(PharmaNewsWire.Com, August 14, 2021 ) 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% during the forecast period. The growth of this market is majorly attributed to the rising demand for pet health insurance, growth in the number of veterinary practitioners in developed economies, and growth in the companion animal population.
The veterinary electrosurgical instruments market is highly consolidated, with a few players competing for a larger market share. The top ten players account for more than half of the total market share, while several other global and regional market players account for the remaining share.
Prominent players in this market include 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), among others. These players adopted various strategies such as partnerships, agreements, mergers, and acquisitions to further expand their presence in the veterinary electrosurgical instruments market.
Symmetry Surgical Inc. (US) is a major player in the market with a wide range of product offerings across different industries. The company develops, manufactures, and markets surgical instrumentation and solutions that meet clinicians’ needs. The company’s broad portfolio of single-use, limited-use, and reusable surgical instruments and electrosurgery products, sold through both a US direct sales force as well as a robust global distribution network, are used in hospitals, surgery centers, and physicians’ offices worldwide.
The company offers electrosurgery instruments through its fully owned subsidiary—Bovie Medical (US). Bovie Medical develops and manufactures veterinary electrosurgical generators and accessories. Bovie Medical provides veterinary products to various hospitals and small clinics across the US.
By end user, the veterinary hospitals segment accounted for the largest market share in 2018
Based on end user, the veterinary electrosurgical instruments market is segmented into veterinary hospitals, veterinary clinics, and other end users. In 2018, the veterinary hospitals segment accounted for the largest share of the veterinary electrosurgical instruments market. The adoption of veterinary electrosurgical instruments is higher in veterinary hospitals owing to the higher purchasing power and the higher volume of surgeries performed in these hospitals.
The Asia Pacific market is expected to witness the highest growth in the veterinary electrosurgical instruments market from 2019 to 2024
The global veterinary electrosurgical instruments market is segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. During the forecast period, the Asia Pacific market is estimated to grow at the highest CAGR primarily due to the increasing consumption of meat and dairy products, the growing population of livestock animals, and the rising pet adoption rate and per capita income in several Asia Pacific countries.
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