According to The Insight Partners market research study titled Veterinary Endoscopes Market to 2027 – Global Analysis and Forecasts by Product Type, Application, Procedure, End User and Geography’.
According to The Insight Partners market research study titled Veterinary Endoscopes Market to 2027 – Global Analysis and Forecasts by Product Type, Application, Procedure, End User and Geography’. The global veterinary endoscopes market is expected to reach US$ 478.84 Mn in 2027 from US$ 268.82 Mn in 2018. The market is estimated to grow with a CAGR of 6.7% from 2019-2027. The report highlights the trends prevalent in the global veterinary endoscopes market and the factors driving the market along with those that act as challenges to its growth.
The veterinary endoscopes market in the Asia Pacific region is largely held by countries such as China, Japan, Australia, and South Korea. The veterinary endoscopes market across the region is estimated to grow significantly due to rising numbers of veterinary clinics, hospitals, and institutes. The growth of the market is also attributed to the increasing adoption of pet animals and related businesses. In addition, it is expected that the market is projected to grow due to the regulations for animal protection and conservation in countries like South Korea and Australia.
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Veterinary Endoscopes Market Competitive Landscape and Key Development
The major players operating in the veterinary endoscopes market include, Olympus Corporation, Biovision Veterinary Endoscopy, LLC, Dr. Fritz, MEDIT INC, FUJIFILM Holdings Corporation, Harvard Apparatus, Shanghai Aohua Photoelectricity Endoscope Co., Ltd., Infiniti Medical, KARL STORZ SE & Co. KG, and Welch Allyn. The market has carried out various organic and inorganic growth strategies in the market. The organic strategies were conducted majorly and the strategies have assisted in strengthening their product offering and position in the global veterinary endoscopes market.
Growing Training Programs for Endoscopic Diagnosis
Diagnosis and treatment through endoscopy are an emerging field in the veterinary sector. The veterinary endoscopes are devices which are widely used for diagnosing gastrointestinal diseases in the animals. Therefore, various education and training programs are being conducted to upgrade the knowledge of veterinary professionals with the latest technologies. Various companies such as Karl Storz SE & Co. KG and Biovision Veterinary Endoscopy, LLC are also offering training programs for the use of veterinary endoscopic devices for diagnosis and treatment.
In addition, veterinary schools and institutes training for veterinary diagnosis are incorporated, and the veterinary doctors, nurses, and other professionals are being trained. Other than the programs offered in the institutes, online courses are made available. For instance, the University of Agriculture, The University of Tennessee, offers the online only course (20 CE hours) and integrated courses (56-64 CE hours), which offers in-depth online training for rigid and flexible endoscope handling, cleaning and other related knowledge. The courses also offer individuals desiring hands-on training. Thus, owing to these factors it is expected that the market is likely to grow exponentially in coming days.
Use of Capsule Endoscope for Diagnosis
The capsule endoscopes for diagnosis gastrointestinal diseases in human is widely accepted as a minimally invasive technique of diagnosis. However, in the field of the veterinary capsule, endoscopy is an emerging technology and is expected to have good potential in the coming future.
Advantages of the capsule endoscopes such as easy administration, capturing of high resolution and 360 degree diagnostic images of the entire gastrointestinal tract enable a veterinary doctor to diagnose GI disease faster and efficiently. Also, various companies are entering the capsule endoscopes segment, for instance, a European company Infiniti Medical developed ALICAM, which is ambulatory light-based imaging (ALI) capsule endoscopy devices. The device helps to visualize the detailed diagnosis of pets during their normal day.
Moreover, the use of the capsule endoscope does not require anesthesia and restriction of pet activity. Thus, owing to the advantages of the capsule endoscopes for diagnosing the gastrointestinal diseases in animals are likely to expand the growth of the market during the forecast years.
Veterinary Endoscopes Market: Segmental Overview
The global veterinary endoscopes market by product type segments was led by rigid endoscopes. In 2018, the rigid endoscopes accounted for the largest market share in the global veterinary endoscopes market. The growth of rigid endoscopes is expected to grow due to advantages of minimally invasive procedures for the animals. However, the flexible endoscopes segment is estimated to mark the highest CAGR in the market during the forecast period, owing to the better visibility due to light source of flexible endoscope, increasing technological development that is enabling the early detection of diseases in animals.
Organic and inorganic growth strategies were observed in global veterinary endoscopes industry. Whereas, organic growth strategies where carried out largely in the veterinary endoscopes market. For instance, in March 2019, Olympus Corporation has launched the PowerSpiral in Europe and parts of the Asia-Pacific region, including Hong Kong and India. Further, it is planning to launch in the United States and other parts of the Asia-Pacific region as regulatory procedures are completed.
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