Rising demand for pet health insurance, growth in the number of veterinary practitioners, and growth in the companion animal population are driving the market for veterinary electrosurgical instruments. Untapped emerging markets also present significant growth opportunities for veterinary electrosurgery market players.
The veterinary electro surgery market accounted for US$ 55.7 million in 2019 and is anticipated to register a CAGR of 9.8%.
The report "Veterinary Electrosurgery Market, By Product (Bipolar Electrosurgery Instruments, Monopolar Electrosurgery Instruments, and Consumables & Accessories), By Application (General Surgery, Gynecological & Urological Surgery, Dental Surgery, Orthopedic Surgery, Ophthalmic Surgery, and Other Applications), By Animal (Large Animals, and Small Animals), By End User (Hospitals, Clinics, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029”.
Key Highlights:
- In January 2019, DRE Veterinary signed a partnership agreement with Avante Health Solutions. This partnership enabled DRE to sell its veterinary electrosurgical units to a wider customer base with the help of Avante’s strong geographic reach.
- In August 2018, Symmetry Surgical Inc. acquired Bovie Medical, a developer and manufacturer of veterinary electrosurgical instruments.
Analyst View:
Increase in Pet Ownership and Growth of Pet Industry
Increasing surgical procedures on pets such as dental surgeries, cataract surgeries, spaying, hip dysplasia and wound repair, are driving the growth of the veterinary electrosurgery market. According to WHO, it is found that almost 2.0 million surgical methods were used on animals to protect them from diseases. Also, increasing number of skilled practitioners who are enabled to perform these surgeries and have an expertise related to these devices will show the growth of the market. The technological advancements in the instruments are contributing to the growth of the veterinary electrosurgery market. Rise in the demand for animal health insurance and increase in adoption of animals will drive the market growth. Many government initiatives are conducted to reduce disease prevalence among animals which lead to growth of veterinary electrosurgery market. Also, launch of advanced products for the treatment of animals with minimal side effects will effective for the popularity of the market.
Key Market Insights from the report:
The global veterinary electro surgery market accounted for US$ 55.7 million in 2019 and is anticipated to register a CAGR of 9.8%. The market report has been segmented on the basis of product, application, animal, end user and region.
- Depending uponproduct, the bipolar electrosurgical instruments segment is expected to boost the growth of the market, owing to the steep sale price of bipolar electrosurgery instruments as compared to the monopolar electrosurgical instruments and the increased adoption of bipolar devices in animal surgeries.
- Depending uponthe application, the dental surgery segment is expected to boost the market due to increasing awareness among pet owners regarding the dental health of their pets. The growing incidence of periodontal diseases and the technological advancements in dental devices are estimated to contribute to the growth of the segment.
- In terms ofanimal, large animal segment is expected to boost the veterinary electrosurgery market in the coming years, because of rising prevalence of chronic diseases of equine animals, the increasing awareness among the government animal healthcare organizations, and the growing animal healthcare spending in developing countries.
- By application, the hospitals share the highest market due to the availability of better healthcare infrastructure, and better treatment facilities as compared with veterinary clinics.
- By region, North America held the dominant regional share owing to the rising adoption of companion animals, growing veterinary healthcare expenditure, and increasing number of veterinary practices. However, Asia Pacific is likely to experience significant growth over the forecast period due to growing awareness regarding animal welfare and increasing pet population in the region.
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Competitive Landscape:
The prominent player operating in the global veterinary electrosurgery market includes Surgical Inc., Covetrus Inc., Special Medical Technology Co., and Medtronic plc, DRE Veterinary, B.Braun Melsungen AG, Macan Manufacturing, Eickemeyer Veterinary Equipment Inc., Summit Hill Laboratories, Kwanza Veterinary.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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