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Veterinary Endoscopy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

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  • 133 Pages
  • April 2023
  • Region: Global
  • Mordor Intelligence
  • ID: 4622681
UP TO OFF until Dec 31st 2023

Quick Summary:

In a constantly evolving industry like animal health, making data-driven decisions is essential. Navigating the complexities of the veterinary endoscopy market requires well-researched, reliable, and timely information. Our comprehensive report provides precisely that, offering significant insights into this burgeoning field.

One of the report's key observations is the heightened focus on veterinary services due to the increased adoption of pets, which offers a sharp boost in market growth possibilities. Our study also emphasizes rising animal healthcare spending as a crucial driver for growth, as well as government initiatives aimed at improving farmers' access to veterinary services.

Moreover, it provides extensive details on trends such as the rising prevalence of gastrointestinal disorders in companion animals and the technological advancements in veterinary endoscopes. Additionally, you will discover the influence of geographical variants in the industry, with a focus on regions like North America.

Our goal with this report is to equip you with the insights needed to understand the current market scenario, anticipate future changes, and make informed decisions to navigate the veterinary endoscopy market confidently.

The veterinary endoscopy market is registering a CAGR of 5.5% over the forecast period.

The COVID-19 pandemic has had a significant impact on the market. According to the article published in Frontiers in Veterinary Science in February 2021, dog owners feared the COVID-19 infection and its spread, leading to fewer disease diagnoses for pets. Additionally, the study mentioned above also indicated that, like many other professions, veterinarians were significantly impacted by the onset of COVID-19 in the initial phase of the pandemic. Thus, standard practices such as routine animal checkups, diagnoses, and surgeries were disrupted. These decreased services also affected veterinary endoscopy, thereby hindering the market's growth. However, owing to the increasing adoption of pets during the pandemic, the focus on veterinary services increased. The rising adoption of pets has increased the focus on animal welfare, which may fuel the growth of the studied market. Thus, given the aforementioned factors, the veterinary endoscopy market is expected to have a short-term negative impact, primarily due to the reduced number of veterinary visits in 2020.

The growing burden of gastrointestinal diseases such as diarrhea, coccidiosis, melena, indigestion, and bowel obstruction in animals is expected to boost the market's growth over the forecast period. According to the study published in Frontiers in Veterinary Science in August 2022, the mean weighted prevalence of Bovine Viral Diarrhea Virus (BVDV) in Sub-Saharan Africa, South America, the Middle East, and Asia was 39.5%, 45.2%, 49.9%, and 21.6%, respectively. Seroprevalence varied by farming system, with smallholder farming having the highest levels. Herd size was the most often affected by BVDV, with prevalences of 20.6%, 33.3%, and 38.4% for dairy, beef, and mixed systems, respectively. Thus, the significant prevalence of diarrhea is expected to propel the demand for its diagnosis, thereby boosting the demand for endoscopy over the forecast period.

Moreover, growing animal healthcare spending is expected to propel the growth of the market. For instance, according to Statistics Canada, in January 2021, the Canadian and Ontario governments are funding up to USD 4 million through the Canadian Agricultural Partnership (the Partnership) to improve farmers' access to veterinary services. Such initiatives by the government are expected to increase access to medical devices such as veterinary endoscopy, driving the market's growth over the forecast period.

Thus, the rise in the prevalence of diseases and technological advancements are expected to propel the market's growth over the forecast period. However, the high cost of veterinary endoscopes may restrain the market over the forecast period.

Veterinary Endoscopy Market Trends

Flexible Endoscopes is Expected to Witness Significant Growth Over the Forecast Period

Flexible endoscopes are mostly used for upper gastrointestinal (GI) endoscopy, colonoscopy, bronchoscopy, rhinoscopy, and tracheoscopy. These endoscopes can be manually rotated in various directions to allow for better access and maneuverability, which makes it easy to view the inside of the stomach and the bowel.

Esophagogastroduodenoscopy (EGD) and colonoscopies are performed primarily with a flexible endoscope instead of a rigid endoscope. The most common flexible endoscopic procedures performed both in specialty and general practices are upper and lower GI endoscopy for direct examination and biopsy of selected areas of the GI tract. When the endoscopic image is displayed on a video monitor, the endoscopist can work more comfortably and share information during a procedure.

