Market Size of Global Veterinary Endoscopy Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
