Veterinary Surgical Instruments Market to Hit $1.8 Billion by 2025: Global Market Insights, Inc.

The North American veterinary surgical instruments market value exceeded USD $541 million in 2018 and is expected to register a significant CAGR up to 2025, owing to the increasing number of skilled veterinary practitioners and growing animal healthcare expenditures.

Veterinary Surgical Instruments Market Forecasts 2019-2025

The U.S. veterinary surgical instruments market is estimated to exceed USD $668.5 million by 2025, owing to the surging adoption of companion animals in the country. Growing demand for pet insurance has been bolstering the growth of the market. As per the North American Pet Health Insurance Association (NAPHIA), the total number of pets insured in the U.S. reached 2.1 million in 2017. In addition, rising collective efforts by major players in the market to improve their product portfolio will further augment the demand for veterinary surgical instruments in the U.S.

The Indian market is estimated to expand at a 7.2% CAGR during the analysis period, owing to the increasing livestock population in the country. Rising pet adoption, growing awareness about animal health and rising per capita animal health expenditures will spur the industry's growth. Moreover, growing alliances by private and public organizations to encourage the awareness of animal health services will further boost India's veterinary surgical devices market growth in the coming years. 

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The sutures and staplers segment of the veterinary surgical instruments market is anticipated to witness the largest revenue share, accounting for a total value of USD $97.2 million in 2018 during the foreseeable period, owing to its wide applications in all types of surgeries performed on companion animals, as well as livestock. The segment growth is attributed to the rising demand for orthopedic implants due to accidental injuries among animals. Additionally, the availability of a full line of absorbable and non-absorbable hospital-grade sutures with effective wound closure solutions will further propel the industry growth.

The Global Veterinary Surgical Instruments Market is poised to surpass USD $1.8 billion by 2025, according to a new research report by Global Market Insights, Inc. A momentous growth in the number of veterinary hospitals and veterinary surgeons worldwide will drive the veterinary surgical instruments market growth in the coming years. With the growing number of veterinary hospitals and surgeons, the usage of surgical instruments will also increase, thereby boosting the industry's growth during the estimated period.

The growing demand for pet adoption and increasing per capita income in developing economies is estimated to escalate the demand for surgeries for animals over the coming years. According to the American Veterinary Medical Association (AVMA) in 2018, nearly 57.0% of households have pets in the U.S. Also, pet ownership is the highest in more rural states and generally lower in urban states. Thus, the surge in pet adoption will fuel the demand for veterinary surgical instruments industry over the projected timeframe.

Browse key industry insights spread across 150 pages with 222 market data tables and nine figures and charts from the report, “Veterinary Surgical Instruments Market Size By Product (Sutures and Staplers, Forceps, Scalpels, Surgical Scissors, Hooks & Retractors, Trocars & Cannulas), By Animal Type (Small & Medium Animals, Large Animals), By Application (Dental Surgery, Orthopedic Surgery, Neurosurgery, Ophthalmic Surgery), By End-use (Veterinary Clinics, Veterinary Hospitals, Research Institutes & Academia), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Japan, China, India, Australia, South Korea, Mexico, Brazil, Argentina, South Africa, Saudi Arabia, UAE) Application Potential, Price Trends, Competitive Market Share & Forecast, 2019–2025” in detail, along with the table of contents:

https://www.gminsights.com/industry-analysis/veterinary-surgical-instruments-market

However, the high cost associated with animal surgery will hinder the growth of veterinary surgical instruments market in developing and underdeveloped countries. Furthermore, factors such as shortage of trained veterinarians and lack of animal health awareness in developing economies will impede the industry growth to a certain extent in the upcoming years.

The small and medium animal segment will witness a 4.9% CAGR during the forecast period, due to rising pet ownership and increasing demand for efficient animal care. According to the National Pet Ownership Survey conducted by the American Pet Products Association (APPA), in 2017-2018, nearly 68.0% of households have pets in the U.S. Also, each year nearly 6.5 million companion animals enter U.S. animal shelters countrywide. Among them, 3.2 million are cats and 3.3 million are dogs. An increase in the demand for pets will boost the segment growth over the forecast period.

The dental surgery segment of the veterinary surgical instruments market held the largest market share, accounting for a total value of USD $397.1 million in 2018, and is expected to maintain its position over the coming years, owing to the rising awareness among pet owners regarding the dental health of pets. Growing prevalence of periodontal diseases, such as gingivitis and periodontitis, in veterinary animals will spur industry growth. Moreover, technological advancement in dental devices will further increase the dental surgery market growth in the projected timeframe.

Veterinary hospitals as an end-use segment will witness a 5.3% CAGR during the forecast period, owing to the increasing number of veterinary practitioners and veterinary hospitals. Moreover, the availability of favorable pet insurance policies and growing animal health awareness levels will further surge the industry's growth.

Some of the prominent players operating in veterinary surgical instruments market are Medtronic, Ethicon, Integra LifeSciences, B. Braun, Smiths Group, STERIS Corporation, Surgical Direct, World Precision Instruments, DRE Veterinary, and Sklar Surgical Instruments, among others. Market players are involved in various strategic initiatives, such as mergers and acquisitions, strategic collaborations and partnerships with other participants to obtain significant market share and sustain competition over other firms operating in the market. Furthermore, novel product launches in developed, as well as developing, economies by these enterprises enable them to serve a broader customer base. 

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Categories: Animal Husbandry

Tags: Electro-surgery Instruments, Forceps, Hooks & Retractors, Scalpels, Surgical Scissors, Sutures & Staplers, Veterinary Surgical Instruments Market


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