Global Veterinary Surgical Instruments Market – Overview
Veterinary healthcare expenditure is large in developing countries such as US, Germany etc. The veterinary healthcare equipment market growth will show a linear relationship with the meat and dairy industry with nations such as Australia, Argentina, Paraguay, Uruguay etc. showing high as well as stable growth.
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There has been a transfer of technology from human medical devices sector to the veterinary surgical equipment industry. Thus, retrofitting human medical equipment technology to veterinary equipment has been on a rise which has reduced the development cost of veterinary healthcare equipment. Another bright aspect has been the entry of China in the veterinary healthcare equipment market. China has witnessed the largest growth in meat production especially pork.
The rise of animal diseases such as brucellosis, foot and mouth disease, anthrax, flu etc. is the most acute driver of the market for veterinary equipment. Moreover, companion animal grooming industry is also rising with growing number of companion animal treatment and grooming clinics.
The global veterinary surgical equipment market is expected to grow at a moderate CAGR during the forecast period 2017-2023. This growth is attributed to increasing R&D spending, growing small scale industry in the medical veterinary instruments sector, and increased spending on animal health.
On the other hand, there are certain factors which hinder the growth of the market. These include lack of awareness and knowledge gap regarding animal health, rising cost of pet care.
The global market consists of players such as B. Braun Melsungen AG (Germany), Eickemeyer Veterinary Equipment Inc. (U.K.), Jørgen KRUUSE A/S (Denmark), Medtronic plc (U.S.), Sklar Instruments (U.S.), etc.
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Global veterinary surgical instruments market – Competitive Analysis
There are numerous players operating in this global veterinary surgical equipment market. Many organizations especially in North American and Asian region have their own manufacturing units for drugs, devices and equipment’s for veterinary treatments, while some organizations outsource their facility of manufacturing to other organizations. As there are plenty of large and small market players available, it‘s very tricky to analyses their market shares in the global market, but through this market study some major players operating in this market are Eickemeyer Veterinary Equipment Inc., Jørgen KRUUSE A/S, Medtronics, B.Braun etc.
B. Braun Vet care has a vast product portfolio in the animal health industry. The company also has wide geographic presence as it operates across the world. With the huge workforce of around 10,000+ employees. They have a significant presence in North America, Europe, the Middle East & Africa, with commercial, manufacturing, and research facilities in more than one dozen countries. Medtronic is also one of the world largest brand and leader in veterinary treatment, this company has world-wide operation and wide-ranging product portfolio
Some of the key developments by the players in this market as mentioned below.
In April 2017, Medtronic signed definitive agreement to divest a portion of its patient monitoring & recovery division to Cardinal Health for $6.1 billion. In This agreement the company intends to include 17 dedicated manufacturing facilities among product line such as dental/animal health, chart paper, wound care, incontinence, electrodes, sharp safety offerings.
Global veterinary surgical instruments market – Regional Analysis
US leads the veterinary Surgical Instruments market because of its high disposable income, large development of dairy and meat industry, presence of large market for animal products, presence of large companies buying animal raw products etc. All these factors guarantee high buying power for veterinary Surgical Instruments. The existence of a number of strong surgical devices companies in the US also boosts the market.
Europe occupies the second position for veterinary Surgical Instruments Market. However, there is increasing shift of the market towards the Asia Pacific region particularly China and India. The huge number of animals in China and India coupled with their unmet needs have made this market as the fastest growing in the world.
The Middle East and Africa market is constrained due to the poor development of animal industry and the low productivity of most breeds in the region.
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