Increasing at a CAGR of 5.5%, the global veterinary surgical instruments market is valued at US$ 1.09 billion in 2023 and is expected to reach US$ 1.86 billion by the year 2033.Veterinary surgical instruments are classified into handheld devices, sutures, staplers & accessories, electro-surgical instruments, and others. Sales of sutures, staplers & accessories are expected to increase at a CAGR of 6% from 2023-2033. On the other hand demand for handheld devices such as forceps, scalpels, veterinary surgical scissors, hooks & retractors, trocars & cannulas, and others is projected to rise at a CAGR of 5% during the next 10 years.
Veterinary surgical instruments are used during the treatment procedures of animals. They are available in different sizes and designs according to their use. They are usually made up of stainless steel. The rate of pet adoption is increasing quickly across the globe. Along with this, the rapidly growing livestock sector is also boosting the sales of veterinary surgical instruments.
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Pet owners typically invest a sizable sum of money in their pets and treat them like family members. As a result, they are spending a high amount of earnings on their pet health, which is greatly boosting the size of the global market for veterinary surgical instruments. As more people are adopting companion animals, diseases such as zoonosis are becoming more common, thus, boosting sales growth.
The presence of modern veterinary healthcare facilities and the production of cutting-edge veterinary tools by key players is boosting the North America market growth. Followed by North America, the Europe market is also expected to grow at a high CAGR due to rapid technological advancements in the field of veterinary devices and the rising number of pet adoption in the region since the COVID-19 pandemic.
Key Takeaways from Market Study
- Global demand for veterinary surgical instruments is expected to increase at a CAGR of 5.5% from 2023-2033.
- China’s market is predicted to expand at a CAGR of 9% during the projected period.
- Sales of sutures, staplers, and accessories are expected to rise at a CAGR of 6% from 2023 to 2033.
- Demand for handheld devices is predicted to evolve at a CAGR of 5% during the next 10 years.
“Rising cases of chronic disorders and obesity among companion animals is driving the sales of veterinary surgical instruments,” says a Fact.MR analyst.
Winning Strategy
The veterinary surgical instruments market is competitive in nature due to the presence of leading companies. To enhance diagnostic and therapeutic procedures and to generate large revenues, the top businesses are concentrating on creating cutting-edge vet surgical equipment.
- For the distribution of the BIOCERA-VET product range in the United Kingdom, including BIOCERA-VET SmartGraft, BIOCERA-VET Granules, and BIOCERA-VET Osteosarcoma Ready to Use, TheraVet and Veterinary Instrumentation (Vi) inked an exclusive distribution deal in May 2022.
- Vimian Group purchased two product portfolios of orthopedic implants and veterinary surgical tools in the United States in April 2022. The acquisition increases Vimian’s line of premium orthopedic implants for pet animals and ushers the company into a new product niche with veterinary surgical instrumentation.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global veterinary surgical instruments market, presenting historical demand data (2018-2022) and forecast statistics for the period of 2023-2033.
The study divulges essential insights on the market on the basis of product (handheld devices, sutures, staplers & accessories, electro-surgical instruments, forceps, scalpels, surgical scissors, hooks & retractors, trocars & cannulas), animal type (large animals, medium animals, small animals), application (dental surgeries, orthopedic surgeries, cardiovascular surgeries, ophthalmic surgeries, neurological surgeries, gynecology, soft-tissue surgeries), and end user (veterinary clinics, veterinary hospitals, research centers & academia), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).