Veterinary Endoscopes Market Is Likely To Reach US$728.1 Mn by the end of 2025
An endoscope, is an instrument which is used to look inside the body. An endoscopes may be flexible, rigid, ingestible, and robot assisted, which can be used to examine bladder, abdomen, esophagus and other internal organs. It is used for diagnostic or surgical purpose in order to identify and cure lesion area. Rapid rise in pet population worldwide, growing incidences of gastrointestinal diseases among the animals, and increasing demand for minimally invasive procedures for the pets are the main factors that drive the market of veterinary endoscopes. On the other hand, high cost of veterinary endoscope procedure, and limited number of veterinarians may depress the growth of the same market.
Flexible Endoscopes Witness Highest Demand Backed by Rising Application in Gastrointestinal Endoscope Procedures
Based on product type, the global veterinary endoscopes market is classified into flexible, rigid, capsule and robot assisted endoscopes. The flexible segment claimed the largest market share in 2016 followed by other segments. Wide application in the gastrointestinal endoscopy procedures makes the flexible endoscopes segment as the leading contributor in the global veterinary endoscopes market. The flexible endoscopes segment, further categorized into fiberoptic and video endoscopes. The fiberoptic endoscopes segment is projected to account for a major market share. The fiberoptic endoscopes is highly pliable, cost effective, and provide direct viewing facility to the doctors.
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In terms of application, the global veterinary endoscopes market has been segmented into diagnostic and surgical. The diagnostic segment is expected to hold the major market share in 2016 owing to the gastrointestinal problem among pet is increasing and is very difficult to find the actual cause of the disease in the pet without the internal examination. In terms of procedure, the global veterinary endoscopes market has been segmented into gastrointestinal, laparoscopy, bronchoscopy, otoscopy, cystoscopy and others. Gastrointestinal segment is anticipated to claim the higher share compared to the other segment this is due to the high prevalence of gastric disorders among animals. According to a Journal of Veterinary Medicine and Animal Health 2013, the prevalence's of gastrointestinal parasitic infection in tethered animals is very high and every year, the gastrointestinal parasitic infection effected many cattle's throughout the globe. Hence, the market share of the gastrointestinal endoscopy procedure is predominant over other segments and is expected to grow during the forecast period.
Based on animal type, the market has been segmented into companion animal and livestock animal segment. The companion animal segment is anticipated to hold the major market share in 2016 and the market growth is also expected to be high during forecast period. Increasing adoption rate of companion animals particularly cats and dogs per households is the major factor which drives the companion animal endoscopes market.
By end-user type, the global veterinary endoscopes market is segmented into veterinary hospitals, veterinary clinics, and others. Veterinary hospitals segments claims the major share and show remarkable market attractiveness in the forecast period. The availability of sophisticated endoscopes, trained veterinarians, and moreover, the hospitals are compliant with pet insurance are the key drivers for the growth of the veterinary endoscopes segment.
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Favorable Reimbursement Policies Support Market’s Expansion in North America
Geographically, the global veterinary endoscopes market is categorized into the North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. The North America market held the highest market share in 2016 and holds potential for exhibiting strong growth in the coming years. However, the Asia Pacific market is likely to exhibit a promising growth in the forecast period. Factors such as the presence of numerous veterinary hospitals and clinics, implementation of favorable reimbursement policies, and affordable treatment cost are the key factors boosting the market for veterinary endoscopes in North America. On the other hand, the adoption of companion animals and the growing awareness about pet insurance and its benefit will enable the Asia Pacific market exhibit lucrative opportunities during the forecast period.
The key players operating in the global veterinary endoscopes market are Harvard Bioscience Infiniti Medical, Olympus Corporation, Fujifilm Holdings Corporation, KARL STORZ SE & Co. KG, Richard Wolf GmbH, STERIS plc.,ESS, Inc., Jorgen Kruuse A/S, HOYA Corporation (PENTAX Medical). However, the global market is dominated by few major players operating worldwide.
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