Veterinary Video Endoscopy Market Size, Share & Trends Analysis Report By Solutions (Equipment, Accessories/Consumables, PACS), By Animal Type, By Application, By Procedure, By End-Use, By Region, And Segment Forecasts, 2023 - 2030

Veterinary Video Endoscopy Market Size, Share & Trends Analysis Report By Solutions (Equipment, Accessories/Consumables, PACS), By Animal Type, By Application, By Procedure, By End-Use, By Region, And Segment Forecasts, 2023 - 2030

Veterinary Video Endoscopy Market Growth & Trends

The global veterinary video endoscopy market size is anticipated to reach USD 336.76 million by 2030, registering a CAGR of 7.77% over the forecast period, according to a new report by Grand View Research, Inc. The major factors driving growth include an increase in companion and livestock animal populations, an increase in diagnostic and interventional procedures in companion and livestock animals, and technological advancements. For instance, the National Agricultural Statistics Service of the US Department of Agriculture estimated the 2022 U.S. cattle and calves population at 98.8 million. Further to that, the application of bovine endoscopy provides livestock veterinarians with an alternative, highly useful, and minimally invasive tool for assessing livestock health and treating and diagnosing farm animals. As a result, the demand for video endoscopy is expected to increase over the coming years.

The COVID-19 pandemic had a negative impact on the market. Low demand and sales were reported by market participants as a result of many challenges including dampened demand, supply chain bottlenecks, reduced marketing and selling activities, and movement restrictions. Lockdown measures, particularly those implemented at the national and regional levels, resulted in a reduction in patient flow at veterinary clinics and hospitals. This reduced demand for veterinary devices such as endoscopes.

According to an April 2020 survey of veterinary practice owners conducted by the American Veterinary Medical Association, almost all respondents experienced a decrease in client traffic. Practice owners reported an estimated average monthly cash shortfall of about USD 17,000 due to a decline in revenue and costs incurred to ensure the continuity of operations. However, the patient volume and sales started to recover during the latter half of 2020, as movement restrictions were eased.

Technological advancements in veterinary endoscopes, as well as growing demand from pet owners for less painful, minimally invasive procedures for their pets, are expected to drive market growth during the forecast period. KARL STORZ SE & Co. KG, for example, provides a diverse range of veterinary endoscopes, including livestock animal video endoscopes, Hopkins telescopes, small animal fiberscopes, EquiVeo video endoscopes, ureters-reno-fiberscopes, otoscopes, multi-purpose rigid telescopes, hysteroscopes, as well as others. These devices are designed to meet the requirements of various procedures and animals of various sizes.________________________________________

Veterinary Video Endoscopy Market Report Highlights

• The veterinary video endoscopy market was valued at USD 188.95 million in 2022 and is expected to grow at a CAGR of 7.77% during the forecast period
• Equipment dominated the market by solutions in 2022 with a share of over 50% while the PACS segment is anticipated to grow the fastest at a CAGR of 9.83%
• This is owing to the increasing use of veterinary endoscopes in laparoscopies and GI tract endoscopies and the demand for endoscopes that can be easily maneuvered to reach body cavities in the animal
• Point Grey Veterinary Hospital in Vancouver in Canada, for instance, uses a fiberoptic endoscope to perform endoscopy of areas such as the stomach, trachea, and colon without the use of surgery. The commonly conducted procedures using an endoscope include stomach and gastrointestinal exam and biopsy, retrieval of objects from the stomach, placement of feeding tubes, and examination of the upper airways
• By animal type, the small animal segment held the largest share of the market in 2022
• The small animal segment is also estimated to grow at the fastest CAGR of over 8% in the coming years. This can be attributed to factors such as increasing animal health concerns, pet expenditure, and humanization of pets
• Diagnostic segment dominated the market by application in 2022 and is anticipated to grow the fastest at a CAGR of over 8%
• By procedure, the Abdominal/ GI tract segment held the largest share of about 50% of the market in 2022. Whereas the ENT segment is estimated to grow at the fastest CAGR of over 9% during the forecast period
• North America dominated the market in terms of the region due to a large number of veterinary hospitals and clinics offering endoscopy as part of their service offerings

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