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 is increasing worldwide, the demand for livestock is also growing. Moreover, pet ownership of the world is also 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 this market to grow in recent times. Also, with technological advancements and more expenditure on animal healthcare, devices and instruments are becoming better, safer, and more precise.
However, still, the animal health cost might be a burden on many due to expensive procedure costs. This factor acts as a restraining factor for this market. Also, as the authorities are stringent for approving such devices, this not only increases the cost of the device production but also dissuades companies to enter this market, 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 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 increasing number of surgeries being done on animals owners being more cautious for surgeries that do not cause any pain post-surgery, this segment is expected to register a high growth.
North America dominates the market
The rising companion animal adoption, and increasing animal healthcare expenditure attribute to the large market share of the United States, and is expected to retain its dominance over the forecast period. Sixty-eight percent of US households, or about 85 million families, own a pet, according to the 2017-2018 National Pet Owners Survey conducted by the American Pet Products Association (APPA). The survey also reveals that the total US expenditure on pets has been approximately USD 69,400 Million, in 2017. North American countries like US and Canada also emphasize on establishing proper skills among veterinary surgeons. These efforts have helped this market to dominate and make it lucrative for global players.
Majority of the Veterinary surgical instruments are being manufactured by the global key players. Market leaders with more funds for research and better distribution system have established their position in the market. Moreover, Asia-pacific is witnessing an emergence of some small players due to the rise of awareness, which has helped the market grow hence increasing market.
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