The veterinary surgical instruments market is expected to register a CAGR of nearly 6.5% during the forecast period (2021-2026).
The decrease in the number of surgeries due to lockdowns and COVID-19 have impacted the growth of the studied market. According to the American Veterinary Medical Association, 98% of veterinarians were limiting client contact. The postponement of non-urgent veterinary work and attention only to the most urgent cases decreased the number of surgeries. Moreover, the ongoing COVID-19 pandemic situation has resulted in a huge increase in the number of pet adoptions. The Society for the Prevention of Cruelty to Animals, Los Angeles, reported that the rate of adoption was doubled in June 2020, with daily adoptions of about 10 to 13 per day. The rising adoption of pets may fuel the growth of the studied market.
Veterinary surgical instruments are used to perform surgery on animals. This market has been on the rise in recent times, especially in developed countries. As the human population has been increasing worldwide, the demand for livestock has also been growing. Moreover, pet ownership of the world has also been growing. But an increasing number of livestock and pet animals increases the risk of livestock being infected by infectious disease. Some of these diseases also fall under zoonotic diseases that may cause harm to human beings too. This factor has helped the market studied to grow in recent times.
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The developed countries represent a significantly large share in companion animal ownership, owing to favorable economic conditions and several other factors. As per the 2018 report by American Society for the Prevention of Cruelty to Animals (ASPCA), every year there are around 6.5 million companion animals enter animal shelters, countrywide, in the United States.
Also, with rising technological advancements and more expenditure on animal healthcare, devices and instruments have been becoming better, safer, and more precise. However, the animal health cost may be a burden on many due to expensive procedure costs. This factor acts as a restraining factor for this market. Also, as the authorities have been stringent for approving such devices, this not only increases the cost of the device production but also dissuades companies to enter this market studied, hence acting as a restraining factor.
Key Market Trends
Electro-surgery Instrument segment is expected to register high CAGR in the forecast period
Electro-surgery in the field of veterinary healthcare, often preferred more than the conventional methods, as it can be used instead of a scalpel to cut soft tissues, with the goal of reducing hemorrhage and with better precision. Electro-surgical units involve the use of electric current passing from a device through the patient and back to the generator. The effect may be to cut tissue, coagulate vessels, or destroy (fulgurate) the tissue. Also, electro-surgery has been proven to cause less to no damage to sensitive tissues in close proximity. This helps avoid inconveniences post-surgery. With the increasing number of surgeries being done on animal owners being more cautious for surgeries that do not cause any pain post-surgery, this segment is expected to register high growth.
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