Veterinary endoscope market to surpass $300M in 7 years
The worldwide market for veterinary endoscopes is expected to grow at a CAGR of 6.6% during a 7-year period, according to a report my market analysts, Grand View Research, Inc. The market is projected to be valued at $314.2 million by the end of 2028. The forecast period was 2021 to 2028.
Though the market experienced a slowdown during the pandemic due to decreased demand and supply chain issues, the market is expected to grow moving forward based on the increased level of technology and use of interventional and diagnostic procedures in both livestock and pets. Endoscopes are increasingly being used in veterinary pet care for examinations of the GI tract, biopsies, removing objects, and in laparoscopic procedures that would have been invasive previously. Endoscopies have also been increasingly used as pet owners are willing to spend higher amounts for pet care and diagnostics.
In the previous year (2020), the large animal segment held the largest market share, with more than 50%. However, the segment allotted to small animals is anticipated to have the highest CAGR in the future. By geography, North America held the largest market share based on the high number of endoscopies and related procedures being performed at veterinary hospitals.
The report includes data on a range of endoscope types, including flexible and rigid, and those intended for large and small animals. Endoscope uses include diagnostic or surgical, or more specifically for procedures including respiratory, GI, abdominal, ENT, arthroscopy, urinary and genital tract.
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