Understanding Impact of COVID-19 on Veterinary Endoscopes Market
Transparency Market Research (TMR) has published a new report titled, ‘Veterinary Endoscopes Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global veterinary endoscopes market was valued at US$ 458.3 Mn in 2018 and is projected to expand at a CAGR of 7.1% from 2019 to 2027.
Overview
- Rising incidence of pet diseases across the globe alert the owners of the pet to keep them secure. To keep the pet healthy from devastating medical condition, they require frequent health checkup, diagnosis and treatment. The growing cost of modern medicine and advanced medical technologies is a cost burden for owner.
- Two main types of veterinary endoscopes are available in the market: rigid and flexible endoscopes.
- Both the rigid and flexible endoscopes are used for diagnostic and surgical procedure. But still they have some differences. A flexible endoscope’s body is sheathed in a specialized flexible covering and this covering provides bending capacity which is not possible in the rigid endoscopes. Rigid endoscopes tube is made of stainless steel and it is non-flexible.
- A rigid endoscope are simpler in design and less expensive than the flexible endoscope. The flexible endoscopes consists number of components but have greater advantages than rigid endoscopes. The flexible endoscopes are of two type. They are Fiber Optic Endoscope and video endoscopes
- North America dominated the global veterinary endoscopes market in 2018 and the trend is anticipated to continue during the forecast period. In a study conducted by the University of Minnesota (the U.S.), endoscopy procedures were observed to be efficient to evaluate the nature of diseases in the genital organs of dogs. These endoscopy procedures were also useful in visualization of the internal organs of animals in a less invasive manner. Hence, the veterinary endoscopes market in North America is expanding and is likely to witness significant growth during the forecast period.
- Asia Pacific is likely to be a highly lucrative market for veterinary endoscopes and it is expected to expand at a high CAGR during the forecast period
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Government funding in emerging markets to Drive Market
- The market for veterinary endoscopes devices in emerging markets such as India, China is expanding due to multiple factors. Rise in government expenditure on vet health care is one of the major factors fueling the growth of veterinary endoscopes markets.
- According to the Government of India’s 12th five-year plan (2012–2017), various initiatives and plans to broaden basic health care coverage to faming cattle. According to data available, the government of India allocated US$ 2,209.2 Mn in the Department of Animal Husbandry, Dairying and Fisheries care in 12th five year plan which is almost double from the last 11th five year plan.
- These factors have invigorated the market and allowed market players to focus on R&D in providing user-friendly devices and medicine at low cost for cattle treatment.
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Flexible endoscopes Segment to Dominate Market
- Based on product type, the global veterinary endoscopes market has been divided into flexible endoscopes, rigid endoscopes, capsule endoscopes, and robot assisted endoscopes. The flexible endoscopes segment has been bifurcated into fiber optic endoscopes, and video endoscopes.
- The flexible endoscopes segment dominated the global veterinary endoscopes market in 2018 and the trend is projected to continue during the forecast period. The advantage of a flexible endoscope is that it can be steered around the complicated portions where rigid endoscopes can’t travel. Flexible endoscopes are useful to view the inside of the stomachs and bowel where the endoscope has to travel a long distance.
Diagnostic application to be Highly Lucrative Segment
- In terms of application, the global veterinary endoscopes market has been classified into diagnostic and surgical.
- The diagnostic segment dominated the veterinary endoscopes market. Globally, the gastrointestinal problem in pet is increasing and it’s very difficult to find the actual cause of the disease in the pet without the internal examination. According to veterinary doctors, the endoscopy procedure is one of the most useful procedure to find the gastrointestinal problem. Moreover, the demands for laparoscopy procedure in diagnosis of gastrointestinal condition is increasing. Hence, the market share of diagnostic segment is higher than the surgical segment in the global veterinary endoscopes market.
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Companion animals to dominate global market
- In terms of animal type, the global veterinary endoscopes market has been classified into companion and livestock.
- Changes in consumer behavior and increase in pet ownership is leading to ‘humanization’ of pets. In recent years, pets have gained position as a member of the pet owner’s family. This has led to heightened tendency of pet owners to spend more on pet supplies, higher quality food, and more expensive medical treatment
Gastrointestinal Endoscopy to dominate global market
- In terms of procedure type, the global veterinary endoscopes market has been classified into gastrointestinal endoscopy, laparoscopy, bronchoscopy, otoscopy, cystoscopy, others.
- According to a Journal of Veterinary Medicine and Animal Health 2017, the prevalence’s of gastrointestinal parasitic infection in tethered animals is very high. Every year, the gastrointestinal parasitic infection effected main cattle’s throughout the globe. Veterinarians mostly recommend the gastrointestinal endoscopy to investigate whether the cattle’s are suffered from gastrointestinal parasitic infection. Therefore, the market share of the gastrointestinal endoscopy procedures is predominant over other segments over other types of procedures in Global
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North America to Dominate Global Market
- In terms of region, the global veterinary endoscopes market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global Veterinary Endoscopes market in 2018, followed by Europe.
- North America accounted for major share of the global veterinary endoscopes market in 2018, one of the drivers for the veterinary endoscopes market in North America is rising adoption of pets in the region. According to a government source, more than 50% of households in Canada own a pet. This includes nearly six million dogs (more than 30% of households own at least one dog) and nearly eight million cats (more than 35% of households own at least one cat). The same source also highlights that the number of households in Canada, which own at least one pet, is increasing. Additionally, rising interest in pet care, developed standards of care, availability of pet insurance, and technological breakthroughs are other factors driving the veterinary endoscopes market in North Ameri.
Competitive Landscape
- The global veterinary endoscopes market is fragmented in terms of number of players. Key players in the global market include Harvard Bioscience Infiniti Medical, Olympus Corporation, Fujifilm Holdings Corporation, KARL STORZ SE & Co. KG, Richard Wolf GmbH, STERIS plc.,ESS, Inc., Jorgen Kruse A/S, HOYA Corporation (PENTAX Medical), among others
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