The early diagnoses of gastrointestinal disorders in companion animals are beneficial, owing to the increasing number of animals with varied symptom patterns that require a biopsy of the GI tract in identifying the underlying condition. A standard endoscope for upper and lower GI endoscopy used in dogs and cats should comprise at least 100cm of length and possess a distal tip with almost a 180-degree upward deflection, along with features such as water flushing, air insufflation, and suction capabilities.

The studied market is expected to witness significant growth over the forecast period due to the factors mentioned above.

North America is Expected to Hold a Significant Market Share Over the Forecast Period

The major factors driving the veterinary endoscopy market’s growth include an increase in the adoption of companion animals, the increasing prevalence of diseases such as zoonosis, the availability of advanced veterinary healthcare infrastructure available in the region, and the presence of key market players, leading to developments in veterinary endoscopes. According to the 2021-2022 National Pet Owners Survey conducted by the American Pet Products Association (APPA), around 70% of United States households own a pet, which equates to 90.5 million homes, including 45.3 million cats and 69 million dogs. The same source also reports that the annual expenditure on routine visits for dogs accounts for USD 242 million, whereas it is 178 million for cats in the country. With increased ownership of pets and livestock, United States citizens have also become more considerate toward the health of these animals. According to the American Pet Products Association, the expenditure on pets in the United States is also rising, which may propel the market growth.

Moreover, the growing animal healthcare spending in the United States is expected to propel the growth of the market. For instance. according to the American Pet Product Association Updated in 2022, the United States spent USD 123.6 billion on pets in 2021. Hence, the studied market is expected to witness significant growth due to rising pet adoption and animal spending in North America over the forecast period due to the aforementioned factors.

Veterinary Endoscopy Market Competitor Analysis

The market studied is moderately competitive and with the presence of global players. The key players of the studied market comprise Biovision Veterinary Endoscopy LLC, Eickemeyer Veterinary Equipment, Olympus Corporation, Steris PLC, and Hill-Rom Holdings Inc. With the increasing advancements in technology for veterinary applications, many small to medium-sized entrepreneurs are entering the studied market over the years. The major players are also involved in strategic alliances like acquisitions and collaborations to secure a position in the global market.

Additional benefits of purchasing the report:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

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Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Prevalence of Gastrointestinal Diseases in Animals
4.2.2 Shifting Trend Toward Minimally Invasive Procedures
4.2.3 Increasing Animal Health Expenditure and Improved Insurance Policies
4.3 Market Restraints
4.3.1 High Cost of Veterinary Endoscopes
4.3.2 Low Penetration in Developing and Underdeveloped Countries
4.4 Porter Five Forces
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Product Type
5.1.1 Capsule Endoscopes
5.1.2 Flexible Endoscopes
5.1.3 Rigid Endoscopes
5.1.4 Robot-assisted Endoscopes
5.2 By Animal Type
5.2.1 Companion
5.2.2 Livestock
5.3 By End User
5.3.1 Veterinary Hospitals
5.3.2 Academic Institutes
5.3.3 Other End Users
5.4 Geography
5.4.1 North America United States Canada Mexico
5.4.2 Europe Germany United Kingdom France Italy Spain Rest of Europe
5.4.3 Asia-Pacific China Japan India Australia South Korea Rest of Asia-Pacific
5.4.4 Middle-East and Africa GCC South Africa Rest of Middle-East and Africa
5.4.5 South America Brazil Argentina Rest of South America
6.1.1 Biovision Veterinary Endoscopy LLC
6.1.2 Dr. Fritz Endoscopy GmbH
6.1.3 Medtronic PLC
6.1.4 Eickemeyer Veterinary Equipment
6.1.5 Karl Storz SE & Co. KG
6.1.6 Olympus Corporation
6.1.7 Steris PLC
6.1.8 Zhuhai Seesheen Medical Technology Co. Ltd
6.1.9 MDS Veterinary
6.1.10 eKuore?

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Biovision Veterinary Endoscopy LLC
  • Dr. Fritz Endoscopy GmbH
  • Medtronic PLC
  • Eickemeyer Veterinary Equipment
  • Karl Storz SE & Co. KG
  • Olympus Corporation
  • Steris PLC
  • Zhuhai Seesheen Medical Technology Co. Ltd
  • MDS Veterinary
  • eKuore​