NEWARK, Del, June 22, 2022 (GLOBE NEWSWIRE) -- The global veterinary electrosurgery market garnered a market value of USD 471.96 Million in 2021 and is expected to secure USD 505 Million by 2022. The market is expected to accumulate USD 993.41 Million by 2032 while expanding at a CAGR of 7% during the forecast period from 2022 to 2032. Growth of the market can be attributed to rise in demand for pet health insurance along with increasing adoption of pet animals.
The COVID-19 pandemic created several obstacles for the animal industry. This includes pet owners, animal health companies, veterinarians, and veterinary hospitals. Owing to stringent lockdown norms, limited operation of veterinary hospitals and clinics resulted in a decline of veterinary visits, thus impacting the market. But the industry responded well to the pandemic by deploying supportive measures to ensure access to veterinary care and other services.
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Furthermore, development in veterinary surgery has always followed in the footsteps of human surgery. Innovative techniques of surgeries to make them less painful is driving the growth of the market. In addition, the proliferation of government administrations associated with animal healthcare and even distinct animal healthcare organizations will surge the demand for treatments across developing nations. These organizations focus on animals in sanctuaries and zoos. This, in turn, will boost the market growth.
On the contrary, the time taken for approvals for medication and instruments required for surgeries is derailing the progress of the market. In addition, the constant emergence of newer ailments amongst animals is a continuous challenge faced by the veterinary electrosurgery market.
Key Takeaways from the Market Study
- The veterinary electrosurgery is expected to garner a market value of USD 993.41 Million by registering a CAGR of 7% in the forecast period 2022-2032.
- By product, consumables and accessories segment is expected to register a CAGR of more than 15% for veterinary electrosurgery market during the forecast period.
- By animal, small animals are expected to possess 65% market share for veterinary electrosurgery market during the forecast period.
- By end use, veterinary hospitals and clinics segment is expected to hold a market share of more than 80% in the forecast period 2022-2032.
- By application, general surgery is expected to possess a market share of nearly 30% market share in 2022-2032.
- U.S is projected to register a CAGR of 8% during the forecast period.
- U.K. is anticipated to grow at 9% CAGR for veterinary electrosurgery.
“Increasing investments in adopting pets along with government initiatives to maintain animal health is driving the growth of veterinary electrosurgery market,” comments an FMI analyst.
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Competitive Landscape
Key players in the global veterinary electrosurgery include Symmetry Surgical Inc, CVS Group, KARL STORZ, Avante Animal Health, B. Braun Melsungen AG, Medtronic, Summit Hill Laboratories, Kwanza Veterinary, Burtons Medical Equipment Ltd, EICKEMEYER and Macan Manufacturing. Some of the recent developments in the global veterinary electrosurgery market are:
- In June 2021, CVS Group announced the planning of a new state-of-the-art specialist veterinary hospital in Bristol. The hospital will open in 2022 with modern technology and treatments in all disciplines, including orthopedics, general surgery, internal medicine, neurology, and neurosurgery, among others.
- Medtronic, a key player in the veterinary electrosurgery market is focusing on developing instruments that will be technologically advanced to fasten the process of general surgeries for animals.
More Valuable Insights Available
FMI, in its new offering, presents an unbiased analysis of the global veterinary electrosurgery market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights by product (Bipolar Electrosurgery Instruments, Monopolar Electrosurgery Instruments, Consumables & Accessories), Animal Type (Small Animal, Large Animal), application (General Surgery, Dental Surgery, Gynecological & Urological Surgery, Orthopedic Surgery, Others), End Use (Veterinary Hospitals and Clinics, Others) & Region Forecast till 2032
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Key Segments Covered in the Veterinary Electrosurgery Market
Veterinary Electrosurgery Market by Product:
- Bipolar Veterinary Electrosurgery Instruments
- Monopolar Veterinary Electrosurgery Instruments
- Veterinary Electrosurgery Consumables & Accessories
Veterinary Electrosurgery Market by Animal Type:
- Veterinary Electrosurgery for Small Animals
- Veterinary Electrosurgery for Large Animals
Veterinary Electrosurgery Market by Application:
- General Veterinary Electrosurgery
- Dental Veterinary Electrosurgery
- Gynecological & Urological Veterinary Electrosurgery
- Orthopedic Veterinary Electrosurgery
- Other Veterinary Electrosurgery Applications
Veterinary Electrosurgery Market by End Use:
- Veterinary Electrosurgery across Veterinary Hospitals And Clinics
- Veterinary Electrosurgery across Other End Users
Veterinary Electrosurgery Market by Region:
- North America Veterinary Electrosurgery Market
- Latin America Veterinary Electrosurgery Market
- Europe Veterinary Electrosurgery Market
- Asia Pacific Veterinary Electrosurgery Market
- Middle East & Africa Veterinary Electrosurgery Market
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