The veterinary surgical instruments market is a vital component of the animal healthcare industry, providing necessary tools and equipment for veterinarians to perform surgeries and other procedures. As pet ownership continues to increase globally, so does the demand for veterinary surgical instruments. In this article, we will provide an overview of the veterinary surgical instruments market, including its size, key players, and drivers of growth.
Market Size According to a report by Grand View Research, the global veterinary surgical instruments market size was valued at USD 828.2 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 7.4% from 2021 to 2028. This growth is driven by factors such as the increasing prevalence of animal diseases, the growing demand for pet insurance, and the rising adoption of pets globally.
Key Players The veterinary surgical instruments market is highly competitive, with a range of companies offering a variety of products. Some of the key players in the market include:
- B. Braun Melsungen AG
- Smiths Group plc
- DRE Veterinary
- Medtronic
- Steris Corporation
- Jorgensen Laboratories
- Integra LifeSciences Corporation
- Surgical Holdings
- Sklar Surgical Instruments
- World Precision Instruments
These companies offer a wide range of products, including surgical scissors, forceps, retractors, scalpels, and other instruments used in veterinary surgery.
Drivers of Growth There are several drivers of growth in the veterinary surgical instruments market, including:
Increasing prevalence of animal diseases: As the number of pets and livestock animals continues to grow, so does the prevalence of diseases and other health conditions. This has led to an increased demand for surgical instruments for use in diagnosing and treating these conditions.
Growing demand for pet insurance: The rising popularity of pet insurance is also driving growth in the veterinary surgical instruments market. As more pet owners purchase insurance policies, they are more likely to seek out veterinary services, including surgeries and other procedures.
Advancements in veterinary medicine and technology: Advancements in veterinary medicine and technology have led to better outcomes for animals undergoing surgery. This has increased the demand for specialized surgical instruments designed for use in these procedures.
Rising pet ownership: The growing number of pet owners globally is also driving growth in the veterinary surgical instruments market. As more people adopt pets, the demand for veterinary services and surgical instruments will continue to increase.
Increasing awareness of animal welfare: There is a growing awareness of animal welfare in the veterinary industry, and this is influencing the demand for surgical instruments. For example, there is a trend towards using instruments that cause less trauma and pain to animals, such as ultrasonic scalpels and electrocautery devices.
Regulatory environment: The regulatory environment for veterinary surgical instruments is becoming more stringent, with governments imposing stricter requirements on manufacturers and distributors. This has led to increased investment in research and development to ensure compliance with regulations.
Challenges
While the veterinary surgical instruments market is growing, there are also several challenges facing the industry. These challenges include:
High cost of specialized instruments: Specialized veterinary surgical instruments can be costly, which can make it difficult for veterinarians to invest in the necessary tools and equipment.
Competition from cheaper alternatives: There is increasing competition from cheaper, imported surgical instruments, particularly from countries such as China and India. This can make it challenging for companies to maintain their market share and profitability.
Limited access to veterinary care: In many parts of the world, particularly in developing countries, there is limited access to veterinary care. This can limit the demand for veterinary surgical instruments in these regions.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Everest Market Insights journalist was involved in the writing and production of this article.