Looking Ahead: The Future of Veterinary Electrosurgery Market in 2023
Added: (Fri Nov 25 2022)
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The veterinary Electrosurgery Market is segmented By Product( Bipolar Electrosurgery Instruments, Monopolar Electrosurgery Instruments, Consumables& Accessories), By Application( Dental Surgery, General Surgery, Orthopedic Surgery, Gynaecological& Urological Surgery, Ophthalmic Surgery, Other Applications), By Animal( Large Animals, Small Animals), By End- User( Veterinary Hospitals, Veterinary Clinics Others), and By Region( North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)– Share, Size, Outlook, and Opportunity Analysis, 2022- 2029.
Market Overview
The veterinary Electrosurgery Market is expected to grow at a CAGR of 7.5% in the forecast period (2022- 2029).
Veterinary electrosurgical devices are used for surgical cutting or to control bleeding by causing coagulation at the surgical site. Electrosurgery devices like electrodes, probes, coagulators, and other devices use high-frequency alternating currents to perform their respective functions.
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Market Dynamics
The major driving force is the rising demand for the pet health insurance
The rising adoption of pet animals is expected to boost the demand for surgeries on animals throughout the forecast. For instance, as per the report by the American Veterinary Medical Association (AVMA) in 2017, around 68% of household has pets in the US. Thus, the rising adoption of pet animals is driving the veterinary electrosurgery market.
Increasing expenditure on animal healthcare is leading to the growth of veterinary surgeries, thus driving the growth of the veterinary electrosurgery market. For instance, as per the American Pet Products Association's 2017- 18 National Pet Owners Survey, about USD 474 and USD 245 were spent annually on veterinary surgical services for dogs and cats, respectively in 2017. Thus, the high expenditure on pet care and veterinary services drives the market.
Moreover, the growing adoption of companion animals and increasing government initiatives to prevent zoonotic diseases, and product innovations are poised to boost market growth. For instance, as per the report by the European External Action Service (EEAS) in 2016, the European government has invested USD 4.7 million in animal healthcare expenditure. Thus, the presence of government initiatives is driving the market.
The increasing number of practitioners and technological advancements in devices are expected to boost the growth of the market. For instance, as per the American Veterinary Medical Association, a total of 110, 531 veterinary practitioners were present in the US in 2017 as compared to 107, 995 in 2016. Thus, the growing number of veterinary practitioners is driving the market.
However, the high cost of surgeries is expected to hamper the global veterinary electrosurgery market.
According to Canna-Pet, the global pioneer of hemp CBD for pets, when it comes to canine cataract surgery, older dogs are often the most affected. Younger dogs can have cataracts too, but that's usually because they are born with them. Cataracts require surgery to remove, and pricing can range anywhere from$ 1500-$ to 3000. Also, Spay or Neuter Surgery requires around$ 150 to$ 250. Thus, the high cost of surgeries is likely to hamper the market.
Market Segmentation
The by-product, of the market, is segmented into bipolar electrosurgery instruments, monopolar electrosurgery instruments, and consumables& accessories.
The electrosurgery instrument segment is expected to grow at a high rate during the forecast period owing to the advantages like accuracy, secure handling, high sensitivity, and rapid healing by electrode pencils. The bipolar electrosurgical instruments segment is expected to boost the growth of the market, owing to the steep sale price of bipolar electrosurgery instruments as compared to the monopolar electrosurgical instruments and the increased adoption of bipolar devices in animal surgeries.
The consumables and accessories segment is expected to grow at a high rate in the veterinary electrosurgery market over the forecast period. The increasing demand for monopolar and bipolar electrosurgical instruments is expected to drive the use of consumables& accessories, leading to an increased number of product launches. For instance, on May 13, 2019, Olympus, has announced the 510(k) clearance of ESG- 150 Electrosurgery Generator. Electrosurgical generators supply the high-frequency electrical current which powers several endoscopic devices. The new ESG- 150 possesses features that enhance both patient safety and ease of use, the pillars on which the ESG- 150 has been designed. Thus, the rising number of product launches of consumables and accessories is driving the market.
Based on application, the market has been segmented into general surgery, gynecological & urological surgery, dental surgery, orthopedic surgery, ophthalmic surgery, and other applications.
The dental surgery segment is expected to boost the market owing to increasing awareness among pet owners regarding the dental health of their pets. Moreover, the growing incidence of periodontal diseases and the technological advancements in dental devices are estimated to contribute to the growth of the segment. For instance, as per a report by the Australian and American Veterinary Dental Societies, in 2017, more than 70% of cats and 80% of dogs developed gum diseases at the age of three. Also, according to a 2017- 2018 study by the American Pet Products Association, more than half of US dog owners take care of their pet's teeth, and they are twice as likely as cat owners to purchase dental care products and services at their veterinarian's office. Dog owners with dental products for their pets, including toothbrushes, dental chews, and wipes, rose from 29% in 2006 to 43% in 2016, according to the APPA. Thus, the growing incidence of periodontal diseases and increased expenditure on animal dental healthcare is driving the market.
