According to TMR, the global veterinary endoscopes market is likely
to reach US$728.1 mn by the end of 2025, as against US$405.1 mn in
2016. Between 2017 and 2025, the global veterinary endoscopes market
is likely to show a CAGR of 6.7%. In terms of animal, the demand for
veterinary endoscopes is likely to be the highest from the companion
animal segment. Among end users, hospitals beat the veterinary
clinics segment to emerge at the market’s fore. Regionally, the
global veterinary endoscopes market was led by North America in 2016.
However, during the forecast period, lucrative opportunities
witnessed in Asia Pacific is likely to be higher.
The healthcare sector has showcased several breakthroughs in the
recent past. From finding cure for chronic ailments to dealing with
the looming patent expiries, the research and development activities
in this sector has been astounding. Besides launch of myriad novel
therapeutics aimed at offering improved human health, developments in
veterinary medical science have been commendable as well. The world
witnessed the launch of several diagnostic and treatment methods
aimed at offering advanced healthcare for animals. In addition,
several cutting-edge medical devices were launched in the field.
Among these were the novel endoscopic techniques, developed to offer
pets less painful and minimally-invasive alternatives to traditional
open surgery. With people willing to spend on effective treatment for
their pets, the demand for veterinary endoscopes has surged
significantly in the last few years. Given the scenario, the rising
adoption of pets and domestication of animals will provide
considerable boost to the global veterinary endoscopes market.
Furthermore, animal protection laws have become increasingly
stringent across the world. This is aimed at curbing atrocities meted
on animals. As a matter of fact, these laws also gave impetus to
veterinary treatments and medications, which has created newer growth
avenues for the global veterinary endoscopes market. Also strong
involvement of various non-government organizations in animal welfare
and healthcare has upped the demand for effective veterinary
treatment across the world. Spurred by steps taken by governments to
curb animal cruelty and conserve wildlife, the global veterinary
endoscopes market will find lucrative growth opportunities in the
coming years.
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The recent advancements in veterinary endoscopy offers improved view
of animal organs. Because of these advancements, faster recovery has
become possible. Besides this, veterinary endoscopes enable accessing
the other inaccessible organs within an animal body. While these
factors will enable the market register strong growth in the coming
years, limited penetration in emerging and underdeveloped nations
will slacken its pace of growth to a limit. Furthermore, inadequate
knowledge about veterinary endoscope in these countries may also
create hindrances for the market, besides cost constraint. The high
cost of these devices will also act as a negative factor, adversely
affecting the global veterinary endoscope market’s growth
prospects.
A recent study by Transparency Market Research (TMR) offers insights
into various strategies that players within the global veterinary
endoscopes market adopt to gain competitive edge. Companies such as
Harvard Bioscience Infiniti Medical, Olympus Corporation, Fujifilm
Holdings Corporation, KARL STORZ SE & Co. KG, Richard Wolf GmbH,
STERIS plc, ESS, Inc., Jorgen Kruuse A/S, and HOYA Corporation
(PENTAX Medical) are some of the key players operating in the global
market. In order to gain a competitive edge, these companies majorly
rely on strategic collaborations, mergers and acquisitions, product
launches, and research and development. Besides these, investment in
innovations form an important inclusion in their strategies aimed at
giving considerable boost to their ongoing business.
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