The global veterinary surgical devices market is estimated to grow at a CAGR of 6.6% during the forecast period. The size of the market is predicted to be USD 1329 million by 2028 from USD 965.7 million in 2023. With the increasing companion animal population and increasing concern regarding pets, the market is growing steadily.
The growing pet insurance adoption, rising animal spending, and the growing number of veterinary practitioners are propelling the veterinary surgical devices market growth.
The rising number of veterinary practitioners and technological advancements in surgical instruments drive the 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. In addition, 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% by 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.
The growing incidence of periodontal problems in pets and the rising 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. Furthermore, the rising number of livestock infected by infectious diseases strengthens the market growth. As per the 2017-2018 National Pet Owners Survey conducted by the American Pet Products Association (APPA), sixty percent of United States households own a pet. The rising awareness among 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 and growing incidences of foodborne, zoonotic diseases, and bacterial infections leading to severe health conditions in animals will drive the veterinary surgical instruments market over the upcoming period. The mushrooming adoption of new technologies like advanced technology services and the surging elderly pet population has escalated global market growth over the historical period.
The rise in pet lovers worldwide is a significant factor driving the market's growth rate. Increasing incidences of various animal diseases are also one factor fueling the market's growth. Growing expenditure on animal healthcare also levels up the market's growth. An increasing population of companion animals also promises 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. Furthermore, 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.
The expensive nature of the surgeries integrated with low and variable pet insurance coverage among the advancing nations hampers the market growth. In addition, strict regulatory policies guiding medical and surgical devices impede market growth during the forecasting timeline. Strict authorities for approving devices hike the production cost and prevent the companies from entering the market. The factors above are significant barriers in the veterinary surgical instruments market.
Impact of COVID-19 on the global veterinary surgical devices market:
The COVID-19 pandemic severely impacted various markets from the veterinary industry. The situations resulting from the COVID-19 pandemic, such as lockdowns, travel bans, temporary shutdowns, and supply chain disruptions, have resulted in the declining growth rate of the veterinary surgical devices market. In addition, during COVID-19, veterinary surgeries were postponed almost all over the world, which caused reduced demand for veterinary surgical devices. However, considering the decreasing impact of COVID-19, the market for veterinary surgical devices is expected to recover quickly and showcase a healthy CAGR during the forecast period.
Market Size Available
2022 to 2028
2023 to 2028
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 of Investment Opportunities
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.
Veterinary Surgical Devices Market – By Product:
Based on product type, the suture segment accounted for the largest share of the global veterinary surgical devices market in 2022. Factors such as the growing adoption of technological advancements in the manufacturing activities of veterinary surgical devices, growing animal healthcare spending, the increasing number of surgical procedures to treat various health disorders, and incresaingdemand for quality surgical devices are propelling the growth of the segment.
On the other hand, the electrosurgery segment is expected to witness the fastest CAGR during the forecast period. This is because the growing adoption of these instruments and increasing efforts by the key market participants favor the segment’s growth.
Veterinary Surgical Devices Market – By Animals:
Based on animals, the large animal segment had the largest share of the global veterinary surgical devices market in 2022. The rising incidence of chronic diseases among large animals is one of the major factors promoting the segment's growth rate. In addition, factors such as growing veterinary spending, growing awareness of people regarding the available options of veterinary surgeries, and increasing efforts by governments toward veterinary healthcare are propelling the segment's growth.
Veterinary Surgical Devices Market – By Application:
Based on the application, the soft tissue segment is anticipated to showcase a healthy CAGR during the forecast period. This is because the devices used for surgeries are accurate and precise, manufactured with the latest technology, and surges the segment's growth.
The orthopedic surgery segment is expected to experience steady growth during the forecast period.
Veterinary Surgical Devices Market – By Region:
The North American veterinary surgical devices market held a significant global market share in 2022. The domination of the North American region is anticipated to continue throughout the forecast period. The growth of the North American market is anticipated to be driven by the increasing per capita income in developed and developing countries. The key market participants' presence and increasing efforts to manufacture high-quality veterinary surgical devices propelled the market growth in North America. In addition, the adoption of pet insurance is growing considerably in the countries of North America, which is anticipated to result in the growth of the veterinary surgical devices market in this region. The U.S. market captured the most significant share of the North American region in 2021 and is expected to contribute potential support to the North American region and help North America register its global market domination during the forecast period. On the other hand, the Canadian market is estimated to showcase a promising CAGR during the forecast period.
The European veterinary surgical devices market accounted for the second-largest global market share in 2022. The European region is one of the potential regional markets worldwide and is expected to grow at a promising CAGR during the forecast period. Europe followed North America closely in accounting for the leading share of the global market in 2021. The growing number of veterinary hospitals and rising usage of veterinary surgical devices promote market growth in this region. The UK market is expected to hold a vital role in the European region during the forecast period.
The Asia Pacific veterinary surgical devices market is predicted to showcase the fastest CAGR during the forecast period. The growing incidences of zoonotic diseases, especially in companion animals, are one of the major factors driving the veterinary surgical devices market in this region.
The Latin American veterinary surgical devices market is expected to showcase a steady CAGR during the forecast period.
The veterinary surgical devices market in the Middle East and Africa is expected to have an inclined growth rate in the coming years.
KEY MARKET PARTICIPANTS:
A few of the notable companies operating in 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:
The global veterinary surgical devices market was valued at USD 906 million in 2022.
Factors such as the increasing demand for animal healthcare services, the rising prevalence of animal diseases, and the increasing adoption of advanced surgical techniques in veterinary medicine primarily boost the growth of the veterinary surgical devices market.
B. Braun Vet Care GmbH, Medtronic plc, Ethicon Inc. (a subsidiary of Johnson & Johnson), Eickemeyer Veterinary Equipment Inc., and Jørgen Kruuse A/S are some of the notable companies in the veterinary surgical devices market.
High cost of advanced surgical devices, the lack of skilled veterinary surgeons in certain regions, and the increasing adoption of minimally invasive surgical techniques are the key challenges to the growth of the veterinary surgical devices market.
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