The orthopedic surgery segment is expected to grow at a significant rate owing to increasing expenditure on animal orthopedic healthcare and the growing demand for orthopedic surgeons. As per the Association for Pet Obesity Prevention, 54% of dogs and 59% of cats in the US suffered from overweight or obesity in 2016, which may lead to some orthopedic diseases in them. The US Bureau of Labor Statistics projects 36% job growth in the veterinary orthopedic surgeon's field, through 2020, well above the average growth of 14% for all jobs. According to the American Veterinary Medical Foundation (AVMF) statistics, in 2017, over 110, 000 veterinary professionals were recorded in the US. Also, the presence of recent product launches is anticipated to boost the market. For instance, in June 2018, Veterinary Orthopedic Implants, Inc., launched a new Elite TPLO plate. This is anatomically contoured to match the proximal tibial surface. It is available in different sizes including 1.5, 2.0, 2.4, 2.7, 3.5S, 3.5, 3.5B, and 3.5 JUMBO. Thus, the growing expenditure on animal orthopedic healthcare, leading to rising demand for orthopedic surgeons is driving the market.
The general surgery segment is expected to boost the market over the forecast period. This is owing to the large volume of general surgeries performed on small and large animals, like soft-tissue surgeries and sterilization procedures.
Based on animals, the market has been segmented into large animals and small animals.
The large animal segment is expected to boost the veterinary electrosurgery market over the forecast period, owing to the rising prevalence of chronic diseases of equine animals, the increasing awareness among government animal healthcare organizations, and the growing animal healthcare spending in developing countries. For instance, WHO is engaging in various activities to address the health threats at the human-animal-ecosystem interface, including antimicrobial resistance, food-borne zoonoses, and food safety. This is expected to create a rise in the need for better treatment facilities for companion animals.
The small animal segment is expected to grow at a high rate during the forecast period owing to the rising small animal ownership and increasing demand for efficient animal care. As per the Humane Society of the US, around 60.2 million US households had at least one dog in 2017. Thus, increasing small animal ownership is driving the market.
Based on the end-users-, the veterinary electrosurgery market is segmented into veterinary hospitals, veterinary clinics, and other end-users.
The veterinary hospital segment is expected to dominate in the end-user segment. The adoption of veterinary electrosurgical instruments is higher in veterinary hospitals owing to the greater purchasing power and the higher volume of surgeries performed in the hospitals.
Geographical Analysis
Geographically, the global veterinary electrosurgery market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East& Africa.
North America is dominating the global veterinary electrosurgery market in 2018 and is estimated to hold a significant market size over the forecast period (2020- 2027) owing to the rising adoption of companion animals, rising pet insurance industry, rising veterinary healthcare expenditure, and the growing number of veterinary practices.
Strengthening collective efforts by key game enthusiasts to enhance their product stock portfolio and make sure high substantial quality standards will probably raise the need for veterinary electrosurgical equipment across the spot. For instance, In January 2019, BioMedtrix, one of the critical persons in the US, partnered with the Laboratorios Macrimasa- Doctor as an exclusive distributor from the Universal Hip( Micro and Nano Hip), TPLO Curve and I- Loc IM Fixator in Spain.
Also, the soar in pet insurance is becoming bolstering the expansion of the marketplace. The North American Feline Health Insurance Association reported the fact that North America's pet health care insurance sector posted record growth in 2017, with a combined gross developed premium hitting$ 1. 2 thousand. This represents a 23% increase in gross written premiums above 2016. Also, the total great number of pets insured in the USA and Canada reached only two. 1 million per year a significant finish in 2017, increased by 17% from 2016. According to NAPHIA, there are around 12 key pet insurance companies in Southwest America. Thus, the rising call for pet insurance is driving a car on the market.
The rising spending on animal healthcare is in all probability to improve the growth of the segment. For instance, in 2017, US pet owners spent GBP 15. 42 billion on located surgeries, according to a survey by the( AMVA) American Veterinary clinic Medical Association.
The Asian Ocean market is expected to expand at the highest CAGR above the forecast period. The expansion of developing animal-made foods, the growing feline insurance, and surging adoption from companion animals are required to complement the expansion of the marketplace in Asia- Pacific during the forecast period. For illustration, as per the Japan Feline Food Association, the pet coverage market reached USD 450 in March 2017, a 20% increase from 2016. Thus, the growing pet coverage is driving the industry.
Competitive Surroundings
The key point players operating in the world - wide veterinary electrosurgery market are N. Braun Melsungen AG, Dre Veterinary clinic, Eickemeyer Veterinary Equipment, Inc., Added Spa, Medtronic PLC, Summit Hillside Laboratories, Bovie Medical Corporation, Burtons Medical Equipment Ltd, and Valuable Medical Technology Co., Ltd., ALSA apparecchi medical s. r. m.
The key players are adopting several strategies such as product releases, mergers& acquisitions, partnerships, and aid, which are leading to the expansion of the veterinary electrosurgery marketplace globally. For example,
In July 2018, Symmetry Surgical Inc. bought Bovie Medical, a developer and manufacturer of veterinary electrosurgical musical instruments.
Mixed in July 2018, B. Braun Vet Care announced some collaboration with CP Medical, a leading company active in the manufacturing of instruments for your specialty surgical applications and wound closure for the development, income, and distribution of medical equipment in the USA and Canada. This enabled the company to boost its existence in developed areas of North America.
In January 2018, B. Braun Doctor Care GmbH had an alliance with Dextera Surgical Inc., a manufacturer and developer of medical devices for surgical procedures.
In October 2017, Henry Schein publicized the acquisition of Merritt Veterinary clinic Supplies, a family-held company involved in the resource of animal health products. The following acquisition was designed to expand the company's customer base as well as to enhance its market position in the dog health industry.
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