(PharmaNewsWire.Com, July 18, 2020 ) The veterinary surgical instruments market witnessed healthy growth during the last decade and is expected to grow at a CAGR of 6.6% between 2016 and 2021 to reach 1029.0 Million by 2021. The growth in this market is majorly attributed to factors such as rising animal healthcare expenditure, rising pet adoption, increasing number of veterinary practitioners and their growing income levels in developed regions, and increasing demand for pet insurance.
The global veterinary surgical instruments market is segmented based on product, animal, application, and geography. Based on product type, the market is segmented into sutures, staplers and accessories, handheld devices, electro-surgery instruments, and others. The handheld devices are further segmented into forceps, scalpels, surgical scissors, hooks & retractors, and trocars & cannulas. Based on animal type, the market is segmented into small animals and large animals. The small animals segment is further segmented into canines, felines, and other small animals, while the large animals segment is further segmented into equines and other large animals. Based on the application the veterinary surgical instruments market is segmented into soft- tissue surgery, sterilization surgery, gynecology & urology, dental surgery, orthopedic surgery, ophthalmic surgery and others. Similarly, on the basis of geography, the veterinary surgical instruments market is segmented into Europe, North-America, Asia-Pacific, and Rest of the World.
In 2015, sutures, staplers, and accessories accounted for the largest share of the global veterinary surgical instruments. However, electro-surgery instruments segment is expected to witness the highest growth over the next five years. The high growth in this segment can be attributed to the advantages such as easy handling, high sensitivity, accuracy, and rapid healing offered by the electrode pencils used in various surgeries of small and large animals.
North America is the largest regional segment for veterinary surgical instruments owing to the well-established animal healthcare market. The largest share of this regional segment is driven by rising companion animal adoption and healthcare expenditure, growing number of veterinary practitioners and their income levels, and rising demand for pet insurance. However, the market in the Asia-Pacific region is expected to grow at the highest CAGR, owing to rising pet adoption and increasing demand for animal-derived food products in India and China.
The market players, namely, B. Braun Vet Care GmbH (Germany), Medtronic Plc. (Ireland), Ethicon Inc. (U.S.), and JORGEN KRUSSE A/S (Denmark) held the major share of the veterinary surgical instruments market and will continue to dominate the market between 2016 and 2021.
Some of the major players operating in this market are Jorgensen Laboratories (U.S.), Smiths Group Plc (U.K.), Neogen Corporation (U.S.), Integra LifeSciences Holdings Corporation (U.S.), Ethicon Inc. (U.S.), Steris Corporation (U.S.), DRE Veterinary (U.S.), GerMedUSA, Inc. (U.S.), Surgical Holdings (U.K.), Sklar Surgical Instruments (U.S.), World Precision Instruments, Inc. (U.S.), Surgical Direct (U.S.), Antibe Therapeutics Inc. (Canada), and iM3 (U.S.).
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