Dublin, March 01, 2024 (GLOBE NEWSWIRE) -- The "Veterinary Surgical Instruments Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The veterinary surgical instruments market has grown strongly in recent years. It will grow from $1.26 billion in 2023 to $1.36 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth observed in the historical period can be attributed to several factors. These include the expansion and evolution of veterinary practices, the establishment and adherence to regulatory standards ensuring quality assurance in veterinary care, enhancements in veterinary education leading to improved skills and knowledge among practitioners, and a heightened focus on specialized surgeries in the veterinary field. These factors collectively contributed to the growth and development of veterinary surgical practices during the historical period.
The veterinary surgical instruments market is expected to see strong growth in the next few years. It will grow to $1.85 billion in 2028 at a compound annual growth rate (CAGR) of 8%. Anticipated growth in the forecast period is expected to be driven by several factors. These include the rise in pet healthcare spending, a growing demand for specialized instruments tailored for veterinary purposes, an increase in minimally invasive surgical procedures within veterinary care, the expansion of veterinary services to cater to a broader spectrum of needs, and a heightened emphasis on ergonomic designs enhancing instrument functionality and usability. Key trends projected for the forecast period encompass a shift towards more specialized instruments designed for specific veterinary procedures, continuous advancements in veterinary medicine, a rising trend in pet ownership leading to increased demand for veterinary services, a focus on specialized veterinary surgeries, and an emphasis on the utilization of minimally invasive techniques within veterinary practices. These trends are anticipated to significantly impact the trajectory of veterinary surgical practices in the forthcoming period.
The anticipated rise in surgical procedures performed on pets is poised to fuel the expansion of the veterinary surgical instruments market in the foreseeable future. Notably, data from the National Library of Medicine in 2021 reveals an 11.78% increase in spay-neuter surgeries for dogs and cats in the US, escalating from 1,059,388 procedures in 2020 to 1,184,274 in 2021. This uptick in healthcare spending serves as a key driver for the growth of the veterinary surgical instruments market.
The rapid surge in pet ownership is expected to be a significant contributing factor to the expanding veterinary surgical instrument market in the coming years. For example, recent statistics from the World Animal Foundation in October 2023 indicate a predominant ownership of approximately 65.1 million dogs and 46.5 million cats. Additionally, there are around 2.2 million horse owners and 11 million individuals with saltwater fish tanks. This surge in pet ownership stands as a driving force behind the growth of the veterinary surgical instrument market.
Innovation emerges as a pivotal trend that significantly influences the industry landscape. Key players in this sector are making substantial investments in advancing technological solutions to strengthen their competitive positions. A notable example is Axio Biosolutions, a US-based manufacturer specializing in advanced surgical and wound care products. In March 2021, they launched the SureKlot range of veterinary wound management solutions, representing a groundbreaking initiative in India to provide comprehensive wound care solutions for animals. This line focuses on controlling bleeding and expediting the healing process in veterinary care.
Leading companies in the veterinary surgical instruments market are actively engaging in strategic partnerships to enhance advanced surgical training for animal healthcare professionals. Strategic partnerships involve collaborative efforts where companies leverage shared strengths and resources for mutual benefits. An illustrative instance of this collaborative strategy is evident in Orthomed (UK) Limited, a UK-based company specializing in technically advanced implants and instruments. In April 2022, they unveiled a partnership with Osso VR to introduce RoVR surgical training to the animal health sector. This collaboration, in conjunction with Orthomed and its parent company Infiniti Medical, aims to provide a comprehensive library of veterinary procedures using Osso VR technology. This innovative approach allows veterinarians to develop muscle memory, refine their skills, enhance understanding, and gain confidence in various treatments. The utilization of virtual reality settings for practicing and observing surgeries before performing them on live animals significantly increases the likelihood of successful outcomes. Osso VR, a US-based surgical training company employing virtual reality, is at the forefront of driving this transformative technology.
In 2022, Aspen Surgical Products, Inc., a prominent US-based veterinary hospital, successfully finalized the acquisition of Symmetry Surgical for an undisclosed amount. This strategic initiative by Aspen is designed to enhance its market presence in adjacent categories, diversify its comprehensive product portfolio with clinically preferred items, and stimulate the growth of new commercial capabilities and distribution channels spanning both acute and non-acute care settings. The acquired entity, Symmetry Surgical, is recognized for its specialization in providing surgical instrumentation and innovative solutions within the US market.
North America was the largest region in the veterinary surgical instruments market in 2023. Asia-Pacific is expected to be the fastest-growing region in the veterinary surgical instruments market report during the forecast period. The regions covered in the veterinary surgical instruments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the veterinary surgical instruments market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Report Scope
Markets Covered:
1) By Product: Sutures, Staplers, and Accessories; Handheld Devices; Electrosurgery Instruments; Other Products
2) By Animal: Companion Animals; Farm Animals
3) By Application: Soft Tissue Surgery; Sterilization Surgery; Gynecology and Urology Surgery; Dental Surgery; Orthopedic Surgery; Ophthalmic Surgery; Other Applications
Key Companies Mentioned: B Braun Vet Care GmbH; Medtronic plc; Jorgen KRUUSE A/S; Smiths Medical plc; Neogen Corporation
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes:
- B Braun Vet Care GmbH
- Medtronic plc
- Jorgen KRUUSE A/S
- Smiths Medical plc
- Neogen Corporation
- Ethicon Inc.
- Jorgensen Laboratories
- Integra LifeSciences Holdings Corporation
- STERIS Corporation
- Hill-Rom Holdings Inc.
- GerMedUSA Inc.
- Sklar Surgical Instruments
- World Precision Instruments Inc.
- Stille AB
- Eickemeyer Veterinary Equipment Limited
- Surgical Specialties Corporation
- Stryker Corporation
- KLS Martin Group
- Symmetry Surgical Inc.
- Olympus Corporation
- 3M Company
- Cardinal Health Inc.
- Avante Health Solutions
- Hoya Corporation
- Karl Storz SE & Co. KG
- Fujifilm Holdings Corporation
- Boston Scientific Corporation
- Becton Dickinson and Company
- Summit Hill Laboratories
- IM3 Inc.
For more information about this report visit https://www.researchandmarkets.com/r/c38qdx
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