The 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%. Some of the factors driving the growth of this market include increasing use of endoscopes in the diagnosis of animal gastrointestinal diseases, growing population of companion animals and advanced applications of veterinary endoscopy procedures. Increasing pet insurance and growing animal health expenditure; and rising number of veterinary practitioners are some other factors supporting the growth of the market.
On the basis of product type, the market is categorized into flexible endoscopes, rigid endoscopes and other endoscopes. The flexible endoscopes segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment can primarily be attributed to the wider applications of flexible endoscopes compared to rigid endoscopes.
By procedure, the market is categorized into flexible endoscopy, rigid endoscopy, and other procedures. The flexible endoscopy segment is expected to grow at the highest rate during the forecast period. Increasing number of flexible endoscopy procedures is the key factor contributing to the high growth rate of this segment.
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By animal type, the market is categorized into companion animals, large animals, and other animals. The companion animals segment is expected to grow at the fastest rate during the forecast period. The rising pet healthcare expenditure and the growing companion animal population are the key factors driving the growth of this segment.
On the basis of end users, the veterinary endoscopy market is classified into hospitals and academic institutes and clinics. The hospitals and academic institutes segment is estimated to grow at the fastest rate during the forecast period. Increasing number of enodscopy procedures which are performed in veterinary hospitals is driving the growth of this segment.
On the basis of region, the veterinary endoscopy market is segmented into North America, Europe, Asia Pacific and the Rest of the World (RoW). The veterinary endoscopy market in the Asia Pacific region is expected to register the highest CAGR during the forecast period. Growth in this region can be attributed to the rising pet ownership, increasing animal health expenditure, and rapid development in the animal healthcare infrastructure in the developing countries such as India and China.
Given the immense opportunities in major applications of veterinary endoscopy, market leaders and emerging players are increasingly focusing on the market in the segments mentioned above to increase their revenues and are also looking to expand their reach to emerging economies.