Rockville, MD, Sept. 30, 2024 (GLOBE NEWSWIRE) -- According to a new research report by Fact.MR, the global veterinary arthroscopy device market is expected to reach US$ 401 million in 2024 and is further projected to expand at 6.1% CAGR from 2024 to 2034.
The market is being driven by a growing number of pet owners seeking advanced medical care for their animals. With increasing awareness of pet health issues, there is a rising demand for sophisticated diagnostic and therapeutic procedures like arthroscopy. Market growth is further fueled by advancements in imaging technologies, surgical techniques, and the development of smaller, more precise instruments.
These innovations are gaining popularity among veterinarians due to their ability to improve patient outcomes and diagnostic accuracy. The proliferation of specialized veterinary clinics equipped with cutting-edge surgical capabilities is also contributing to market expansion. Clinics are increasingly investing in arthroscopy equipment to provide comprehensive orthopedic care, thereby driving further market growth.
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Key Takeaways from Market Study
- The global market for veterinary arthroscopy devices is projected to expand at a CAGR of 1% from 2024 to 2034.
- The market is forecasted to climb to a size of US$ 721.9 million by the end of 2034.
- The market in the United States is set to reach a value of US$ 144 million in 2024.
- China is set to occupy 7% share of the East Asia market in 2024.
- Revenue from the sales of veterinary arthroscopy devices in Japan is estimated to reach US$ 24 million in 2024.
- The North American market is forecasted to expand at a CAGR of 4% between 2024 and 2034.
- The arthroscopic hand instruments segment is expected to reach a valuation of US$ 87.7 million in 2024.
“Rising number of specialized veterinary clinics equipped with advanced surgical capabilities is leading to higher investments in arthroscopy devices. Collaborations among veterinary arthroscopy device manufacturers, research institutions, and clinics are supporting innovation and market expansion,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Veterinary Arthroscopy Device Market
Key players in the veterinary arthroscopy device industry are GerVetUSA, Dr. Fritz Endoscopes, Depuy Synthes, Integra LifeSciences Corporation, IMEX Veterinary, Inc., ConMed Linvatec, Novetech Surgery, Arthrex, Inc., Karl Storz SE & Co. KG, Biovision Veterinary Endoscopy, LLC., Eickemeyer, vetOvation, KYON Veterinary Surgical Products, Trice Medical.
Surging Popularity of Arthroscopic Hand Instruments
Arthroscopic hand instruments allow surgeons to perform procedures with small incisions (portals) instead of having to contend with large open wounds. Since less damage is done to the surrounding tissues, there is less pain after surgery, shorter recovery period, and lower risk of complications such as infections. These devices work in conjunction with arthroscopic cameras and light sources to provide a high-definition view of the joint's interior. Due to improved visibility, surgeons are able to diagnose and treat joint conditions more accurately, including cartilage damage, ligament tears, and other pathologies.
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Veterinary Arthroscopy Device Industry News
- In May 2021, Stryker Corporation successfully acquired OrthoSensor, Inc.
- Trice Medical purchased Tenex Health in April 2021. With this acquisition, the company was able to offer a state-of-the-art, cost-effective, portable diagnostic instrument with outstanding picture quality to general and specialist veterinarians operating in small animal and horse practices.
- In December 2021, OrthoSpin, an Israeli firm that designs and manufactures automated strut systems, was acquired by Johnson & Johnson Services, Inc., a division of DePuy Synthes, an American medical device manufacturer.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the veterinary arthroscopy device market for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges the veterinary arthroscopy device market based on product (arthroscopic hand instruments, arthroscopy starter kits, arthroscopes, arthroscopy sheaths, disposable arthroscopy needles, arthroscopy suture anchor implants, cleaning & sterilization trays, arthroscopy shaver systems, arthroscopy radiofrequency devices & wands, arthroscopy fluid management systems, arthroscopy visualization systems), animal type (large animals, small animals), procedure (diagnostic procedures, therapeutic procedures), and end user (veterinary hospitals, specialty veterinary centers, veterinary mobile facilities, veterinary clinics), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
Check out More Related Studies Published by Fact.MR:
Veterinary Endoscopy Market: Size is currently valued at US$ 184 million. Global sales of veterinary endoscopy machines are expected to rise at a CAGR of 5.5% from 2022 to 2027 and will reach US$ 240.4 million by 2027.
Veterinary Artificial Insemination Market: Size is forecast to garner a market value of US$ 3.16 Bn in 2022, anticipated to register a positive CAGR of 5.2% in the forecast period 2022-2032 and reach a value of US$ 5.24 Bn.
Veterinary Imaging Systems Market: Size is anticipated to increase at a CAGR of 6.3% from 2023 to 2033. As such, the veterinary imaging systems market is expected to increase from a valuation of US$ 1.9 billion in 2023 to US$ 3.5 billion by 2033-end.
Veterinary Molecular Diagnostics Market: Size is estimated to reach US$ 211 million in 2024. The market has been analyzed to climb to a value of US$ 463.3 million by the end of 2034, expanding at a CAGR of 7.5% between 2024 and 2034.
Veterinary Anti-Infective Market: Size is estimated to reach US$ 5.03 billion in 2024. The market is analyzed to climb to a value of US$ 7.47 billion by the end of 2034, expanding at a CAGR of 4%.
Veterinary Hematology Analyzers Market: Size is valued at US$ 971.6 million in 2023 and is expected to increase at a CAGR of 5% to reach US$ 1.58 billion by the end of 2033.
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