Veterinary Surgical Instrument Market Size, Market Research and Industry Forecast Report, 2020-2027 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Veterinary Surgical Instrument Market


The global veterinary surgical instrument market size was estimated at USD 902.3 million in 2019 and is expected to witness a CAGR of 7.0% during the forecast period. Increasing surgical procedures on pets in developing countries is expected to drive the market growth over the forecast period. The most common types of surgical procedures on pets are dental, cataract, hip dysplasia, spay or neuter, and wound repair. According to German Research Statistics (2017), around 2.0 million surgical procedures were performed on animals in 2016 and a growth rate of 7.1% has been observed from 2015.

Increasing number of practitioners and technological advancements for these instruments are the major factors driving the market for veterinary surgical instruments. According to the American Veterinary Medical Association (AVMA), a total of 113,394 veterinary practitioners were present in U.S. as of 2018 compared to 110,531 in 2017. Increase in number of veterinary hospitals and clinics is further driving the market growth.

Moreover, rising demand for animal health insurance, increasing adoption of companion animals, government initiatives to prevent zoonotic diseases, and new product innovation are anticipated to exhibit a positive impact on the growth of the market for veterinary surgical instruments. According to a report published by North American Pet Health Insurance Association (NAPHIA) in 2018, around 2.0 million pets were insured in U.S. and Canada in 2017, accounting for an average increase of nearly 17.0% from the previous year.

Increasing incidences of periodontal problems in pets and demand for better treatment options are driving the demand for veterinary surgeries. Fractured teeth have been reported in around 49.6% of companion animals in U.S. as of 2018. Moreover, an increased demand for periodontal surgeries and advanced oral surgeries has been witnessed. The availability of proper post-operative pain management treatment options is further boosting the demand for surgical intervention, subsequently driving the demand for veterinary surgical instruments.
In addition, health conditions associated with obesity is increasing, which include osteoarthritis, heart diseases, dental problems, and diabetes. These conditions require surgical intervention. Major breakthroughs in veterinary practices and surgical instruments such as advancements in orthotics and prosthetics, and microfracture detection in racehorses, coupled with adoption of simulation models in orthopedic surgeries, fuel the demand for surgeries for these conditions.

Product Insights of Veterinary Surgical Instrument Market

Handheld devices accounted for the largest share in 2019. Handheld devices are further sub-segmented into scalpels, forceps, hooks and retractors, surgical scissors, and others. Technological advancements for these surgical instruments and increasing expenditure on animal healthcare are expected to boost the segment growth. For instance, in 2017, U.S. pet owners spent USD 15.4 billion on veterinary surgeries, according to a report by AVMA.
The electrosurgery instruments segment is estimated to witness the fastest growth over the forecast period due to advantages such as accuracy, easy handling, high sensitivity, and rapid healing by electrode pencils. The increasing adoption of bipolar electrosurgery instruments is also expected to drive the growth of the segment. Key industry players are taking initiatives such as mergers, acquisitions, partnerships, and collaborations in order to gain a higher market share. For instance, in January 2019, DRE Veterinary signed an agreement with Avante Health Solutions to sell its electrosurgical units through Avantes strong geographic presence.
Animal


Type Insights of Veterinary Surgical Instrument Market

The large animal segment dominated the market in 2019 owing to increasing prevalence of chronic diseases of equine animals, awareness among government animal healthcare organizations, and rising expenditure on animal healthcare in developing countries.The World Health Organization (WHO) is engaging in various activities to address health threats at the human-animal-ecosystem interface including antimicrobial resistance, food-borne zoonoses, and food safety.This is expected to drive the need for better treatment facilities equipped with veterinary surgical instruments for companion animals.

The small animal segment is expected to witness a significant growth rate in the veterinary surgical instrument market due to the increasing small animal ownership and demand for efficient animal care. According to a report by Humane Society of the United States, around 60.2 million U.S. households had at least one dog as of 2017. Increasing rate of cranial cruciate ligament (CCL) surgeries in dogs is also expected to drive the segment growth.

