Animals suffer from various types of gastrointestinal diseases, such as diarrhea, coccidiosis, melena, indigestion, and bowel obstruction. The rise in the prevalence of these gastrointestinal diseases is expected to boost the growth of the market over the forecast period.
According to the data published by Healthy Paws Pet Insurance and Foundation, it receives more than 200,000 claims for insurance each year, out of which stomach issues and skin conditions are among the most common ailments for both cats and dogs. The endoscopes can be used for the diagnosis of various diseases in animals. The examiner can identify abnormalities, such as inflammation, swelling, or areas of scarring or stricture. In many cases, veterinarians diagnose cancer of the gastrointestinal tract using the endoscope.
In addition, there is a huge technological advancement in endoscopic devices, which are helping veterinarians to diagnose various gastrointestinal diseases in animals. Thus, the rise in prevalence and technological advancement expected to propel the growth of the market over the forecast period.
Key Market Trends
Capsule Endoscopes to Witness Considerable Growth ate
The capsule endoscope is a tiny wireless camera, which helps to take pictures of the digestive tract. Capsule endoscopes can be used to diagnose diseases, such as inflammatory bowel diseases and cancer. The capsule endoscopy is a non-invasive endoscopic imaging technique, which is used to capture high-quality real-time imaging of the stomach and small intestine, as well as to measure the gastric emptying time in animals.
This technique can be used for the detection of gastric and small intestinal mucosal lesions in dogs for the evaluation of gastrointestinal bleeding. Furthermore, there is a technological development going on in the market, which is helping to increase the user base. For instance, in 2016, the University of Saskatchewan developed an endoscopy capsule (camera pill) for horses.
Thus, a rise in development and benefits associated with capsule endoscopes are expected to drive the growth of the market over the forecast period.
North America region expected to Dominate the Market
The North American region is expected to dominate the market, owing to the increase in adoption of companion animals, improved veterinary healthcare expenditure, and increasing awareness about pet insurance. According to the estimates of American Society for the Prevention of Cruelty to Animals, (ASPCA), every year approximately 6.5 million companion animals enter the US animal shelters nationwide. Out of those, approximately 3.2 million are cats and 3.3 million are dogs.
Furthermore, according to the survey of the American Pet Products Association in the United States, in 2016, the total expenditure on pets was USD 66.8 billion and as per the estimate, it was USD 69.4 billion in 2017. Thus, the rise in the adoption of companion animals and the increase in pet healthcare expenditure are expected to drive the growth of the market over the forecast period.
The market studied is moderately competitive and enjoys the presence of global players. With the rising advancements in endoscopy devices, there are few small to mid-sized companies that are trying to penetrate the market. It is believed that in the future, these new entrants will hold a substantial share of the market studied.
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