3 major trends influencing veterinary surgical instruments market in 2019 and beyond
Publisher : Fractovia | Published Date : 2019-08-30Request Sample
Escalating growth in number of veterinary hospitals and veterinary surgeons across the globe is estimated to drive veterinary surgical instruments market outlook over 2019-2025. Moreover growing sensitivity to animals, social media promoting animal companionship and higher spending power are factors fueling the current trend of pet ownership, which will positively impact veterinary surgical instruments industry expansion.
U.S. veterinary surgical instruments market, by product, 2018 & 2025 (USD Million)
As per a report by the AVMA (American Veterinary Medical Association), around 1,07,995 veterinarians were practicing in the United States in 2016 and the number has grown to 1,10,53 by 2017. With increasing number of veterinary surgeons and hospitals, the usage of surgical instruments is bound to increase and will hence boost the industry growth over the forecast timeline.
Some of the other trends that will significantly influence veterinary surgical instruments market outlook are as follows:
Measures for animal health as an important tool for a more sustainable livestock production
Economic growth in developing countries is complemented by an increase in consumption of animal protein. Livestock makes a significant contribution to agriculture GDP. Changes in livestock production and consumption is leading to emergence of new pathogens which are spreading from animals to humans on a global level. Healthy animals are closely related to humans and their environment.
The FAO (Food and Agriculture Organization) focuses on several animal health issues including insect-borne diseases, diseases of production & hygiene, microbial diseases, trans-boundary diseases and also focuses on improving veterinary public health along with strengthening veterinary systems. FAO’s measures to strengthen the veterinary systems is expected to expand veterinary surgical instruments industry.
India veterinary surgical instruments market is estimated to expand at a CAGR of 7.2% over the forecast period, owing to growing livestock population in the country. Rising awareness about animal health, increasing per capita animal health expenditure and growing pet adoption will escalate the industry growth. Also, growing alliances among private and public organizations to encourage awareness about animal health services will further boost the demand for surgical instruments for veterinary purposes.
Accidents involving animals and need for veterinary attention
Accidents involving wild and pet animals are not uncommon and happen in sub-urban, urban as well as rural areas, due to falling from heights, getting run over by vehicles on roads or by being attacked by bigger animals.
In the U.S., 190 million motor vehicles hit the road every day, and one million animals get struck by vehicles which include cars, trucks, motorbikes, and buses. The number of animal accidents are growing every year. With increasing animal accidents, requirement for veterinary surgeries is also growing, along with the demand for veterinary surgery instruments .
Staplers and sutures segment is projected to gain high revenue share in the coming years. In 2018, staplers and sutures segment accounted for $97.2 million in the veterinary surgical instruments market share owing to their wide application in all types of surgeries performed on livestock, wild and companion animals. Moreover, the segment growth can be credited to demand for orthopedic implants owing to rising accidental injuries among animals.
Growing demand for companion animals to indirectly add impetus to veterinary surgical instruments market
Some of the greatest changes in pet ownership trends are due to technology and the advent of online purchasing. However, most of the growth is also because of cultural changes. As millennials are entering adulthood, they are embracing pet-owning/pet companionship and they are taking this pet-loving lifestyles to a far greater extent than the generations receding them did.
As per American Pet Products Association, it has been predicted that 74-96 million cats and 70-80 million dogs are owned in the U.S. Approximately 30%-37% have a cat and 37%-47% of all households in the U.S. have a dog.
An increasing number of pet lovers in China are enthusiastically adopting exotic animals which range from wild animals to reptiles. This is somewhat driven by easier transnational logistics and trade. The Chinese pet market share is predicted to surpass $44.67 billion by 2023.
As an end-use segment, veterinary hospitals will contribute to a CAGR of 5.3% over 2019-2025, due to the increasing need for veterinary hospitals and veterinary practitioners. Rising fondness for pets along with availability of skilled surgeons in these facilities will positively influence veterinary hospitals business growth.
Growing awareness about animal health and availability of favorable pet insurance policies will further surge veterinary surgical instruments industry growth. Global market insights estimates that veterinary surgical instruments market size to surpass $1.8 billion by 2025.
