Latest News- Veterinary Endoscopy Devices Market: Veterinary hospitals and clinics is expected to lead the End-user segment during 2024-2028
The Veterinary Endoscopy Devices Market is being driven by Increasing adoption of pets
The Veterinary Endoscopy Devices Market is expected to grow at a CAGR of 8.31% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 157.37 million. In the veterinary industry, there is a growing trend among pet owners to prioritize their animals' health and wellbeing, leading to an increased demand for advanced medical treatments. To help alleviate the financial burden of these expensive procedures, several companies have entered the market with pet insurance policies. For instance, Embrace Pet Insurance Agency LLC specializes in insurance coverage for unexpected accidents and illnesses in dogs, puppies, cats, and kittens. Their flexible plans allow pet owners to customize their annual maximum, annual deductible, and reimbursement percentage according to their budget. Another notable player in the market is Petsecure, which offers both accidental and illness plans for pets. These insurance policies provide pet owners with peace of mind, enabling them to access necessary medical treatments for their beloved animals without the added financial stress.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on End-user (Veterinary hospitals and clinics, Research institutes) Product (Flexible endoscopes, Rigid endoscopes, Other endoscopes) Geography (North America, Europe, Asia, Rest of World (ROW)).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Veterinary Endoscopy Devices Market Research Report
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The veterinary endoscopy market is experiencing significant growth due to the increasing pet population and prioritization of pet health. Flexible and rigid endoscopes are commonly used in veterinary healthcare for companion animals and large animals, particularly for diagnosing gastrointestinal diseases. Clinics are adopting minimally invasive veterinary endoscopy techniques to reduce patient stress and recovery times. Pet owners' disposable income and pet healthcare infrastructure investments are driving the demand for advanced diagnostic technologies, including imaging technologies like capsule endoscopy and specialized endoscopic instruments and accessories. Technological innovations continue to shape the veterinary endoscopy market, offering pet owners more effective and less invasive medical procedures for their animals.
The veterinary endoscopy market is a significant segment of the global healthcare equipment industry, focusing on the production of advanced diagnostic tools for companion and large animals. According to Technavio, this market is integral to the broader healthcare equipment sector, which encompasses manufacturers of capital equipment, instruments, implants, accessories, and consumables used for disease diagnosis, monitoring, and treatment. The global healthcare equipment market's size is determined by the combined revenue generated by these various diagnostic device and equipment manufacturers. Within the veterinary endoscopy market, flexible and rigid endoscopes are key product categories, catering to the growing demand for pet health solutions for companion and large animals in clinics and veterinary practices worldwide.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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