According to the new market research report “Veterinary Endoscopy Market by Product Type (Flexible, Videoscope, Fibreoptic, Rigid), Procedure (Bronchoscopy, Laparoscopy, Gastroduodenoscopy, Colonoscopy, Rhinoscopy), Animal (Companion, Large), End User (Hospitals, Clinics) – Global Forecast to 2023″, published by MarketsandMarkets™, analyzes and studies the major market drivers, restraints/challenges, and opportunities.
The global veterinary endoscopy market is expected to reach USD 219.0 million by 2023 from USD 159.8 million in 2018, at a CAGR of 6.5%. The market growth is primarily driven by the growing pet population, increasing number of pet health insurance, and advanced applications of veterinary endoscopes.
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The global market is segmented by product type, procedure, animal type, end user, and region. By product type, the market is segmented into flexible endoscopes, rigid endoscopes, and other endoscopes. The flexible endoscopes segment is expected to dominate the market in 2018. The large share of this segment can primarily be attributed to wider applications of flexible endoscopes compared to rigid endoscopes.
Based on procedure type, the veterinary endoscopy market is segmented into flexible endoscopy, rigid endoscopy, and other procedures. The flexible endoscopy segment is expected to account for the largest share of the market in 2018. The large share of this segment can primarily be attributed to the increasing number of flexible endoscopy procedures across the globe.
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By animal type, the market is segmented into companion animals, large animals, and other animals. The companion animals’ segment is expected to account for the largest share of the market in 2018. The large share can be attributed to the growing use of veterinary endoscopy for the diagnosis of gastrointestinal diseases in companion animals, increasing awareness about animal health among pet owners, rising pet healthcare expenditure, and the growing companion animal population worldwide.
Based on end users, the market is segmented into hospitals and academic institutes and clinics. The hospitals and academic institutes segment is expected to account for the largest share of the veterinary endoscopy market in 2018. Most endoscopy procedures are performed in hospital-based settings which is a key factor driving the growth of this segment.
Key Players:
Major industry players adopted geographical expansions, product launches, and acquisitions to maintain and improve their position in the market. KARL STORZ (Germany), Olympus (Japan), and Fujifilm (Japan) have been identified as key players in this market. These companies have a broad product portfolio with comprehensive features and have also expanded their presence geographically. These leaders also have products for all end users in this market, a strong geographical presence, and they focus on continuous product innovations.
