Global Veterinary Electrosurgery Market Overview
The key driver impacting the veterinary electrosurgery market is the rapidly rising demand for pet insurance. For example, The North American Pet Health Insurance Association (NAPHIA) report shows that the pet health insurance sector of the U.S. and Canada recorded a joint gross written premium of $1.42 billion in 2018, which increased from $1.15 billion in 2017. The total number of pets insured attained 2.43 million in 2018, grew by over 17 percent from 2017. Dogs characterized around 88.9% of in-force gross written premium in 2018. About 12 major pet insurance companies are there across North America. Moreover, the increase in the number of veterinary practitioners in the developed nations contributes to market growth in the forecast period.
According to Value Market Research, the global veterinary electrosurgery market size was valued at around USD 60 million in 2020 and is estimated to develop at a CAGR of about 8.5% during the forecast period 2021 to 2027.
The growing companion animal population and high pet adoption rate are likely to augment demand for veterinary electrosurgery in the forecast period. For instance, As per the American Society for the Prevention of Cruelty to Animals (APPA) report, about 6.5 million companion animals go into U.S. animal shelters nationwide each year. Out of those, around 3.2 million are cats, and 3.3 million are dogs. As per the National Pet Owners Survey 2019-2020 run by APPA, about 85 million families, or 67% of U.S. households, have a pet. It is raised from 56% the first year the survey was conducted in the U.S. Yearly, just about 1.5 million shelter animals are euthanized (860,000 cats and 670,000 dogs). The total number of dogs and cats who were euthanized in U.S. shelters per year has reduced from roughly 2.6 million in 2011. This decrease might be due to the boost in the fraction of animals adopted, and a rise in the stray animal's number successfully returned to their owners. However, the high pet care cost may hamper the market in the long run. The lack of awareness about veterinary electrosurgery is negatively impacting the market. The current industry trends, rising number of practitioners in developed economies, and increasing surgical procedures on pets such as dental surgeries, cataract surgeries, spaying, hip dysplasia, and wound repair are expected to provide market players with new market opportunities.
The veterinary electrosurgery market is vast, with many local and global players. The veterinary electrosurgery market is extensive, with many local and international players. The key leaders follow various strategies to elevate their market position, such as product upgrades, extending product portfolio, contracts, amalgamation, and acquisitions, to raise their market share across the globe. The significant players studied in the report are Symmetry Surgical Inc., Medtronic plc, B.Braun Melsungen AG, Summit Hill Laboratories, Covetrus Inc., Burtons Medical Equipment Ltd., Integra Lifesciences Corporation, Burtons Medical Equipment Ltd., DRE Veterinary, Eickemeyer Veterinary Equipment Inc., Integra Lifesciences Corporation, Summit Hill Laboratories, Burtons Medical Equipment Ltd.
In this research report, the veterinary electrosurgery market is segmented by product, application, end-user, and region.
Analysis by Product:
By product, the report is categorized into bipolar electrosurgery instruments, monopolar electrosurgery instruments, and consumables & accessories. Bipolar electrosurgery instruments dominate the product segment with over 45% share in 2020. It is due to the growing adoption rate of these instruments in animal surgeries and the high sales price as compared to monopolar electrosurgical instruments. Moreover, these electrosurgeries use low voltage, and the risk of patients' burns is low compared to monopolar electrosurgery contributes to the high demand for diagnostic devices in the forecast period.
Analysis by Application:
By applications, the report is categorized into gynecological & urological surgery, general surgery, dental surgery, ophthalmic surgery, orthopedic surgery, and others. The general surgery segment dominates the applications segment with over 25% share in 2020. It is due to the increase in the number of general surgeries, such as sterilization procedures and soft-tissue surgeries, performed on animals. Moreover, high pet healthcare expenditure is expected to drive the market demand for general surgery applications in the forecast period.
Analysis by End-User:
By end-user, the report is categorized into veterinary hospitals, veterinary clinics, and others. The veterinary hospitals dominate the site segment with over 50% share in 2020. It is due to the massive adoption of veterinary electrosurgical instruments in veterinary hospitals. Moreover, a rise in demand for these instruments in veterinary hospitals and a rise in the number of surgeries performed in veterinary hospitals are expected to drive veterinary hospitals' market demand in the forecast period.
Analysis by Region:
In the regional outlook of the global veterinary electrosurgery market, the North America region dominates globally with a 35% market share during the forecast period. It is due to the growing rate of adoption of pets and the increasing prevalence of surgeries in the U.S. For instance, American Veterinary Medical Association (AVMA), in 2017 an estimated 20 million dogs undergone surgeries. Moreover, the growing pet insurance industry and rising veterinary health care expenditure in the U.S. contribute to market growth across North America.
Market Segmentation covered in the Report:
By Product
- Bipolar Electrosurgery Instruments
- Monopolar Electrosurgery Instruments
- Consumables & Accessories
By Application
- General Surgery
- Gynecological & Urological Surgery
- Dental Surgery
- Ophthalmic Surgery
- Orthopedic Surgery
- Other
By End-User
- Veterinary Hospitals
- Veterinary Clinics
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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