According to a recently published Future Market Insights report, the Veterinary Endoscopes market is expected to reach US$ 245.2 Mn in 2022 and grow at an 8.7% CAGR from 2022 to 2032. The market is expected to reach US$ 560.3 Mn by the end of 2032.
Video endoscopy systems are expected to gain popularity among veterinary endoscopes in the coming years due to associated benefits such as real-time image projection on a digital screen and application in complex operations. Video endoscopy is frequently used to examine the upper respiratory tract in cases of suspected irregular breathing or nasal discharge. Video endoscopes can also be used to examine the urethra, bladder, and sinuses in the brain.
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Increased pet ownership is a major driver of the veterinary endoscopes market. Germany has the highest pet population in Europe, according to the European Pet Food Industry 2020 report.
The most popular pet in the United States, according to the American Pet Products Association’s 2019 to 2020 National Pet Owners Survey, is a dog. According to the American Veterinary Medical Association, 2.8% of U.S. households had pet birds between 2017 and 2018. Ferrets have a population of 0.5 million, while rabbits have a population of 2.2 million. Pet birds cost an average of $40 per household in the United States. This will almost certainly increase the demand for small animal endoscopes in the future.
Because veterinary endoscopes are used in a variety of diagnostic procedures, such as liver or kidney biopsies during laparoscopy and diagnostic samples during otoscopy, market growth is likely to be aided by rising demand from diagnostic clinics. To evaluate cases of weight loss, chronic nausea, and chronic diarrhoea, various diagnostic methods are used. This is expected to drive market growth in the coming years.
Key Takeaways from the Market Study
- The global veterinary endoscopes market is expected to reach $560 million by 2032.
- North America is expected to contribute more than 35% of market revenue in 2022.
- Diagnostics contributes the most revenue among applications, with a CAGR of 9.9%.
- The small animal segment is expected to grow at the fastest rate, with a CAGR of 8.2%.
- According to the country, the United States is expected to generate the most revenue of US$ 190 million by 2032.
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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.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Veterinary Endoscopes market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032. The study reveals essential insights on the basis of end users across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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Market Segments Covered in Veterinary Endoscopes Industry Analysis
By Type:
- Rigid
- Flexible
- Other Types
By Animal Type:
- Large Animals
- Small Animals
By Application:
- Surgical/ interventional
- Diagnostic
By Procedure Type:
- Respiratory Endoscopy
- Gastrointestinal tract Endoscopy
- Urinary & genital tract Endoscopy
- Abdominal Endoscopy
- ENT Endoscopy
- Other Procedure Types
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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