The global Veterinary Surgical Instrument Market is projected to attain huge revenue by 2022, according to a report available on Radiant Insights, Inc. It is anticipated to exhibit a steady CAGR over the forecast period (from 2012 to 2022). High rate of animal adoption and animal healthcare expenses are the key market drivers. Use of advanced veterinary (vet) surgical instruments in treating various animal diseases can positively impact market growth.
Veterinary surgical instruments are the indispensable tools used for animal treatment and surgery. Various imaging devices and other such tools assist veterinarian technology assistants and veterinarians in diagnosis and treatment of zoonotic diseases. Population of pet cats decreased to nearly 74 million in 2011, while pet dog numbers declined to nearly 70 million in the same year. Lack of pet insurance has deterred pet owners from taking their respective animals to vets. However, development of ergonomic instruments can change this trend in the market over the forthcoming years.
Vet instruments are being manufactured using tungsten carbide, rather than stainless steel for extended durability. They need to be cleaned on a regular basis to avoid corrosion and prevent the chances of infection. Spectrum Surgical Instruments Corporation, a US-based manufacturer, recently introduced an injection cannula set. It contains three pieces and is fabricated using stainless steel.
The worldwide veterinary surgical instrument market is segmented on the basis of product, animal, application, and region. By product, the market is divided into trocars & cannulas; hooks & retractors; sutures, staplers, and accessories; surgical scissors; scalpels; forceps; and others. ‘Others’ include electrosurgery devices. Sutures, staples and accessories accounted for a large market share in 2015. Electrosurgery devices on the other hand, are estimated to exhibit rapid growth during the forecast period. Several inherent features such as precision, rapid healing, and easy handling of electrode pencils can impel the demand. They find wide applications in the surgeries for small and large animals.
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As per animals, the market for veterinary surgical instruments is split into small and large animals. Small animals are sub-divided into canines, felines, and other animals. Equines and other large animals are subsumed within large animals. The spate of surgeries required to maintain racehorses and other large zoo animals are expected to positively impact demand over the years to come. Recently, a thoroughbred filly in Ireland was implanted with a scaffold to rebuild its jaw. Innovative applications can further boost the market expansion.
Major market applications comprise ophthalmic, sterilization, orthopedic, soft-tissue, dental, gynecology & urology, and other surgeries. B. Braun Vet Care GmbH, one of the major manufacturers in animal dental care, provides a surgical instrumentation kit. It can find applications in jaw orthopedics, dental diagnostics, and conservation of teeth. Dental surgery is expected to exhibit remarkable growth in the near future due to prevalence of teeth maladies such as Feline Odontoclastic Resorptive Lesions (FORL) and parodontitis.
Regional segmentation covers India, Japan, China, United States, Europe, and Southeast Asia. Europe is estimated to dominate the overall market followed by North America. Regions within Asia Pacific – Japan, China, and India, are anticipated to grow robustly during the forecast period. Large livestock population and mushrooming veterinary centers can propel the regional market.
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Key players operating in the veterinary surgical instruments market are Integra Lifesciences Holdings Corporation; Jorgensen Laboratories; Medtronic PLC; IM3 Inc.; and DRE Veterinary. Medtronic and Jorgensen are expected to continue dominating the global market till 2022. Acquisitions, novel products, and collaborations are the chief business strategies practiced by most companies to sustain market hold.
Recently, Neogen Corporation acquired SyrVet Incorporated to enhance its own product portfolio. The distribution partnership of SyrVet with sheep, beef, dairy, and pork producers is expected to facilitate the former’s business expansion in the years ahead.
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