(PharmaNewsWire.Com, February 13, 2020 ) According to research report 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%. The increasing number of pet insurance, growing pet population, rising number of veterinary practitioners and advanced applications of veterinary endoscopes are some of the major factors driving the growth of this market.
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.
Based on 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 endoscopy procedures which are performed in veterinary hospitals is driving the growth of this segment.
Based on 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.
North America is expected to lead the market in 2018
Based on region, the veterinary endoscopy market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is expected to dominate the market in 2018. The large share can be attributed to the rising adoption of companion animals, increasing pet healthcare insurance, and improved veterinary healthcare infrastructure.
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