Global Veterinary Endoscopy Market - 2022-2029

Market Overview

Veterinary Endoscopy Market size was valued US$ 429.3 million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of 6.6% during the forecast period (2022-2029).

An endoscope is a device comprising a flexible tube with a video camera attachment inserted into the stomach or any other part of the body through the mouth or colon. In most cases, endoscopy is performed for diagnostic purposes, such as visualization and sampling abnormalities. However, this device can be used for therapeutic purposes, termed interventional endoscopy.

Market Dynamics

The global veterinary endoscopy market growth is driven by the growing burden of gastrointestinal diseases such as diarrhea, coccidiosis, melena, indigestion, and bowel obstruction in animals, rising pet adoption.

Increasing number of pet adoption is expected to drive the growth in the forecast period

The number of pet animals adopted widely for companionship has increased significantly in the past few years. People largely adopt pets for companionship, and there has been a shift in trend from pet owners to pet parents, which indicates that pets are considered a part of the family these days. According to the European Pet Food Industry statistics, around 85 million pet-owning homes in Europe in 2019. This number involves various pet insurance policy coverage, thereby augmenting the market value. As per the People's Dispensary for Sick Animals, in the United Kingdom (UK), the pet dog and cat population in 2013 was 7.8 million and 9.5 million, respectively, which increased to 9.9 million 10.9 million, respectively, in 2019.

In addition, as per the report "Pets in Australia: A national survey of pets and people" in 2019, pets' expenditure has increased tremendously due to increasing pet adoption. This report estimates that people spent over AUD 13 billion per year to keep pets fed, healthy, and well-accessorized, with the food and veterinary services accounting for half of all ongoing expenditures. Growing social acceptance of pets has stimulated pet adoption. Pet acceptance is also perceived to assist in low blood pressure, depression and loneliness, thus creating a growth opportunity for the market during the forecast timeframe.

Lack of standardized pet health codes or reimbursement may hamper the overall market demand

Standard diagnosis coding system has evolved to maintain human medical records in developed nations such as the U.S. and Canada. This will simplify the overall process of claiming reimbursement and availing the insurance benefits offered by federal governments of respected countries. But there is a lack of standardized pet health codes. Most of the veterinary records are free text and do not have a standard diagnosis coding. This one is the major barrier in using veterinary records for claiming pet insurance, thus hampering the industry growth. Although, due to the lack of standardized pet health codes, many companies and government associations are working with the veterinary professionals to create a framework for standard pet health codes. This will ensure simplicity in the claiming process and help the insurance companies improve the pre-authorization procedure, thereby enhancing the market expansion.

COVID-19 Impact Analysis

The COVID-19 pandemic has a significant impact on the studied market. As per the Centers for Disease Control and Prevention (CDC) data, cats, dogs, and a few other types of animals are at potential risk of acquiring coronavirus. The virus was recently detected in minks in multiple farms in the Netherlands. Several studies are still underway to understand the connection between animals and the human transmission of SARS-CoV2-Virus. In April 2020, the CDC and the United States Department of Agriculture's (USDA) National Veterinary Services Laboratories (NVSL) confirmed the cases of two pet cats infected by COVID-19. These were the first pets in the United States to test positive for the disease. Also, pet adoptions increased during the pandemic. Several animal shelters, non-profit rescue organizations, private breeders, and pet stores observed increased consumer demand. Foster Inc., a non-profit organization, claimed to register a more than 1,000% increase in foster applications during the lockdown in New York, the epicenter of COVID-19 cases in the United States. Thus, in view of the aforementioned factors, the veterinary endoscopy market is expected to have a short-term negative impact, primarily due to the reduced veterinary visits in 2020.

Segment Analysis

The flexible endoscopes segment is expected to hold the largest share in this market segment

The flexible endoscopes are mostly used for upper gastrointestinal (GI) endoscopy, colonoscopy, bronchoscopy, rhinoscopy, and tracheoscopy. These endoscopes can be manually rotated in various directions to allow for better access and maneuverability, which makes it easy to view the inside of the stomach and the bowel.

