The net worth of the global veterinary endoscopy market is set to reach roughly USD 266.5 million in 2023. FMI predicts the overall market to grow at a CAGR of 8.7% through the years between 2023 and 2033.
By this market report, the net valuation is expected to reach up to USD 613.8 million by 2033. Diagnostic applications are expected to be the highest revenue generating for the veterinary video endoscope market. This segment could account for an absolute dollar opportunity of nearly USD 216 million from 2023 to 2033.
Endoscopes help in gastrointestinal, upper airways, and stomach investigations and biopsy, retrieval of items from the gastro intestine, and placing feeding tubes. Needle-shaped endoscopes are also used to perform exploratory evaluations and surveys of the liver, pericardium, and other abdominal and thoracic organs
The veterinary video endoscopes are designed for gastroscopy, bronchoscopy, and duodenoscopy in small and big companion animals as well as livestock. So, veterinary video endoscopes can benefit the veterinary practice by encouraging healthier clients and bringing in even more revenue.
Veterinarians are also referring to veterinary endoscopy as an alternative treatment for surgeries that may push the market further. For example, the Point Grey Veterinary Hospital in Vancouver utilizes fiber optic endoscopes to examine gastric, tracheal, and colonic areas.
| Attributes | Details |
|---|---|
| Veterinary Video Endoscopy Market Share (2022) | USD 245.2 million |
| Veterinary Video Endoscopy Market Size Value (2023) | USD 266.5 million |
| Veterinary Video Endoscopy Market Size Value (2033) | USD 613.8 million |
| Veterinary Video Endoscopy Market Growth Rate (2023 to 2033) | 8.7% |
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Future Market Insights, a market research and competitive intelligence provider, surveys the veterinary endoscope market performance historically, from 2017 to 2021. As per the Veterinary Endoscopes industry research by FMI, it increased at around 7.5% CAGR during this period.
A 2020 survey published by the American Veterinary Medical Association revealed that most veterinary practitioners were seeing only emergency patients. Around 60% of physicians reported that cancellation of services had taken place as a result of the Covid-19 outbreak.
The Veterinary Endoscopes market reached a valuation of USD 227.2 million in 2021 increasing by 7% over the preceding year. FMI estimates that demand may grow 2.3X from 2023 to 2030, crossing USD 450 million by 2030. In continuation of this advancement, the veterinary endoscopes market is projected to grow at an average CAGR of 8.7% through 2033.
A study in the journal of the American Veterinary Medical Association showed that introducing new procedures was clinically and economically viable. Such new procedures included endoscopy and laparoscopy, to a small animal general practice, with no major side effects.
Veterinary endoscopy processes might take advantage of widespread popularity in the coming years with the integration of modern technologies. For instance, the primary benefits of digital screen-based image display and its use in complex procedures have expedited endoscopy time.
Video endoscopy is frequently used to evaluate the upper respiratory tract in the investigation of abnormal breathing or nasal discharge symptoms. Gastro-scopes can also be used as plug-and-play devices during several diagnostic procedures. Subsequent implementation of such dynamic services is expected to increase the adoption of veterinary video endoscope components at the clinics.
Similarly, veterinary video endoscope solutions that are compatible with Windows PCs, laptops, tablets, and Android devices are trending. Advanced Monitors Corporation's Tele-View USB Video Endoscopes enable you to observe the inside of the urinary and gastrointestinal tracts in the head.
In the year 2022, the veterinary video endoscopy of the gastrointestinal tract contributed to more than 44% of the market revenue. The number of diagnostic and interventional procedures performed to protect the health of companion and livestock animals has increased in the last decade.
In 2019, veterinary stomach disorders accounted for 26% and 31.8% of the claims by dog and cat owners, respectively. According to Healthy Paws, it covered a variety of stomach problems, for surveying diagnostic endoscopies in dogs and cats.
Otoscopy and rhinoscopy are two ears, nose, and throat (ENT) endoscopy procedures that are getting popular in the post-pandemic period. Because of the increasing prevalence of external ear disorders in dogs, it is turning out to be a significant segment. Also, Otoendoscopy allows for easy access, resulting in more accurate diagnosis and treatment, and is observed to be strengthening these days.
