significantly influenced the veterinary endoscopy market. Furthermore, the rising preference of people for minimally invasive procedures over conventional procedures due to several associated benefits is also expected to upsurge the demand for endoscopy.
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Increasing Prevalence of Gastrointestinal Diseases in Animals
Animals suffer from several gastrointestinal diseases, such as diarrhea, melena, indigestion, coccidiosis, and bowel obstruction. The burden of these diseases is increasing widely among animals globally, which is expected to be the primary driver for market growth. The study titled, 'The pattern of mortality in dogs with gastric dilatation and volvulus", published in February 2020, evaluated the mortality pattern among in-hospital dogs with gastric dilatation and volvulus (GDV), and the studies revealed that about 35.9% of the total dogs suffering from GDV died. This rising mortality rate emerges the need for proper management of the diseases among animals.
In addition, an article titled "Etiology and diagnosis of the gastrointestinal and respiratory diseases of calves in the farms of the Vologda region," published in 2020 by V N Makarova et al. According to the article, in Russia, the average prevalence of gastrointestinal diseases in newborn calves was close to 46.6 + 0.7% in 2019, with a total incidence of 37.6 + 0.7% among young animals related to gastrointestinal pathologies. Hence, this is expected to raise the demand for diagnostics and boost the market growth.
Shifting Trend Toward Minimally Invasive Procedures
The technological advances in surgical techniques, including the introduction of minimally invasive surgeries and enhancement in equipment handling, have transformed surgical procedures. There has been a shift toward using endoscopic tools in disease diagnosis. Endoscopes are utilized to screen, diagnose, and treat various disorders. Technologically advanced devices can perform all the above functions minimally invasively, with better healthcare outcomes.
These procedures typically yield results comparable to open surgery while offering several essential advantages, including reduced risk of significant bleeding, decreased risk of preoperative infections, reduced complications, accelerated return to normal activities, reduced scarring, and comparable or lower costs. Also, minimally invasive procedures have been reported to cause less post-operative pain, and minimal cuts or stitches are involved. The hospital stay is relatively shorter and therefore does not require hospital visits frequently. The growing significance, adoption, and evolution of minimally invasive surgery (MIS) is a testimony to the impact that innovation positively impacts and is steadily being utilized to improve outcomes. Hence, the market is estimated to witness healthy growth over the forecast period due to the abovementioned factors.
High Cost of Veterinary Endoscopes
Cost-effectiveness is a significant concern regarding veterinary healthcare management, and the rising costs related to the products and veterinary services are expected to hinder the market's growth. The cost of endoscopic procedures depends on various factors, such as the diagnosis, location, animal species, and conditions. According to the Animal Trust, Not for Profit Veterinary Surgeons Organization, an endoscopy procedure among animals (irrespective of the breed and type) costs around GBP 789. Additionally, various costs associated with aesthetics/sedation, histology, cytology, culture, and pain relief medicine add to the overall burden, making it difficult to bear.
Furthermore, the price is expected to increase as the complexity increases in technological advancements. Higher instrument costs effectively translate into higher prices for the procedures. For instance, EVIS EXERA III PCF-PH190L, manufactured by Olympus Corporation, featured HDTV image quality and Narrow Band Imaging (NBI) for enhanced visualization, costing around USD 26,000. Therefore, high costs associated with endoscopic procedures remain a significant hurdle that can hinder market growth during the forecast period.
Increasing Animal Health Expenditure and Improved Insurance Policies
Pet owners frequently treat their pets as family members and spend a lot of money on them. As a result, their health-related spending has increased, a substantial factor in the market's rise. According to the 2019 research "Pets in Australia: A National Survey of Pets and People," spending on pets has significantly increased due to the rise in pet adoption. According to the survey, owners spend over AUD 13 billion annually on their dogs' care, with veterinarian care and feeding expenses continuing to make almost half of all ongoing costs. Out of this, the nation spent approximately USD 2.6 billion on veterinary services.
The North American Pet Health Insurance Association (NAPHIA) reports that in 2019, adoption rates for pet health insurance in the US were 2.3% for dogs, up from 1.7% in 2017 and 0.4% for cats, up from 0.3% in 2017. This demonstrates the increasing popularity of pet health insurance among consumers, which is anticipated to have a favorable effect on the market. As a result of the previous factors, the veterinary endoscopy market share is anticipated to expand significantly during the forecast period.
The global veterinary endoscopy market is segmented by product type, animal type, and end-user.
