Veterinary Endoscopy Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Veterinary Endoscopy Market Analysis

The veterinary endoscopy market is registering a CAGR of 5.5% over the forecast period.

The COVID-19 pandemic has had a significant impact on the market. According to the article published in Frontiers in Veterinary Science in February 2021, dog owners feared the COVID-19 infection and its spread, leading to fewer disease diagnoses for pets. Additionally, the study mentioned above also indicated that, like many other professions, veterinarians were significantly impacted by the onset of COVID-19 in the initial phase of the pandemic. Thus, standard practices such as routine animal checkups, diagnoses, and surgeries were disrupted. These decreased services also affected veterinary endoscopy, thereby hindering the market's growth. However, owing to the increasing adoption of pets during the pandemic, the focus on veterinary services increased. The rising adoption of pets has increased the focus on animal welfare, which may fuel the growth of the studied market. Thus, given the aforementioned factors, the veterinary endoscopy market is expected to have a short-term negative impact, primarily due to the reduced number of veterinary visits in 2020.

The growing burden of gastrointestinal diseases such as diarrhea, coccidiosis, melena, indigestion, and bowel obstruction in animals is expected to boost the market's growth over the forecast period. According to the study published in Frontiers in Veterinary Science in August 2022, the mean weighted prevalence of Bovine Viral Diarrhea Virus (BVDV) in Sub-Saharan Africa, South America, the Middle East, and Asia was 39.5%, 45.2%, 49.9%, and 21.6%, respectively. Seroprevalence varied by farming system, with smallholder farming having the highest levels. Herd size was the most often affected by BVDV, with prevalences of 20.6%, 33.3%, and 38.4% for dairy, beef, and mixed systems, respectively. Thus, the significant prevalence of diarrhea is expected to propel the demand for its diagnosis, thereby boosting the demand for endoscopy over the forecast period.

Moreover, growing animal healthcare spending is expected to propel the growth of the market. For instance, according to Statistics Canada, in January 2021, the Canadian and Ontario governments are funding up to USD 4 million through the Canadian Agricultural Partnership (the Partnership) to improve farmers' access to veterinary services. Such initiatives by the government are expected to increase access to medical devices such as veterinary endoscopy, driving the market's growth over the forecast period.

Thus, the rise in the prevalence of diseases and technological advancements are expected to propel the market's growth over the forecast period. However, the high cost of veterinary endoscopes may restrain the market over the forecast period.

Veterinary Endoscopy Market Trends

This section covers the major market trends shaping the Veterinary Endoscopy Market according to our research experts:

Flexible Endoscopes is Expected to Witness Significant Growth Over the Forecast Period

Veterinary Endoscopy Industry Segmentation

As per the scope of the report, 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. The Veterinary Endoscopy market is Segmented by Product Type (Capsule Endoscopes, Flexible Endoscopes, Rigid Endoscopes, Robot-Assisted Endoscopes), Animal Type (Companion and Livestock), End User (Veterinary Hospitals, Academic Institutes, and Other End Users), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD million) for the above segments.