New York , Dec. 06, 2023 (GLOBE NEWSWIRE) -- The global veterinary video endoscopy market size is projected to grow at a CAGR of over 9% from 2024 to 2036. The market is expected to garner a revenue of USD 787 Million by the end of 2036, up from a revenue of USD 266 Million in the year 2023. Growing cases of zoonotic disease and rising awareness among people towards the disease. According to health professionals, there is an increase in zoonotic infections due to increased interaction between animals and people.
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According to WHO, 61 percent of all present human diseases are zoonotic in origin. Moreover, in around 30 new pathogens were identified, in which around 75 percent of new human diseases are zoonotic in origin. It is estimated that zoonoses cause one billion cases of disease and millions of deaths worldwide each year. According to the latest annual EU One Health zoonosis report provided by EFSA and ECDC, there was an overall increase in reported instances of zoonotic diseases in 2021 compared to the previous year, but levels are still significantly below those of the pre-pandemic years.
Veterinary Video Endoscopy Market: Key Takeaways
- Market in North America region to propel the highest growth
- The small animals segment to garner the highest growth
- Market in Asia Pacific to grow at a highest rate
Rise in the Programs to Support Animal Health to Boost the Growth of Veterinary Video Endoscopy Market
The 2030 Agenda for Sustainable Development has been passed under the authority of the United Nations General Assembly. It has justifiably been hailed as a "blueprint for a better and more sustainable future for all." The Animal Health sector companies that make products to help prevent, diagnose, and cure animal disease, which include vaccines, parasiticides, prediction and monitoring tools, diagnostics, and antibiotics are actively working to support the worldwide push to achieve the SDGs by 2030. The ten enterprises operate international supply chains, employ tens of thousands of people, and have an impact on the lives of over a billion farmers and pet owners worldwide.
Veterinary Video Endoscopy Industry: Regional Overview
The global veterinary video endoscopy market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Facility of Pet Insurance is Predicted to Elevate the Market Growth in the North America Region
In the United States, the overall value of premium pet insurance was around USD 3 billion, as per the 2023 report highlights of NAPHIA’s State of Industry. The typical illness and accident premium insurance for dogs and cats was around USD 53 and USD 32 per month, respectively. However, this total insurance rose since the numbering of insured pets by the end of 2022, reported a 21% rise from 2021., totalling 5 million pets. As per the 2021-2022 National Pet Owners Survey conducted by the American Pet Products Association (APPA), around 70% of U.S. households, or around 91 million families, have a pet. The states with the greatest percentages of insured pets are Florida, California, and New York. Furthermore, dogs accounted for approximately 80% of insured pets, while cats accounted for 20%.
Growing Government Initiatives to Ensure Better Animal Health Facilities to Elevate Market Growth in Asia-Pacific
Asia Pacific is the land of a wide range of animal species, and livestock, and the whole industry is handling the burden of the economy and the food security of the region. The Indian Government has commenced the Animal Pandemic Preparedness Initiative, a proactive measure to protect animal resources. The World Bank funded the Animal Health System Support for One Health under the Animal Pandemic Preparedness Initiative. Both are layered initiatives focusing on the holistic treatment of animals. Moreover, it also includes the development of the ecosystem for a better animal health management system utilizing the One Health approach across five Indian states.
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Veterinary Video Endoscopy Segmentation by Solutions
- Equipment
- Accessories/ Consumables
- PACS
Veterinary Video Endoscopy Segmentation by Application
- Diagnostics Application
- Interventional Application
Veterinary Video Endoscopy Segmentation by Product Type
- Flexible Endoscopes
- Rigid Endoscopes
- Capsule Endoscopes
- Robot-Assisted Endoscopes
Veterinary Video Endoscopy Segmentation by Animal Type
- Big Animals
- Small Animals
- Companion Animals
- Livestock Animals
On the basis of animal type, the veterinary video endoscopy market, small animals segment is expected to gain the highest market revenue over the forecasted period. A rising number of small animals as pets is expected to drive the segment’s growth. There are 471 million pet dogs around the globe. Around 370 million cats are kept as pets worldwide. Brazil has the tiniest dogs per capita in the world. The planet has around 250 million homed birds. The population of hamsters in the United Kingdom is expected to reach around 900,000 by the end of 2023. Moreover, in 2018, the population of small mammals kept as pets in India numbered around 63 thousand. The population is expected to reach 66 thousand by the end of 2023. Hamsters, guinea pigs, mice, and rabbits are some of the most popular mammals kept as pets in India.
Veterinary Video Endoscopy Segmentation by Procedure
- Gastroduodenoscopy
- Coloscopy
- Bronchoscopy
- Arthoscopy
- Thoracscopy
- Rhinoscopy
- Otoscopy
- Laproscopy
- Tracheoscopy
- Male Urethrocystoscopy
Veterinary Video Endoscopy Segmentation by End User
- Veterinary Clinics
- Veterinary Hospital
- Academic Institutes
Out of all the end users, the veterinary video endoscopy market, veterinary clinics segment is expected to be responsible for a significant market share by the end of 2036. The growth of the segment is majorly expected on the account of expanding services of veterinary clinics. For instance, during the COVID-19 pandemic, more than 60% of pet owners were willing to use and pay for telemedicine service in veterinary clinics.
A few of the well-known market leaders in the global veterinary video endoscopy market that are profiled by Research Nester are Steris Plx, Firefly Global, KARL STORZ SE & Co. KG, Advanced Monitord Corporation, Dr. Fritz Endoscopes GmbH, Biovision Veterinary Endoscopy, LLC Eickemeyer, Ambu, and MDS Incorporated
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Recent Developments in the Veterinary Video Endoscopy Market
- Steris Plc has announced the acquisition of laparoscopic instrumentation and sterilization container assets from Becton, Dickinson, and Company. As the brands STERIS will be adding, STERIS's product portfolio within our Healthcare division will be strengthened, supplemented, and expanded.
- KARL STORZ, a family-owned medical technology company, has announced the acquisition of 100% of the shares in AventaMed DAC, an Irish medical technology company. The Solo+ TTD was developed after the company received financing support from Enterprise Ireland and other angel investors based primarily in Ireland. It is a ground-breaking single-use medical gadget that tackles the pain points of existing ENT surgical tympanostomy treatment.
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