The veterinary electrosurgical instruments market is projected to reach USD 85 million by 2024 from USD 56 million in 2019, at a CAGR of 8.5%
NEW YORK, Sept. 19, 2019 /PRNewswire/ --
Growth in the number of veterinary practitioners is expected to drive the veterinary electrosurgical instruments market
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The veterinary electrosurgical instruments market is projected to reach USD 85 million by 2024 from USD 56 million in 2019, at a CAGR of 8.5%. Growth in the veterinary electrosurgical instruments market is driven by the rising demand for pet health insurance, growth in the number of veterinary practitioners in developed economies, and growth in the companion animal population. However, the rising cost of pet care is expected to restrain the growth of this market in the coming years.
Consumables & accessories segment to register the highest growth during the forecast period
Based on product, the veterinary electrosurgical instruments market is segmented into bipolar electrosurgical instruments, monopolar electrosurgical instruments, and consumables & accessories.The consumables & accessories segment is expected to witness the highest CAGR in the veterinary electrosurgical instruments market during the forecast period.
The increasing demand for monopolar and bipolar electrosurgical instruments will drive the use of consumables & accessories.
General surgery is the largest application segment of the veterinary electrosurgical instruments market
Based on application, the veterinary electrosurgical instruments market is segmented into general surgery, gynecological & urological surgery, dental surgery, ophthalmic surgery, orthopedic surgery, and other applications.In 2018, the general surgery segment accounted for the largest share of the veterinary electrosurgical instruments market.
This can be attributed to the large volume of general surgeries, such as soft-tissue surgeries and sterilization procedures, performed in small as well as large animals.
North America will continue to dominate the veterinary electrosurgical instruments market during the forecast period
By region, the veterinary electrosurgical instruments market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa.In 2018, North America accounted for the largest share of the veterinary electrosurgical instruments market.
The large share of North America can be attributed to the increasing adoption of companion animals, growing pet insurance industry, rising veterinary healthcare expenditure, and the growing number of veterinary practices.
However, the Asia Pacific market is expected to register the highest CAGR during the forecast period. Factors such as increasing consumption of meat and dairy products, the growing population of livestock animals, and rising per capita income in these countries are supporting the growth of the veterinary electrosurgical instruments market.
The breakup of primary participants is as mentioned below:
-- By Company Type: Tier 1: 40%, Tier 2: 25%, and Tier 3: 35%
-- By Designation: C-level: 33%, Director-level: 41%, and Others: 26%
-- By Region: North America: 34%, Europe: 29%, Asia Pacific: 21%, Latin America: 14%, and the Middle East & Africa: 2%
The prominent players in the veterinary electrosurgical instruments market are Symmetry Surgical Inc. (US), Covetrus Inc. (US), DRE Veterinary (US), B. Braun Melsungen AG (Germany), Medtronic (Ireland), Eickmeyer (US), Summit Hill Laboratories (US), Kwanza Veterinary (India), Burtons Medical Equipment Ltd. (UK), Integra Lifesciences Corporation (US), LED SpA, and Keebovet Veterinary (US).
Research Coverage:
The report analyzes the veterinary electrosurgical instruments market and aims at estimating the market size and future growth potential of this market based on various segments such as product, animal type, application, end user, and region. The report also provides a competitive analysis of the key players in this market, along with their company profiles, product offerings, recent developments, and key market strategies.
Reasons to Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share of the market. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their positions in the market.
This report provides insights into:
-- Market Penetration: Comprehensive information on the product portfolios of the top players in the veterinary electrosurgical instruments market. The report analyzes this market by product, animal type, application, end user, and region
-- Market Development: Comprehensive information on the lucrative emerging markets, by product, animal type, application, end user, and region
-- Market Diversification: Exhaustive information about products, growing geographies, recent developments, and investments in the veterinary electrosurgical instruments market
-- Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, and capabilities of leading players in the veterinary electrosurgical instruments market
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