Press release: Global Market Insights
Veterinary Surgical Instruments Market is set to grow from its current market value of more than 1.3 billion to over 1.8 billion by 2025; according to a new research report by Global Market Insights. Increasing adoption of pet animals around the world will fuel the demand for animal surgeries, in turn driving veterinary surgical instruments market outlook over the forecast period. According to a National Pet Owner Survey, which the American Pet Products Association (APPA) conducted in 2017-18, 68 percent of households, or about 85 million families in the United States, own a pet. This is much higher compared to 56 percent of households in the U.S. back in 1988, the first time that this survey had been conducted.
The dramatic increase in the number of veterinary hospitals around the world along with the rising choice to follow veterinary practices will boost veterinary surgical instruments industry size. According to the reports by AVMA in 2017, veterinary practices ranged from 28,000 to 32,000 with a total number of 110,531 veterinarians present in the U.S. Rise in the number of these practices and surgeons will create a need for the use of various surgical equipment to perform different kinds of procedures on pet and farm animals.
Periodontal disease is among the most common diseases in pets like cats and dogs that, once turning three years old, start witnessing symptoms of the disorder. The disease can be critical and can affect the liver, kidney and heart muscles. The need for surgeries for treating animals experiencing the disorder or its outcomes will propel veterinary surgical instruments market trends significantly. The dental surgery segment accounted for a massive $397.1 million in the year 2018 and will show consistent growth in the forthcoming years.
Orthopedic surgeries have been on the rise among animals owing to automobile accidents or general security concerns, when dogs may be needed for security purposes are exposed to armed robbers and burglars. The Veterinary Teaching Hospital in the University of Ibadan in Nigeria produced a study wherein the results of the orthopedic cases were 16.7 percent, that is 127 out of 618 small animal surgeries that took place. The cases for fractures were the highest with 61.42 percent and hip dysplasia accounted for around 14.17 percent of the procedures. Such numbers indicate the possible surge in demand for orthopedic procedures in the future, reinforcing veterinary surgical instruments industry size.
Electrosurgery is expected to grow in the forthcoming years owing to its high frequency and easy to use properties. The high rate of accuracy along with the reduction in the tissue damage while operating will contribute to its demand. Electrosurgery has large number of applications in several surgical procedures and is highly precise with its functioning that will propel adoption among veterinary surgeons globally. Advancements in the production of these equipment will certainly help boost industry-wide expansion and offer new prospects to surgical instrument manufacturers.
The proliferation of government organizations related to animal healthcare and even separate animal healthcare organizations will increase the demand for treatments from large animals segment across developing nations. Large animals can usually suffer from chronic diseases and the prevalence of bone diseases in animals staying in farms will drive the growth of veterinary surgical instruments market share. These organizations focus on animals in zoos and sanctuaries along with the ones on the verge of extinction.
Soaring demand for pet insurance taken by owners has been strengthening the U.S. veterinary surgical instruments market, which is anticipated to surpass $668.5 billion in valuation by 2025, due to consistent adoption of pets in the country. Collective efforts put by the major key market players will help bolster the consumption for veterinary surgical instruments in the U.S. According to NAPHIA (North American Pet Health Insurance Association), the sum of pets that have been insured in the United States had reached 2.1 million in the year 2017.
Several market players like B. Braun, Ethicon, Medtronic, STERIS Corporation, Sklar Surgical Instruments, Surgical Direct, Smiths Group and World Precision Instruments have constantly been involved in the development and distribution of critical equipment. They are consistently involved in strategic collaborations with hospitals and professionals to capture higher market share than other companies. Global veterinary surgical instruments market size is projected to surpass $1.8 billion by 2025.