By product, the global 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. Most upper gastrointestinal (GI) endoscopies, colonoscopies, bronchoscopies, rhinoscopies, and tracheoscopies employ flexible endoscopes. Viewing the interior of the stomach and colon is simple because of the endoscopes' manual rotation capabilities, which improve access and maneuverability. Flexible endoscopes need to be repaired regularly to avoid damage. One of the significant investments for veterinary practices is the Endo-Veterinary Endoscope, which is restored by businesses like STERIS. These elements will likely cause the market to increase significantly during the forecast period.
By animal type, the global 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. Dogs, cats, birds, and horses are all examples of animals that can give humans the joy of companionship. According to the European Pet Food Industry Association (FEDIAF) (2020), dogs and cats are significant pets adopted in Europe. An estimated 85 million European households owned at least one pet animal, which is expected to increase further during the forecast period. As per the American Pet Products Association's 2019-2020 National Pet Owners Survey, an estimated 1.6 million households owned horses. Also, dog (63.4 million) and cat ownership (42.7 million) held the largest share in the country. Thus, it is evident that the ownership of companion animals is on the rise. Increasing pet owners' awareness of health-related conditions may further propel market growth.
By end-user, the global 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. The increasing awareness regarding animal health, increasing demand for veterinary endoscopes, and growing animal population are the major factors driving the veterinary hospital segment of the studied market. The Charlotte Animal Hospital, located in the United States, offers state-of-the-art veterinary diagnostics, including endoscopy services, for dogs or cats. Veterinary technicians also play an influential role in endoscopic procedures. They are trained to help the veterinarian with all aspects of these treatments, including prepping the patient and assisting throughout the procedure. Therefore, skilled professionals and the increasing responsibility for animal diseases are expected to fuel market growth.
North America Dominates the Global Market
By region, the global veterinary endoscopy market is segmented into Asia-Pacific, Europe, North America, and SAMEA.
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North America is the largest shareholder of the global veterinary endoscopy market and is expected to grow at a CAGR of 5.6% over the forecast period. The veterinary endoscopy market is growing due to an increase in companion animal adoption, the incidence of diseases such as zoonosis, the availability of modern veterinary healthcare infrastructure in the region, and significant industry players developing veterinary endoscopes. The rise in companion animal adoption rates and animal healthcare expenditures raises demand for diagnostic imaging operations with endoscopes for various diseases that can affect these animals. Hence, the increased pet and livestock ownership and raising awareness about their health are significant factors driving the growth of this market.
Europe is expected to grow at a CAGR of 5.8%, generating USD 87 million during the forecast period. Germany has the most significant amount of pet humanization in Europe. The growth of the German market can be attributed to technological advancements leading to innovations in veterinary endoscopes and increasing initiatives by the government. According to Destatis, as of November 2020, Germany had 20,500 farms, with most sheep living in Bavaria (250,600), Baden-Württemberg (207,600), and Schleswig-Holstein (190,000). Thus, the high numbers of livestock are expected to positively impact the market, increasing the demand for imaging procedures using endoscopes to manage diseases.
In Germany, the use of endoscopes for research purposes has been growing, which shows a positive impact on the market. According to a research article by Alexandros Ο. Konstantinidis et al., published in BMC Veterinary Research February 2020, dogs underwent colonoscopy under general anesthesia after recommended preparation. Thus, the veterinary endoscopy market is expected to grow over the forecast period owing to the rising adoption of animals and increased expenditure on animals.
Asia-Pacific is expected to grow significantly during the forecast period. In China, one of the primary factors driving the growth of the veterinary endoscopy market is the increasing burden of gastrointestinal diseases in animals and rising animal welfare initiatives. This significant rise in disease prevalence has triggered companies to invest in R&D activities in veterinary medicines and practices. Additionally, well-established veterinary care centers, such as the International Center for Veterinary Services (ICVS), are boosting the regional market's growth by providing quality service. The services offered at the ICVS cover categories such as vaccinations, dermatology, internal medicine, orthopedics, hospitalization, dental, radiology, ultrasound, laboratory diagnostics, preventive healthcare, nutrition counseling, and alternative/complementary medicine. In 2019, AO VET's new strategic cooperation with an eminent veterinary medical academy in China extended AO's reach in the Chinese market, underscoring AO's mission of improving patient outcomes. It provides a professional platform for in-depth study, research, and further development of small animal veterinarians in China. Hence, considering the abovementioned factors, the Chinese veterinary endoscopy market is expected to grow.
List of global veterinary endoscopy market suppliers profiled