In terms of application, diagnostic procedures accounted for more than 73% of the total demand for veterinary video endoscopy in 2022. Veterinary endoscopes are used widely in diagnostic procedures, including biliary or renal biopsies during laparoscopy and otoscopic diagnostic sampling.
On the other hand, to evaluate instances of weight loss, chronic nausea, and chronic diarrhea, various diagnostic procedures are used. This rise in complicated problems is expected to fuel the need for surgical endoscopy over the next few years. So, the surgical or interventional endoscopy segment is expected to create lucrative opportunities for the market players.
Moreover, growth in the interventional surgical segment is estimated by FMI analysis to be faster during the next decade. Increasing applications of veterinary endoscopes for interventional procedures is the main reason for the growing popularity of the surgical endoscopy segment. Such procedures include the removal of gastric & esophageal foreign materials, placement of feeding tubes, and removal of bladder polyps.
The rigid endoscopes segment held the largest market share in 2022, with a revenue share of over 45 percent. Meanwhile, the flexible endoscopes segment is expected to grow at a faster rate during the forecast years.
According to South Carolina Veterinary Specialists & Emergency Care, rigid endoscopes are commonly used to examine nasal passages and urinary, and reproductive tracts. On the other hand, flexible scopes are commonly used to study the stomach and intestines of animals. So the improving awareness of pet owners for regular checkups is poised to render the flexible segment lucrative in the future.
A higher share of more than 35% in 2022 was by the United States veterinary video endoscopy market. It can be attributed as a result of the rising incidence of animal diseases, and the increasing popularity of animal welfare. For instance, Orthodontic treatments that were deemed non-urgent were permitted only in a few states during the pandemic period.
The recent expansion of pet insurance coverage across the country is expected to further boost the adoption of veterinary video endoscopy. For example, the Veterinary Endoscopy Society (VES) of the United States offers grant funding for research projects concerned with pets. Its outcome is anticipated to achieve a direct and immediate advancement in surgical endoscopy in the veterinary medicine sector.
While, the American Veterinary Medical Association asserts that between 2017 and 2018, 2.8% of households had pet birds. The citizens of the United States spent an average of around $40 annually per household for pet birds. This in turn is expected to drive the demand for veterinary video endoscopy in the small animal segment during the forecast years.
The market in Asia Pacific is expected to register the highest CAGR of over 10% during the forecast period. This increase is also due to the improved standard of living which is enabling them for more pet adoption. In addition, the continued modernization of advanced healthcare infrastructure is expected to boost the market over the forecast period.
Due to increased demand for veterinary video endoscopy in developing countries, especially India and China, the market is strengthening in Asia. An increase in disposable income is expected to increase pet adoption and create growth opportunities for the market in the region.
It has been noted that the opportunities in the market specifically for Eastern Europe have spiked in the last few years. Due to rising veterinary healthcare expenditure and the rising pet population in countries like Greece, it is a promising region.
In the coming years, the market in Europe is expected to grow at a faster rate than recorded earlier. This is due to an increasing pet population, increased awareness of animal diseases, and the presence of market participants.
According to the European Pet Food Industry 2020 report, Germany has a higher pet population than any other European country. According to the American Pet Products Association's 2019 to 2020 National Pet Owners Survey, Dog is the most popular pet.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2017 to 2022 |
| Market Analysis | USD million for Value |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania and MEA |
| Key Countries Covered | United States, United Kingdom, China, Japan, South Korea |
| Key Market Segments Covered | By Solution, By Product Type, By Animal Type, By Application, By Procedure Type, By End User, By Region |
| Key Companies Profiled | Steris; MDS Incorporated; Firefly Global; eKuore; KARL STORZ SE & Co. KG; Advanced Monitors Corporation; Dr. Fritz Endoscopes GmbH; Zhuhai Seesheen Medical Technology Co., Ltd.; Biovision Veterinary Endoscopy, LLC; Eickemeyer |
| Pricing | Available upon Request |
The United States, Japan, and China dominate the global market.
The market is forecast to register a CAGR of 8.7% through 2033.
From 2018 to 2022, the veterinary video endoscopy market thrived at a CAGR of 9.2%.
Technological advancement is the current market trends.
The market size is projected to reach USD 613.8 million by 2033.
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Veterinary Video Endoscopy Market
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