Esophagogastroduodenoscopy (EGD) and colonoscopies are performed primarily with a flexible endoscope instead of a rigid endoscope. The most common flexible endoscopic procedures performed both in specialty and general practices are upper and lower GI endoscopy, for direct examination and biopsy of selected areas of the GI tract. When the endoscopic image is displayed on a video monitor, the endoscopist can work more comfortably and share information during a procedure. The early diagnoses of gastrointestinal disorders in companion animals are beneficial, owing to the increasing number of animals with varied symptom patterns that require a biopsy of the GI tract in identifying the underlying condition. A standard endoscope for upper and lower GI endoscopy used in dogs and cats should comprise at least 100cm of length and possess a distal tip with almost a 180-degree upward deflection, along with features such as water flushing, air insufflation, and suction capabilities. The flexible endoscopes require regular repairs to prevent damage. Companies such as STERIS have experience in Endo-i Veterinary Endoscope repairs, one of the significant investments for veterinary practices. The studied market is expected to witness significant growth over the forecast period due to the factors mentioned above.

Geographical Analysis

North America region holds the largest market share of global veterinary endoscopy market

The major factors driving the veterinary endoscopy market's growth include an increase in adoption of companion animals, increasing prevalence of diseases such as zoonosis, availability of advanced veterinary healthcare infrastructure available in the region, and the presence of key market players, leading to developments in veterinary endoscopes. According to the United States Department of Agriculture's National Agricultural Statistics Service, in the United States, there were around 94.4 million cattle and calves in 2020, compared to 94.8 million cattle and calves in 2019. Also, the growing pet population and increasing spending on pet care fuel the market's growth. For instance, according to the 2019-2020 National Pet Owners Survey conducted by the American Pet Products Association (APPA), around 85 million families or 67% of US households owned a pet, increasing from 56% of US households in 1988. Also, during 2019-20, around 63.4 million US households owned a dog.

As per the American Pet Products Association Inc., in 2020, it was estimated that around USD 99 billion was spent on pets in the United States, up from USD 95.7 billion in 2019. Hence, the studied market is expected to witness significant growth in North America over the forecast period due to the aforementioned factors.

Competitive Landscape

The global veterinary endoscopy market is moderately competitive with presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Biovision Veterinary Endoscopy LLC, Eickemeyer Veterinary Equipment, Olympus Corporation, Steris PLC, and Hill-Rom Holdings Inc. With the increasing advancements in technology for veterinary applications, many small to medium-sized entrepreneurs are entering the studied market over the years. The major players are also involved in strategic alliances like acquisitions and collaborations to secure a position in the global market. For instance, In September 2020, Eickemeyer Veterinary Equipment launched the EickViewHD video endoscope system, a modular system that enables optimal illumination and improved vessel display.

Key Companies to Watch

Steris PLC

Overview: Steris Corporation is an Irish-domiciled medical equipment company specializing in sterilization and surgical products for the US healthcare system. Founded as Innovative Medical Technologies in Ohio in 1985, the company was renamed STERIS in 1987. However, some of the businesses that have been acquired and integrated into STERIS, notably American Sterilizer Company, have much longer operating histories. It has approximately 16,000 Associates worldwide and operate in more than 100 countries.

Product Portfolio: It includes products like AdvanCE capsule endoscope, Oracle EUS balloons.

Key Developments: In January 2021, STERIS PLC signed a definitive agreement to acquire Cantel through a US subsidiary to expand its product portfolio in endoscopy and dental products.

Why Purchase the Report?

• Visualize the composition of the veterinary endoscopy market segmentation by product type, animal type, end-user and region highlighting the key commercial assets and players.
• Identify commercial opportunities in veterinary endoscopy market by analyzing trends and co-development deals.
• Excel data sheet with thousands of data points of veterinary endoscopy market - level 4/5 segmentation.
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in excel for the key product of all major market players.

The global veterinary endoscopy market report would provide an access to an approx. 58 market data table, 52 figures and 200 pages.

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