Ocean View, DE -- (SBWire) -- 05/24/2020 --Veterinary Surgical Instruments Market will exceed USD 1.8 billion by 2025; as per a new research report. High demand for veterinary surgical services will be of the major factors fostering the growth of veterinary surgical instruments market. For instance, as per the Federation of Veterinarians of Europe (FVE), about 20% of the overall veterinary service revenue is generated by surgical services. Increasing number of animal injuries coupled with growing number of chronic animal disorders that require surgical intervention will spur the demand for veterinary surgical instruments market.
Increasing demand for pet insurance among developed nations such as U.S. and UK will boost the growth of veterinary surgical instruments market across the forecast timeframe. For instance, as per the North American Pet Health Insurance Association (NAPHIA), in 2017, about 2.1 million pets were insured in the U.S. and Canada. Growing insurance of pets will encourage the pet owners to avail various veterinary surgical services, thus propelling market growth.
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Sutures and staplers segment is expected to reach USD 138.8 million by 2025. Various manufacturing companies are focusing on development of easy-to-use and cost-effective surgical instruments for wound closure. Furthermore, increasing acceptance of skin staplers among veterinarians due to numerous benefits associated such as low post-operative complications and superior design will positively affect segmental growth.
Large animals segment is forecasted to expand at 5.4% CAGR during the projected timeframe. Infectious diseases of livestock possess a major threat to the global animal health and welfare and their effective control is crucial for agronomic health. Rising incidence of chronic diseases of farm animals will increase the demand for veterinary surgical instruments in the coming years.
Ophthalmic surgery segment will show high growth of 5.2% CAGR from 2019 to 2025. Growing burden of ophthalmic diseases among small and large animals will boost the demand for ophthalmic surgery application during the forecast period. Cataract surgery is one of the most common intraocular surgeries performed in animals by expert veterinarians. Furthermore, availability of a wide variety of advanced ophthalmic techniques to treat eye diseases in animals will spur the segment growth in the coming years
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Veterinary hospitals segment accounted for market share of 39.7% in 2018. Growing number of veterinary surgeons and veterinary hospitals will foster segment growth. Growing pet owner's fondness and availability of well-trained veterinary practitioners in these amenities will surge the industry growth. Moreover, availability of favorable pet insurance policies among the developed nations will augment the segment growth.
U.S. veterinary surgical equipment market is anticipated to witness significant revenue of USD 492.0 million in 2018. High growth is attributed to the surging adoption of companion animals along with greater healthcare awareness regarding animal diseases. Also, growing demand for pet insurance coupled with presence of major players such as Ethicon, Inc., Medtronic Plc., and DRE Veterinary will boost the market growth.
Japan veterinary surgical instruments market is forecasted to expand at 5.4% CAGR during the analysis period. Rising alliances by private and public organizations to encourage the acceptance of animal health services will surge market growth in the country. Moreover, progressive urbanization and rising per capita animal health expenditure is expected to fuel the growth of the veterinary surgical instruments market in Japan.
Major industry players having a strong foothold include: Medtronic, B. Braun Vet Care, Ethicon, Jorgen Krusse and Sklar Surgical Instruments. Various strategic initiatives such as acquisitions, mergers, new product development and collaborations and partnerships are undertaken by these players to strengthen the market presence. Additionally, geographical expansion in developing economies to explore untapped market opportunities by these companies enable them to serve a broader customer base.
