Global Veterinary Endoscopes Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

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

The Global Veterinary Endoscopes Market is estimated to be USD 230.86 Mn in 2023 and is expected to reach USD 320.93 Mn by 2028 growing at a CAGR of 6.81%.

Veterinarian endoscopes are frequently used to examine an animal's internal organs. In order to increase the precision of illness therapy, veterinary endoscopes are crucial in disease detection, symptom analysis, and internal body navigation. Otoscopy, bronchoscopy, esophagoscopy, tracheoscopy, and thoracoscopy are commonly performed with these endoscopes. Creating sophisticated systems that produce improved diagnostic tests worldwide is made possible by the exponentially growing combination of imaging technology and veterinary medicine.

The increasing number of veterinary endoscopy training is driving the market growth. As more veterinarians undergo endoscopy training, they become more aware of the benefits of using endoscopy in their practice. This leads to increased demand for endoscopy equipment and services. Veterinary endoscopy training programs help veterinarians develop the skills to perform endoscopic procedures effectively. This, in turn, leads to better patient outcomes and increased demand for endoscopy services. In addition, the increasing number of veterinary endoscopy training programs has led to the developing of new and improved endoscopy equipment and techniques. This has further fueled the growth of the veterinary endoscopy market.

However, the high cost of veterinary endoscopes is a significant factor hindering the growth of the veterinary endoscope market. Endoscopes are highly specialized instruments that require sophisticated technology and expertise to manufacture. As a result, the cost of these instruments is relatively high. Veterinary clinics and hospitals face a significant financial burden when purchasing endoscopes, which can cost tens of thousands of dollars. This can limit the number of veterinary practices that can afford to invest in endoscopic equipment, limiting the market for these instruments. Additionally, the high cost of endoscopes can discourage pet owners from seeking out endoscopic procedures for their animals. This is because the procedure cost can be passed on to the pet owner, making diagnosing and treating their pet more expensive.

On the contrary, the rising adoption of capsule endoscopy in human medicine is creating opportunities for the veterinary endoscopes market in several ways. As more and more patients undergo capsule endoscopy procedures, veterinary professionals are becoming increasingly aware of the benefits of endoscopy in diagnosing and treating gastrointestinal (GI) disorders in animals. This increased awareness will likely drive demand for veterinary endoscopy equipment and procedures. The advancements in capsule endoscopy technology have also led to the development of wireless capsule endoscopy (WCE) devices, which can capture images of the entire GI tract without the need for traditional endoscopy equipment. This technology has the potential to revolutionize the diagnosis and treatment of GI disorders in animals, and create opportunities for WCE devices in veterinary medicine.

Recent Development

• France, L'Aigle- VES Custom Optics (VESCO), a prominent veterinary endoscopy company headquartered in the United Kingdom, was bought by IMV Technologies. In the companion animal sector, VESCO will partner with IMV Imaging, a division of IMV Technologies that manufactures veterinary ultrasonography and diagnostic tools - January 2022.
• OmniVision unveiled its square two-megapixel (1,500MP × 1,500MP) resolution OH02B image sensor for both disposable and reusable endoscopes. Both reusable and disposable veterinary endoscopes use the CMOS image sensor - November 2022.

Market Segmentations

• The Global Veterinary Endoscopes Market is segmented based on Solutions, Animal Type, Procedure, Application, End-Use, and Geography.
• By Solutions, the market is classified into Equipment's, Accessories/Consumables, and PACS.
• Equipment segment has the highest market share. The segment growth is anticipated to be fueled by the increasing use of veterinary video endoscopy procedures as a less intrusive substitute for surgical operations.
• By Animal Type, the market is classified into Small Animals and Large Animals.
• The small animal segment accounts for the highest market share. Market segment is anticipated to be fueled by factors such as rising pet ownership and spending, improvements in veterinary medicine and diagnosis, and the accessibility of high-tech veterinary video endoscopes for a range of uses.
• By Procedure, the market is classified into Respiratory, Abdominal/ GI tract, Urogenital, ENT, and Other Procedures.
• The Abdominal/GI tract segment holds the largest market share due to the rising number of interventional and diagnostic procedures performed to maintain the well-being of small and large animals.
• By Application, the market is classified into Diagnostic and Surgical/ Interventional.
• The diagnostic segment accounts for the highest market share. Veterinarians use video endoscopes for a number of procedures, such as clinical sampling during otoscopy and liver and kidney biopsy samples during laparoscopy. Several diagnostic tests are performed to examine incidences of weight loss, chronic vomiting, and digestive difficulties. This is expected to fuel the segment growth.
• By End-Use, the market is classified into Veterinary Clinics & Hospitals and Other.
• The veterinary hospitals & clinics segment holds the largest market share. The development can be attributed to the availability of specialist operations, innovative therapeutics, nuclear & regenerative medicines, improved diagnostic imaging, and laser diagnostics in veterinary hospitals & clinics.
• By Geography, the market is classified into Americas, Europe, Middle East & Africa and Asia-Pacific.
• The Americas has the highest market share. Growth is mostly attributed to elements like the rising occurrence of zoonotic illnesses, the humanization of pets, and increasing pet health insurance coverage.

Company Profiles

The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for the publicly listed companies in the market. The report also offers detailed information on the companies' recent development and competitive scenario. Some of the companies covered in this report are Dr. Fritz Endoscopes GmbH, ESS, Inc., Firefly Global, Hill-Rom Holdings, Inc. etc.

Countries Studied

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle East and Africa (Egypt, Israel, Qatar, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Ansoff Analysis

• The report presents a detailed Ansoff matrix analysis for the Global Veterinary Endoscopes Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
• The publisher analyses the Global Veterinary Endoscopes Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
• Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Veterinary Endoscopes Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The research report also provides a detailed market size analysis and projections in volume and value terms. The projections are calculated using verified research methodologies.
• Excel data sheet for the market size will also be provided with the report.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter’s 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
• The report includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report includes Self-Assessment Form, which helps customers evaluate their position in the market compared to their competitors.
• The report offers customized research - tailored uniquely to our customers with a quick turnaround time. We offer a 15% customization option at no extra charge to all our clients for any of our syndicated reports.

Report Highlights:

• A complete analysis of the market, including the parent industry
• Important market dynamics and trends
• Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
• Market segmentation
• Competitive Analysis: Comparative analysis of competitor
• Historical, current, and projected size of the market based on value and volume
• Market size of the US states
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market