The Global "Veterinary Electrosurgery Market" is expected to grow at a CAGR of 7.5% in the forecast period (2022 - 2029).
The veterinary electrosurgical devices are used for surgical cutting or to control the bleeding by causing coagulation at the surgical site. Electrosurgery devices like electrodes, probes, coagulators, and other devices use high-frequency alternating currents to perform their respective functions.
The major driving force rising demand for the pet health insurance
Rising adoption of pet animals is expected to boost the demand for surgeries of animals over the period of forecast. For instance, as per the report by the American Veterinary Medical Association (AVMA) in 2017, around 68% of the household has pets in the US. Thus, the rising adoption of pet animals is driving the veterinary electrosurgery market.
Increasing expenditure of animal healthcare is leading to the growth of veterinary surgeries, thus driving the growth of the veterinary electrosurgery market. For instance, as per the American Pet Products Association's 2017-18 National Pet Owners Survey, about USD 474 and USD 245 were spent annually on veterinary surgical services for dogs and cats, respectively in 2017. Thus, the high expenditure on pet care and veterinary services is driving the market.
Moreover, the growing adoption of companion animals and increasing government initiatives to prevent zoonotic diseases, and product innovations are poised to boost the market growth. For instance, as per the report by the European External Action Service (EEAS) in 2016, the European government has invested USD 4.7 million in animal healthcare expenditure. Thus, the presence of government initiatives is driving the market.
The increasing number of practitioners and the technological advancements in devices are expected to boost the growth of the market. For instance, as per the American Veterinary Medical Association, a total of 110,531 veterinary practitioners were present in the US in 2017 as compared to 107,995 in 2016. Thus, the growing number of veterinary practitioners is driving the market.
However, the high cost of surgeries is expected to hamper the global veterinary electrosurgery market.
According to Canna-Pet, the global pioneer of hemp CBD for pets, when it comes to canine cataract surgery, older dogs are often most affected. Younger dogs can have cataracts too, but that's usually because they are born with them. Cataracts require surgery to remove, and pricing can range anywhere from $1500-$3000. Also, Spay or Neuter Surgery requires around $150 to $250. Thus, the high cost of surgeries is likely to hamper the market.
By product, the market is segmented into bipolar electrosurgery instruments, monopolar electrosurgery instruments, and consumables & accessories.
The electrosurgery instrument segment is expected to grow at a high rate during the forecast period owing to the advantages like accuracy, secure handling, high sensitivity, and rapid healing by electrode pencils. The bipolar electrosurgical instruments segment is expected to boost the growth of the market, owing to the steep sale price of bipolar electrosurgery instruments as compared to the monopolar electrosurgical instruments and the increased adoption of bipolar devices in animal surgeries.
The consumables and accessories segment is expected to grow at a high rate in the veterinary electrosurgery market over the forecast period. The increasing demand for monopolar and bipolar electrosurgical instruments is expected to drive the use of consumables & accessories, leading to an increased number of product launches. For instance, on May 13, 2019, Olympus, has announced the 510(k) clearance of ESG-150 Electrosurgery Generator. Electrosurgical generators supply the high-frequency electrical current which powers several endoscopic devices. The new ESG-150 possesses features that enhance both patient safety and ease of use, the pillars on which the ESG-150 has been designed. Thus, the rising number of product launches of consumables and accessories is driving the market.
Based on application, the market has been segmented into general surgery, gynecological & urological surgery, dental surgery, orthopedic surgery, ophthalmic surgery, and other applications.
The dental surgery segment is expected to boost the market owing to increasing awareness among pet owners regarding the dental health of their pets. Moreover, the growing incidence of periodontal diseases and the technological advancements in dental devices are estimated to contribute to the growth of the segment. For instance, as per a report by the Australian and American Veterinary Dental Societies, in 2017, more than 70% of cats and 80% of dogs developed gum diseases at the age of three. Also, according to a 2017-2018 study by the American Pet Products Association, more than half of US dog owners take care of their pet’s teeth, and they are twice as likely as cat owners to purchase dental care products and services at their veterinarian’s office. Dog owners with dental products for their pets, including toothbrushes, dental chews, and wipes, rose from 29 % in 2006 to 43 % in 2016, according to the APPA. Thus, the growing incidence of periodontal diseases and increased expenditure on animal dental healthcare is driving the market.
The orthopedic surgery segment is expected to grow at a significant rate owing to increasing expenditure on animal orthopedic healthcare and the growing demand for orthopedic surgeons. As per the Association for Pet Obesity Prevention, 54% of dogs and 59% of cats in the US suffered from overweight or obesity in 2016, which may lead to some orthopedic disease in them. The US Bureau of Labor Statistics projects 36 % job growth in the veterinary orthopedic surgeon’s field, through 2020, well above the average growth of 14 % for all jobs. According to the American Veterinary Medical Foundation (AVMF) statistics, in 2017, over 110,000 veterinary professionals were recorded in the US. Also, the presence of recent product launches is anticipated to boost the market. For instance, in June 2018, the Veterinary Orthopedic Implants, Inc., launched a new Elite TPLO plate. This is anatomically contoured to match the proximal tibial surface. It is available in different sizes including: 1.5, 2.0, 2.4, 2.7, 3.5S, 3.5, 3.5B, and 3.5 JUMBO. Thus, the growing expenditure on animal orthopedic healthcare, leading to rising demand for orthopedic surgeons is driving the market.
