Pets are the proven true companies to humans. Since years, pets are considered as family and this association with them has grown than ever before. People now are willing to spend huge sum of money in up keeping of their pets. Thus, with the growing pet population across the globe has augmented growth in various veterinary services. Moreover, one of the major market in which the demand is rising is veterinary endoscopes market. Pets usually face gastrointestinal issues leading to gastrointestinal diseases in some cases. Due to this rise, the demand in the veterinary endoscopes market has increased significantly globally. Endoscopes help in examining esophagus, abdomen, bladder, and other internal organs.
Pets being such as important part, the need to analysis growth prospects in this market are important. In the report published by Transparency Market Research on the global veterinary endoscopes market, gives crucial information related to the growth of this market. Revenue growth rate for the global veterinary endoscopes is estimated to be 6.7% over the projected tenure from 2017 to 2025. If the market rises at this rate revenue generation will increase to US$ 728.1 billion by the end of 2025. This figure is substantially higher than US$405.1 million earned in 2016, thus creating an incremental opportunity of approximately US$ 323 million over the forecast tenure. With high revenue generation opportunity, players operating in this market are likely to generate high profits in the coming years.
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Prominent players analyzed in the global veterinary endoscopes market report by TMR include Olympus Corporation, Harvard Bioscience Infiniti Medical, KARL STORZ SE & Co. KG, Fujifilm Holdings Corporation, and Richard Wolf GmbH, STERIS plc. Leading players are using new and advanced business development strategies to get larger share in the market. New product launches, higher investment in research and development, they are also engaged in establishing partnership through collaboration and acquisition.
Importance of Internal Examination has Boosted Gastrointestinal Endoscopy Procedures
Application of veterinary endoscopes is widely seen in diagnostics segment. Increasing gastrointestinal issues among pets and difficulty faced while finding the actual cause of the disease without the internal examination has fueled demand for veterinary endoscopes. In terms of procedure, gastrointestinal segment is leading the market. Stats as per the Journal of Veterinary Medicine and Animal Health state that the occurrences of gastrointestinal parasitic infection in tethered animals are extremely high. Moreover, the gastrointestinal parasitic infection has affected large number of cattle across the globe. Thus, with the increasing share of the gastrointestinal endoscopy procedure over bronchoscopy, laparoscopy, cystoscopy, and otoscopy segments is likely to drive growth in the global veterinary endoscopes market.
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Growing Preference for Companion Pets Made North America a Key Region for Veterinary Endoscopes Market
With respect to regional growth, importance and use of veterinary endoscopes is high in North America due to rising companion animals in the region. Moreover, developed and advanced veterinary healthcare infrastructure and increasing pet healthcare insurance has made the region a leading market for the growth of veterinary endoscopes. Stats based on American Society for the Prevention of Cruelty to Animals (ASPCA) reveal that every year nearly 6.5 million companion animals arrive at the US animal shelters nationwide, which increases the use of veterinary endoscopes to completely analyze these pets. This factor has also augmented the growth in the global veterinary endoscopes market.
On the other hand, Asia Pacific is also considered a key region for the growth of the global veterinary endoscopes market. Growing preference for companion pets is the major reason behind the growth of veterinary endoscopes in this region.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Veterinary Endoscopes Market (Product – Flexible Endoscopes (Fiber Optic Endoscopes and Video Endoscopes), Rigid Endoscopes, Capsule Endoscopes, and Robot Assisted Endoscopes; Application – Diagnostic Endoscopes and Surgical Endoscopes; Procedure – Gastrointestinal, Bronchoscopy, Laparoscopy, Otoscopy, and Cystoscopy; Animal Type – Companion (Equine, Canine, and Feline), Livestock (Bovine, Ovine, Porcine, and Poultry); End User- Veterinary Hospitals, Veterinary Clinic, and Academic Institutes) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017 – 2025”.
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The global veterinary endoscopes market has been segmented as below:
Product Type (Value & Volume)
- Flexible Endoscopes
- Fiber Optic Endoscopes
- Video Endoscopes
- Rigid Endoscopes
- Capsule Endoscopes
- Robot Assisted Endoscopes
Application (Value & Volume)
- Diagnostic
- Surgical
Animal (Value & Volume)
- Companion
- Canine
- Feline
- Equine
- Livestock
- Bovine
- Ovine
- Porcine
- Poultry
Procedure (Value & Volume)
- Gastrointestinal
- Laparoscopy
- Bronchoscopy
- Otoscopy
- Cystoscopy
- Others
End-user (Value & Volume)
- Veterinary Hospitals
- Veterinary Clinics
- Other
Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC countries
- South Africa
- Rest of Middle East & Africa