According to a recently published Future Market Insights report, the Veterinary Endoscopes Market will be worth US$ 245.2 million in 2022 and will grow at an 8.7% CAGR from 2022 to 2032. The market is expected to reach US$ 560.3 million 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.
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
This market is dominated by a number of regional and global players. Steris, MDS Incorporated, Firefly Global, eKuore, and KARL STORZ SE & Co KG are some of the market's key players. The following are some recent developments of key Veterinary Endoscopes providers.:
- Cantel Medical Corp and CENSIS TECHNOLOGY announced a new long-term contract in December 2020 to combine Cantel Medical Corp's premier endoscope reprocessing workflow portfolio with CENSIS' surgical asset monitoring and instrument monitoring solutions.
- Apollo Endosurgery, Inc., a leader in the field of minimally invasive gastrointestinal and bariatric surgical instruments, announced FDA approval for its X-TackTM Endoscopic HeliXTM Tacking System in December 2020. Sutures in this system are primarily intended for use in closing and repairing defects in the lower digestive tract, but they can also be used in the upper gastrointestinal tract.
The global endoscopes market size is expected to reach USD 20.4 billion by 2027, according to a new report by Radiant Insights, Inc., registering a CAGR of 8.8% over the forecast period.
The market is driven by factors such as increasing geriatric population; growing preference for minimally invasive surgeries; and rise in incidences of cancer, gastrointestinal diseases, and other chronic diseases.
The introduction of new technologies in gastrointestinal endoscopy that offers improved visualization and diagnosis, along with high awareness about advanced endoscopes used to perform advanced procedures such as Endoscopic Retrograde Cholangiopancreatography (ERCP), upper gastrointestinal endoscopy, and sigmoidoscopy among medical professionals, also acts as a driving factor for the overall market growth.
Download Free Sample Report @ https://www.radiantinsights.com/research/endoscopes-market/request-sample Gastrointestinal (GI) endoscopy emerged as the leading application segment in the global market.
According to a recent study published by the World Health Organization (WHO), the percentage of the global population aged over 60 years is expected to double from about 12% to 22% between 2000 and 2050.
In addition, disposable endoscopes are increasingly used owing to technological advancements and launch of new products and the risk of infection associated with conventional reusable endoscopes.