Application Insights of Veterinary Surgical Instrument Market

The dental surgery segment accounted for the largest share in 2019 owing to increasing awareness among pet owners regarding the dental health of their pets. Moreover, increasing incidences of periodontal diseases and technological advancements in dental devices and instruments drive the growth of this segment. According to a report by Australian and American Veterinary Dental Society, in 2017, more than 70.0% cats and 80.0% dogs develop gum disease at the age of three.

The orthopedic surgery segment is expected to witness steady growth over the forecast period due to the increasing number of animal hospitals and rising demand for orthopedic implants.According to the AVMA, the mean veterinary expenditure per U.S. household was USD 253 for dogs and USD 98 for cats in 2017. Initiatives by key industry players for advanced treatment options in veterinary orthopedics is fueling the segment growth. For instance, in June 2018, Veterinary Orthopedic Implants launched TPLO Plate for better orthopedic implant surgeries in pets.

Regional Insights of Veterinary Surgical Instrument Market

North America accounted for the largest share of the global market for veterinary surgical instruments in 2019. The rise in collective efforts taken by key players to improve their product portfolio and ensure high-quality standards are projected to boost the demand for veterinary surgical instruments in the region. For instance, in August 2018, Symmetry Surgical Inc. acquired Bovie Medical in order to improve its portfolio of veterinary electrosurgical instruments. In addition, rising demand for pet insurance boosts the market growth. According to a report published by North American Pet Health Insurance Association (NAPHIA), more than 2.5 million pets in U.S. and Canada were under an insurance plan as of 2018.

In addition, pet humanization and increased awareness of animal welfare is expected to fuel the Asia Pacific market over the forecast period. Japan accounted for a significant share of the regional market due to rapid adoption of new techniques such as advanced diagnostic services and increasing geriatric pet population. Several dogs and cats are living to a mean age of 12 to 13 years in Japan. Increasing cases of chronic disorders in animals is fueling the demand for surgical intervention. The aforementioned factors are expected to fuel the demand for veterinary surgical instruments in the coming years.

Market Share Insights of Veterinary Surgical Instrument Market

The industry is marked by the presence of various small and large companies. The market for veterinary surgical instruments is competitive in nature and is dominated by participants such as B. Braun Vet Care GmbH, Medtronic, Jorgen Kruuse A/S, and SurgiVet. Other market participants include Neogen and STERIS Instrument Management Services.

Market players are focusing on implementing new strategies such as mergers, acquisitions, regional expansions, new product launches, partnerships, and distribution agreements to increase their revenue share. For instance, in July 2018, B. Braun Vet Care signed an agreement with CP Medical wherein the company would market B. Brauns veterinary Infusion Therapy product line in U.S. and Canada. In 2019, ApexVets launched single-use surgical instruments for veterinary practice.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Veterinary Surgical Instrument Market Research Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of latest industry trends in each of the sub-segments from 2019 to 2030. For the purpose of this study, this market research report has segmented the global veterinary surgical instrument market report on the basis of product, animal type, application, and region:

Veterinary Surgical Instrument Product Outlook (Revenue, USD Million, 2019 - 2030)

  
Handheld Devices
  
Forceps
  
Scalpels
  
Surgical Scissors
  
Hooks & Retractors
  
Others
  
Electrosurgery Instruments
  
Sutures, Staplers, and Accessories
  
Others

Veterinary Surgical Instrument Animal Type Outlook (Revenue, USD Million, 2019 - 2030)

  
Large Animal
  
Small Animal

Veterinary Surgical Instrument Application Outlook (Revenue, USD Million, 2019 - 2030)

  
Soft Tissue Surgery
  
Cardiovascular Surgery
  
Ophthalmic Surgery
  
Dental Surgery
  
Orthopedic Surgery
  
Others

Veterinary Surgical Instrument