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(Medical-NewsWire.com, June 08, 2019 ) 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%.
Factors driving the growth of this market include the growing pet population; increasing animal health expenditure; and advanced applications of veterinary endoscopes.
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The veterinary endoscopy market is consolidated in nature, with a few number of players offering a variety of products. The major players in this market are Olympus (Japan), KARL STORZ (Germany), Fujifilm (Japan), Eickemeyer (Germany), Endoscopy Support Services (US), B. Braun Melsungen (Germany), Biovision Veterinary Endoscopy (US), STERIS (UK), Welch Allyn (US), and Dr. Fritz (Germany).
The key strategies followed by most companies in the veterinary endoscopy market are product launches, expanions, and acquistions. These strategies accounted for the largest share of the overall growth strategies mapped from 2015 to 2018 (till May). Some of the leading players who adopted these strategies include Olympus (Japan), KARL STORZ (Germany), Welch Allyn (US), and Eickemeyer (Germany).
Olympus (Japan) held the leading position in the veterinary endoscopy market in 2017. The company has a strong veterinary endoscopy product portfolio. The company is known for its small-sized animal veterinary product portfolio. It offers several models of veterinary endoscopes. Olympus’ major models include BF- 1T10, HYF-XP, and HYF-P for small-sized animals; and GIF-XQ20, GIF-XQ30, and GIF-XQ40 for medium-sized animals. The company mainly focuses on organic growth strategies in order to strengthen its position in the veterinary endoscopy market. In 2017, the company established a new production facility in Rue Pierre-Ardouin, Canada.
KARL STORZ (Germany) ranked second in the veterinary endoscopy market in 2017. The company’s endoscopes are widely adopted by veterinary hospitals and clinics. The firm has a strong geographic presence in the global market and focuses on expansions to enhance its market position. For example, in September 2016, the company expanded its subsidiary in Estonia, to increase its video endoscopy business in the country.
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Fujifilm (Japan) is one of the major companies in the market. The company offers various types of endoscopy systems for small- and large-animal applications. Fujifilm is expected to witness significant growth in the veterinary endoscopy market due to its strong geographic presence and well-established distribution network. In the past decade, the company focused on developing and strengthening its presence in North America and Europe. In recent years, Fujifilm has enhanced its presence in emerging countries, with a focus on Brazil, Russia, India, China, Turkey, and other Middle East countries.
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