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Global Veterinary Surgical Devices Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Products, Animals, Application & Region – Industry Forecast (2022 to 2027)

Published: January, 2022
ID: 2810
Pages: 170
Formats: report pdf report excel report power bi report ppt

Global Veterinary Surgical Devices Market Size (2022 to 2027)

The size of the global veterinary surgical devices market is estimated to be growing at a CAGR of 6.6% during the forecast period. The size of the market is predicted to be USD 1247.2 million by 2027 from USD 906 million in 2022. With the increasing companion animal population and increasing concern regarding pets, the market is growing steadily.

MARKET DRIVERS:

Y-O-Y, the growth in pet insurance adoption, rising animal spending, and the growing number of veterinary practitioners are primarily escalating the veterinary surgical devices market growth.

The rising number of veterinary practitioners and technological advancements in surgical instruments drive the veterinary surgical instruments market further. As per the statistics published by the American Veterinary Medical Association, 113,394 practitioners were present in the U.S as of 2018 compared to 110,531 in 2017.

The pet insurance market is rapidly growing in regions like North America and Europe, and it is estimated to register a CAGR of 12.92% between 2020 to 2025. Furthermore, the rising adoption of companion animals, favorable government initiatives in preventing zoonotic diseases, and novel product inventions are estimated to accelerate the growth rate of the veterinary surgical devices market.

Y-O-Y growth in the incidence of periodontal problems in pets and growing demand for better treatment options is expected to fuel the market growth.

In the United States, as of 2018, fractured teeth have been registered around 49.6% of companion animals. The rising number of livestock infected by infectious diseases strengthens the market growth. As per 2017-2018, National Pet Owners Survey conducted by the American Pet Products Association (APPA), sixty percent of the United States households own a pet. The rising awareness in pet owners regarding their pet's dental health and the surging chronic illness of equine animals snowball the market growth. The demand for animal-derived food products, growing incidences of foodborne, zoonotic diseases, and bacterial infections leading to severe health conditions in animals are to drive the veterinary surgical instruments market over the upcoming period. The mushrooming adoption of new technologies like advanced technology services and surging the elderly pet population escalates the market growth globally over the historical period.

The rise in the number of pet lovers across the world is a significant factor driving the market's demand. Increasing incidences of various diseases in animals are also one of the factors fueling the growth of the market. Growing expenditure on animal healthcare is additionally to level up the demand of the market. An increasing population of companion animals also promises to put a steady growth rate in the review period.

Developing markets such as India, China, and Brazil are expected to offer lucrative market growth opportunities during the forecast period. The escalating incidences of oral diseases among cats and dogs build a massive demand for veterinary dental surgery instruments, which authorizes many opportunities for the manufacturers operating in this equipment.

MARKET RESTRAINTS:

The expensive nature of the surgeries integrated with low and variable pet insurance coverage among the advancing nations hampers the market growth. Strict regulatory policies guiding medical and surgical devices impede the market growth during the forecasting timeline. Strict authorities for approving devices hike the device production cost and prevent the companies from entering the market. The factors mentioned earlier act as a significant barrier in the veterinary surgical instruments market.

Impact of COVID-19 on the global veterinary surgical devices market:

COVID-19 (Coronavirus disease) affects all aspects worldwide as manufacturers are developing various temporary solutions to avoid the impact of the coronavirus on the global veterinary surgical equipment market. Due to the pandemic, the Veterinary Surgical Equipment market's primary key players are witnessing fluctuating demand, mainly changing market trends, potential opportunities, and consumer preferences.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 to 2027

Base Year

2021

Forecast Period

2022 to 2027

Segments Covered

By Product, Animals, Application, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

 

This research report on the global veterinary surgical devices market has been segmented and sub-segmented into the following categories and analyzed market size and forecast for each segment until 2027.

Veterinary Surgical Devices Market – By Product:

  • Sutures
  • Forceps
  • Scissors
  • Electrosurgery Instruments
  • Cannulas
  • Staplers and accessories
  • Others

Based on product type, Sutures product type holds the highest shares on the market with the increasing number of surgical procedures to treat various health disorders. Demand to have a quality product type is also making the veterinary surgical devices market move forward.

Veterinary Surgical Devices Market – By Animals:

  • Canines
  • Felines
  • Large Animals

The large animal segment dominated the market in 2020 due to the increasing prevalence of chronic diseases in equine animals, government animal health organizations' awareness, and increased animal health spending in developing countries. The World Health Organization (WHO) is engaged in various activities to address health threats at the human-animal-ecosystem interface, including antimicrobial resistance, foodborne zoonosis, and health security food. It is expected to result in better treatment facilities equipped with veterinary surgical instruments for pets.

The small animal segment is expected to experience a significant growth rate in the veterinary surgical instruments market owing to the increasing possession of small animals and the demand for efficient animal care. According to a report by the Humane Society of the U.S, about 65.4 million U.S. households owned at least one dog in 2019. The growing rate of cranial cruciate ligament (CCL) surgeries in dogs are also expected to increase segment growth.

Veterinary Surgical Devices Market – By Application:

  • Soft Tissue
  • Sterilization
  • Gynecology
  • Orthopedic Surgery
  • Other Applications

Based on the Application, the Soft tissue category is growing faster over the past decade. The devices used for surgeries are very accurate and precise, manufactured with the latest technology and surging the demand of this market extensively.

The orthopedic surgery segment is expected to experience steady growth during the forecast period due to the increasing number of animal hospitals and the growing demand for orthopedic implants. According to the AVMA, median veterinary spending per household in the United States was $ 275 for dogs and $ 105 for cats in 2019. Initiatives by major industry players for advanced treatment options in veterinary orthopedics drive segment growth. For example, in June 2018, Veterinary Orthopedic Implants launched the TPLO Plate for Better Orthopedic Implant Surgeries in Pets.

Veterinary Surgical Devices Market – By Region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • The Middle East and Africa

North America holds the Global Veterinary Surgical Devices Market due to increasing capita income in developed and developing countries. Europe is next to North America in leading dominant shares with the rise in veterinary hospitals' construction with new equipment. The Asia Pacific has the fastest growth rate from the past few years and is also to have a significant growth rate in foreseen years. Rising incidences of zoonotic diseases, especially in companion animals, are spurring the demand of the market. The Middle East and Africa are expected to have inclined growth rates in the coming years.

KEY MARKET PARTICIPANTS:

Noteworthy companies dominating the global veterinary surgical devices market profiled in this report are B.Braun Vet Care GmbH, Medtronic Plc., Ethicon Inc., JORGEN KRUSSE A/S, Jorgensen Laboratories, Smiths Group Plc., Neogen Corporation, Integra LifeSciences Holding Corporation, STERIS Corporation, DRE Veterinary, GerMedUSA Inc., Surgical Holdings, Sklar Surgical Instruments, World Precision Instruments Inc. and Surgical Direct.

KEY MARKET HAPPENINGS:

  • In March 2019: Bruhat Mahanagara Pallike (BBMP) planned to introduce animal rescue ambulances to rescue injured and sick animals. These ambulances will be fully equipped with support tools, sterilizers, and surgical instruments to treat the animals.
  • In July 2018, B. Braun Vet Care announced the collaboration with CP Medical, a leading company involved in the manufacture of instruments for specialized surgical applications and wound closure for the development, sale, and distribution of medical devices to the United States and Canada. This collaboration has enabled the company to strengthen its presence in the developed markets of North America.
  • In October 2017, Henry Schein announced the acquisition of Merritt Veterinary Supplies, a family business dedicated to the supply of animal health products. This acquisition aimed to expand its customer base and strengthen its market position in the animal health sector.

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