The veterinary electrosurgery market is an ever-growing industry that has seen tremendous growth over the past few years. Veterinary electrosurgery is a minimally invasive procedure that uses high frequency electric current to cut, coagulate, and seal tissue. It is used in a variety of animal surgeries, such as spays, neuters, orthopedic surgery, tumor removal, and soft tissue surgery.
The Global Veterinary Electrosurgery Market is projected to reach USD 112 million by 2027 from USD 77 million in 2022, at a CAGR of 7.7%. The growth of the veterinary electrosurgical instruments market is mainly driven by factors such as rising healthcare expenditure for companion animals, high demand for veterinarians, increase in number of veterinary practices, and rising animal adoption. On the other hand, rising pet care costs and high cost of veterinary electrosurgery equipment is limiting the market growth to some extent.
Veterinary electrosurgery is becoming increasingly popular due to its relatively low cost and the fact that it can be performed quickly and with minimal pain or stress for the animal. Additionally, veterinary electrosurgery reduces the risk of infection and the need for sutures. This makes it an attractive option for many veterinarians.
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Growth Drivers: Growth in Companion Animal Population
A surge in the overall companion animal population and adoption rate has been witnessed globally. According to several studies, having a companion animal is associated with positive health benefits, such as reduced cardiac arrhythmias, normalization of blood pressure, decreased anxiety, greater psychological stability, and improved well-being. Companion animal ownership has increased significantly due to loneliness and the need for companionship in the COVID-19 pandemic. The increasing pet population is expected to drive the demand for pet care products and increase the daily visits to clinics and services, which, in turn, will support the growth of dependent industries such as veterinary electrosurgery.
OPPORTUNITIES: Untapped Emerging Markets
Companion animal ownership has grown significantly across the globe. This is particularly evident in emerging markets in the Asia Pacific and Latin American countries due to urbanization and an increase in disposable incomes, which have expanded access to animal healthcare and enabled owners to spend more on pet care.
The global veterinary electrosurgery market is expected to grow at a compound annual growth rate of 7.7% from 2022 to 2027. This growth is being driven by factors such as an increasing number of pet owners around the world, the growing demand for pet health care, and the rising prevalence of zoonotic diseases. Additionally, technological advancements in veterinary electrosurgery equipment and the development of new products are expected to contribute to the market’s growth.
The veterinary electrosurgery market is a rapidly growing industry that is expected to continue to expand in the coming years. With the introduction of new and improved products and the development of new technologies, the veterinary electrosurgery market is sure to be an exciting area for growth.
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Recent Developments:
- In 2021, Avante Health Solutions and DRE Veterinary entered into partnership that rebranded DRE Veterinary to Avante Animal Health and allows the firm to strengthen the equipment buying power, leverage partner relationships, expand technical teams, and add exciting new products and services to the portfolio.
- In 2020, Covetrus,Inc. made a strategic investment in VSG. This partnership brings together two organizations, each dedicated to veterinary practices and committed to driving enhanced patient care, thus empowering veterinarians to run better businesses.
- In 2020, Covetrus,Inc. constructed a new DACH headquarters in Dusseldorf, Germany. The new headquarters concentrates on the strength of Germany, Austria, and Switzerland-based teams and the firmrsquo;s Central European locations.
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