The general surgery segment is expected to boost the market over the forecast period. This is owing to the large volume of general surgeries, like soft-tissue surgeries and sterilization procedures, performed in small and large animals.
Based on animal, the market has been segmented into large animals and small animals.
The large animal segment is expected to boost the veterinary electrosurgery market over the forecast period, owing to the rising prevalence of chronic diseases of equine animals, the increasing awareness among the government animal healthcare organizations, and the growing animal healthcare spending in developing countries. For instance, WHO is engaging in various activities to address the health threats at the human-animal-ecosystem interface, including antimicrobial resistance, food-borne zoonoses, and food safety. This is expected to create a rise in the need for better treatment facilities for companion animals.
The small animal segment is expected to grow at a high rate during the forecast period owing to the rising small animal ownership and increasing demand for efficient animal care. As per the Humane Society of the US, around 60.2 million US households had at least one dog in 2017. Thus, increasing small animal ownership is driving the market.
Based on end-user, the veterinary electrosurgery market is segmented into veterinary hospitals, veterinary clinics, and other end users.
The veterinary hospital's segment is expected to dominate in the end-user segment. The adoption of the veterinary electrosurgical instruments is higher in the veterinary hospitals owing to the greater purchasing power and the higher volume of surgeries performed in the hospitals.
Geographically, the global veterinary electrosurgery market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America is dominating the global veterinary electrosurgery market in 2018 and is estimated to hold significant market size over the forecast period (2020-2027) owing to the rising adoption of companion animals, rising pet insurance industry, rising veterinary healthcare expenditure, and the growing number of veterinary practices.
Increasing collective efforts by key players to improve their product portfolio and ensure high-quality standards are likely to boost the demand for veterinary electrosurgical equipment across the region. For instance, In January 2019, BioMedtrix, one of the critical player in the US, partnered with the Laboratorios Macrimasa-Vet as an exclusive distributor of the Universal Hip (Micro and Nano Hip), TPLO Curve and I-Loc IM Fixator in Spain.
Also, the rising demand for pet insurance has been bolstering the growth of the market. The North American Pet Health Insurance Association reported that North America's pet health insurance sector posted record growth in 2017, with a combined gross written premium hitting $1.2 billion. This represents a 23 % increase in the gross written premiums over 2016. Also, the total number of pets insured in the US and Canada reached 2.1 million at year-end 2017, increased by 17 % from 2016. According to NAPHIA, there are around 12 major pet insurance companies in North America. Thus, the rising demand for pet insurance is driving the market.
The rising expenditure on animal healthcare are likely to boost the growth of the segment. For instance, in 2017, US pet owners spent USD 15.42 billion on veterinary surgeries, according to a report by the (AMVA) American Veterinary Medical Association.
The Asia Pacific market is expected to grow at the highest CAGR over the forecast period. The growing demand for animal-derived food products, the growing pet insurance, and surging adoption of companion animals are expected to support the growth of the market in Asia-Pacific over the forecast period. For instance, as per the Japan Pet Food Association, the pet insurance market reached USD 450 million in March 2017, which was a 20% increase from 2016. Thus, the growing pet insurance is driving the market.
The key players operating in the global veterinary electrosurgery market are B. Braun Melsungen AG, Dre Veterinary, Eickemeyer Veterinary Equipment, Inc., Led Spa, Medtronic PLC, Summit Hill Laboratories, Bovie Medical Corporation, Burtons Medical Equipment Ltd, and Special Medical Technology Co., Ltd., ALSA apparecchi medical s.r.l.
The key players are adopting various strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, which are contributing to the growth of the veterinary electrosurgery market globally. For instance,
In August 2018, Symmetry Surgical Inc. acquired Bovie Medical, a developer and manufacturer of veterinary electrosurgical instruments.
In July 2018, B. Braun Vet Care has announced a collaboration with CP Medical, a leading company involved in the manufacturing of instruments for the specialty surgical applications and the wound closure for development, sales, and distribution of medical devices in the US and Canada. This enabled the company to strengthen its presence in developed markets of North America.
In February 2018, the B. Braun Vet Care GmbH had a partnership with Dextera Surgical Inc., a manufacturer and developer of medical devices for surgical procedures.
In October 2017, Henry Schein announced the acquisition of Merritt Veterinary Supplies, a family-owned company involved in the supply of animal health products. This acquisition was intended to expand the company's customer base and to strengthen its market position in the animal health industry.
In February 2016, DRE Veterinary launched a radiology unit named DRE Stationary DR X-ray System.
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