The global veterinary surgical instrument market size is expected to reach USD 1.33 billion by 2025
LONDON, March 18, 2019 /PRNewswire/ -- Veterinary Surgical Instruments Market Analysis Report By Animal (Large, Small), By Application, By Product (Electrosurgery Instruments, Handheld Devices, Sutures & Staplers), And Segment Forecasts, 2018 - 2025
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The global veterinary surgical instrument market size is expected to reach USD 1.33 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 6.8% during the forecast period. Surging demand for pet adoption is estimated to drive the market during the forecast period. Increasing income in developing countries has also driven the market. For instance, according to a report by the American Veterinary Medical Association, in 2017, around 46.0% household had multiple types of pets in the U.S. Furthermore, key players implement strategies such as mergers and acquisitions to sustain in this competitive market. For instance, in 2014, Neogen Corporation acquired SyrVet Incorporated and Prima Tech Incorporated in a probe to expand its product portfolio.
Moreover, technological advancements in surgical devices and availability of a number of detection techniques are anticipated to create growth opportunities for the market.Some of these are micro fracture detection, laparoscopy, and 3D printing.
For instance, in October 2016, Surgical Holdings launched reusable surgical instruments for general surgeries in an attempt to cut the cost of the instruments.
Further key findings from the report suggest:
• Handheld devices accounted for the largest revenue share in 2017, owing to their multipurpose use and ease of handling
• On the basis of animal type, the small animal segment is projected to exhibit lucrative growth over the forecast period owing to growing incidence of pet adoption and surging demand for efficient care
• Based on application, the dental surgery segment is poised to dominate the market throughout the forecast period due to increasing prevalence of periodontal diseases and rising demand for pet dental cure
• North America held the dominant position in the global arena in 2017, due to favorable pet insurance policies and new product launch by companies. For instance, in February 2016, DRE Veterinary launched a new radiology unit named DRE Stationary DR X-ray System
• Asia Pacific is anticipated to witness lucrative growth during the forecast period due to rising demand for pet adoption and growing income, especially in Japan and India
• Some of the key companies in the market are Medtronic, DRE Veterinary, B. Braun Vet Care GmbH, and Jorgen Kruuse A/S.
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