Dublin, Aug. 09, 2021 (GLOBE NEWSWIRE) -- The "Veterinary Surgical Instruments Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The veterinary surgical instruments market is expected to register a CAGR of nearly 6.5% during the forecast period (2021-2026).
The decrease in the number of surgeries due to lockdowns and COVID-19 have impacted the growth of the studied market. According to the American Veterinary Medical Association, 98% of veterinarians were limiting client contact. The postponement of non-urgent veterinary work and attention only to the most urgent cases decreased the number of surgeries. Moreover, the ongoing COVID-19 pandemic situation has resulted in a huge increase in the number of pet adoptions. The Society for the Prevention of Cruelty to Animals, Los Angeles, reported that the rate of adoption was doubled in June 2020, with daily adoptions of about 10 to 13 per day. The rising adoption of pets may fuel the growth of the studied market.
Veterinary surgical instruments are used to perform surgery on animals. This market has been on the rise in recent times, especially in developed countries. As the human population has been increasing worldwide, the demand for livestock has also been growing. Moreover, pet ownership of the world has also been growing. But an increasing number of livestock and pet animals increases the risk of livestock being infected by infectious disease. Some of these diseases also fall under zoonotic diseases that may cause harm to human beings too. This factor has helped the market studied to grow in recent times.
The developed countries represent a significantly large share in companion animal ownership, owing to favorable economic conditions and several other factors. As per the 2018 report by American Society for the Prevention of Cruelty to Animals (ASPCA), every year there are around 6.5 million companion animals enter animal shelters, countrywide, in the United States.
Also, with rising technological advancements and more expenditure on animal healthcare, devices and instruments have been becoming better, safer, and more precise. However, the animal health cost may be a burden on many due to expensive procedure costs. This factor acts as a restraining factor for this market. Also, as the authorities have been stringent for approving such devices, this not only increases the cost of the device production but also dissuades companies to enter this market studied, hence acting as a restraining factor.
Key Market Trends
Electro-surgery Instrument segment is expected to register high CAGR in the forecast period
Electro-surgery in the field of veterinary healthcare, often preferred more than the conventional methods, as it can be used instead of a scalpel to cut soft tissues, with the goal of reducing hemorrhage and with better precision. Electro-surgical units involve the use of electric current passing from a device through the patient and back to the generator. The effect may be to cut tissue, coagulate vessels, or destroy (fulgurate) the tissue. Also, electro-surgery has been proven to cause less to no damage to sensitive tissues in close proximity. This helps avoid inconveniences post-surgery. With the increasing number of surgeries being done on animal owners being more cautious for surgeries that do not cause any pain post-surgery, this segment is expected to register high growth.
Moreover, the rising burden of surgeries among animals, growing adoption of pet and increase in animal health expenditure are also expected to contribute to the growth of the studied market. As per 2017-2018 APPA (American Pet Products Association) National Pet Owners Survey, 10% of dogs, and 8% of cats and birds have undergone surgical procedures. Thus, considering these factors, the market is expected to witness healthy growth over the forecast period.
North America dominates the market in the Forecast period
North America is Expected to dominate the studied market, owing to rising companion animal adoption, and increasing animal healthcare expenditure.
According to the American Pet Products Association (APPA), there is an increase in expenditure on the pet industry in the United States. The total U.S pet industry expenditure was around USD 97.1 billion in 2019, while the expenditure in 2018 was USD 90.5 billion. Also, according to the 2019-2020 National Pet Owners Survey conducted by APPA, 67% of the US households, or about 85 million families, own a pet. This is up from 56% of US households in 1988, the first year the survey was conducted. North American countries, like the United States and Canada, also emphasize on establishing proper skills among veterinary surgeons. These efforts have helped this market studied to dominate and make it lucrative for global players.
Competitive Landscape
The majority of the veterinary surgical instruments are being manufactured by the global key players. Market leaders with more funds for research and a better distribution system have established their position in the market studied. Moreover, the Asia-Pacific has been witnessing the emergence of some small players due to the rise of awareness, which has helped the market grow, thereby, boosting the market growth.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing R&D Expenditure and Product Innovation for Animal Healthcare
4.2.2 Increasing Pet Ownership
4.2.3 Increasing Incidences of Zoonotic Diseases
4.3 Market Restraints
4.3.1 Increasing Cost of Pet Care
4.3.2 Stringent Regulatory Policies
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Product
5.2 By Animal
5.3 By Application
5.4 Geography
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 B. Braun Melsungen AG
6.1.2 DRE Veterinary
6.1.3 Eickemeyer Veterinary Equipment Inc.
6.1.4 Integra LifeSciences
6.1.5 Medtronic
6.1.6 Sklar Surgical Instruments
6.1.7 Smiths Medical
6.1.8 Steris
6.1.9 Genia SAS
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/du647i
