The global market for veterinary electrosurgery is predicted to grow at a compound annual growth rate (CAGR) of 6.12% from 2023 to 2028 and be worth USD 765.9 million by 2028 from USD 569.1 million in 2023.
Veterinary electrosurgery involves using a high-frequency alternating electric current to cut, fulgurate, ablate, coagulate, or cut tissue. Electrosurgery is used to treat different skin cancer and other skin diseases. Electrocautery is a process of passing a direct or alternating current of electricity through a metal wire electrode, which heats it.
Impact of COVID-19 on the global veterinary electrosurgery market:
The coronavirus pandemic has had a negative impact on most industries in the world. The COVID-19 impact is affecting the healthcare systems globally. Increasing demand for healthcare facilities and workers are the few healthcare systems available to meet the rising demand during the epidemic. There may be both positive and negative impacts on the veterinary electrosurgery market. This is because there is no confirmation that the viruses spread from animals to humans.
In some countries, human-to-animal transmission has been reported. Thus COVID-19 pandemic has affected veterinarians. Additionally, the COVID-19 pandemic disrupted the supply chain, and a smaller number of operations of veterinary clinics due to stringent lockdown rules consequently resulted in a decline in veterinary visits, thus impacting the market for veterinary electrosurgery. However, the veterinary visits have shown recovery during the 3rd quarter of 2020 due to the availability of norms and the return of visits to pet clinics. According to IDEXX, U.S. clinic visits increased by 6.5% in Q4 2020 from the last quarter, which is expected to accelerate the growth of the market for veterinary electrosurgery during the forecast period.
The growing number of veterinary practitioners, growing awareness of animal health, and an increase in the companion animal population are majorly propelling the growth of the veterinary electrosurgery market.
The rising adoption of pet insurance is another significant factor boosting the veterinary electrosurgery market. An increase in pet adoption is one of the primary factors for market growth. Several individuals in the U.S. adopted dogs as a pet in the recent past, and households have acquired nearly 10 million dogs since the start of the pandemic bringing the total number of dogs in the country to 108 million.
Technological advancements, increasing chronic diseases in animals, and modernization of medical procedures will create opportunities for the veterinary electrosurgery market in the forecast period. Furthermore, less painful surgeries due to advanced techniques and the number of government agencies involved in animal healthcare are driving the market in the coming years. In addition, factors including increased adoption of simulation-based models in orthopedic procedures and rising instances of microfracture detections in racehorses would propel the growth of the worldwide veterinary electrosurgery market.
Rising pet care costs and lack of awareness about veterinary electrosurgery are the major factors that act as restraints. Approvals of medicine and instruments used for pet care take a long time, and the use of new medicine among animals due to unawareness of the pet's conditions are the two significant challenges in the veterinary electrosurgery market.
Market Size Available
2022 to 2028
2023 to 2028
By Product, Application, Animal Type, End-User & Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter's Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
This research report has segmented the global veterinary electrosurgery market based on the product, application, animal type, end-user, and region.
Veterinary Electrosurgery Market – By Product:
The bipolar electrosurgical instruments segment had the highest share of the global veterinary electrosurgery market in 2022. This is due to the increased sales price of bipolar electrosurgery instruments compared to monopolar electrosurgical instruments and the wide adoption of bipolar instruments in animal surgeries. This surgery provides more concentrated energy to a very exact area of tissue. Thus, it provides decrease in the risk of patient burns. In addition, in this type of surgery, the current directly passes through the tissue in the middle of the two arms of the forceps-shaped electrode, which gives better control over the targeted area and prevents other tissue damage.
Veterinary Electrosurgery Market – By Application:
Based on the application, the general surgery segment accounted for a significant share of the veterinary electrosurgery market in 2022. This can be due to increased general surgeries performed on small and huge creatures, such as soft-tissue surgeries and sterilization systems.
Veterinary Electrosurgery Market – By Animal Type:
Based on the animal type, the small animal segment dominated the veterinary electrosurgery market in 2022 due to increasing pet healthcare spending, the rising prevalence of chronic diseases, and increasing awareness among government organizations, specifically in the developed regions.
Veterinary Electrosurgery Market – By End-User:
Based on the end-user, the veterinary hospital segment accounted for the largest share of the market in 2022. The adoption of veterinary electrosurgical instruments is higher in veterinary hospitals owing to the higher purchasing and the higher volume of surgeries performed in these hospitals.
Veterinary Electrosurgery Market – By Region:
Geographically, the North American market dominated the veterinary electrosurgery market worldwide in 2022. Factors such as the rising veterinary healthcare expenditure, increasing adoption of companion animals, the growing pet insurance industry, and the growing number of veterinary practices are expected to drive the veterinary electrosurgery market in North America. In 2020, according to Banfield Pet Hospital’s report on Veterinary Emerging Topics, pet obesity in the U.S. had become an epidemic. Obesity leads to chronic diseases like osteoarthritis, which often require surgical interventions. According to the North American Pet Health Insurance Association (NAPHIA), it has been reported that only 1-3% of pets in the United States are protected by insurance. In addition to the same source, over 2.81 million pets were insured across North America, representing a 16% increase over 2018.
Among all the regions, the Asia Pacific is predicted to register the fastest growth in the global market during the forecast period due to increased disposable income, a rise in middle-class households, and the acceptance of pet animals. Japan's Veterinary Electrosurgery market and other developed markets have business strategies as these markets are largely user-driven, and effective customer-focused strategies are required increasing consumer expectations.
The European region registered a substantial share of the global market; in this region, the UK accounted for a significant portion in 2021. Rising healthcare programs, along with several programs to advance animal health, are the factors driving the growth of the U.K. market. Moreover, dogs and cats are the pets adopted by people in the European region; an estimated 85 million European households own a minimum of one pet animal, per the Annual Report of the European Pet Food Industry Association for 2020. Therefore, the market is further expected to enhance during the forecast period.
TOP COMPANIES IN THIS MARKET:
Surgical Inc., Covetrus Inc., Special Medical Technology Co., Medtronic plc., DRE Veterinary, B.Braun Melsungen AG, Macan Manufacturing, Eickemeyer Veterinary Equipment Inc., Summit Hill Laboratories, Kwanza Veterinary, Burtons Medical Equipment Ltd, Integra Lifesciences Corporation, LED SpA and KeeboVet Veterinary are some of the major participants of the veterinary electrosurgery market profiled in this report.
RECENT MARKET DEVELOPMENTS:
In 2021, the global veterinary electrosurgery market was worth USD 505.4 million in 2021.
Based on the product, the bipolar electrosurgery instruments segment is showing dominance in the market.
Geographically, Asia-Pacific is forecasted to witness the highest CAGR over the other regions in the global market.
Symmetry Surgical, Inc., DRE Veterinary, B. Braun Melsungen AG and Medtronic are a few of the major players in the global veterinary electrosurgery market.
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