Market Trends of Veterinary Laser Industry
This section covers the major market trends shaping the Veterinary Laser Market according to our research experts:
The Therapeutic Lasers Segment Witnessed Dominant Segment Over the Forecast Period in the Veterinary Laser Market.
The therapeutic lasers segment holds a significant revenue share in the veterinary laser market. Cold laser therapy is what therapeutic lasers are.It uses laser light set to wavelengths between 600 and 980 nanometers. It is used to perform minor surgeries and promote regeneration of tissue. Factors such as the growing number of severe chronic diseases in animals and increasing animal welfare and productivity are expected to boost market growth in the region. For example, in June 2022, NCBI published an article stating that osteoarthritis affects approximately 90% of dogs in the United States, resulting in a reduced range of motion, difficulty climbing and jumping, decreased physical activity, and a lower quality of life.
Therapeutic lasers with advancements in laser technology are a major factor driving the market. For example, in February 2021, Medical Plus introduced M-VET, MLS LASER therapy laser, which aids in the inhibition of pro-inflammatory molecules, produces short and long-term analgesic effects, allowing for a significant and progressive function recovery, improves the quality of newly formed tissue, and speeds up healing times.
Therefore, the therapeutic laser segment is expected to witness significant growth over the forecast period due to the above-mentioned factors.
North America is Expected to Dominate the Veterinary Laser Market
North America held a notable market share of the veterinary laser market in 2021. The high share of the region is due to the significant presence of key players such as Aspen Laser Systems LLC and Biolase Inc., the adoption of various strategies initiated by key companies to increase market penetration, rising research activities, rising diagnostic rates, and increasing animal population and vet care expenditure. growing demand for therapeutic lasers.
According to the American Pet Products Association (APPA), in 2021, about 70% of United States households will have a minimum of one pet. The country has witnessed an increase in overall and per capita spending on pet care in the past few decades. Additionally, according to the North American Pet Health Insurance Association (NAPHIA), the 2020 results show total premium volume in the U.S. amounted to $1.99 billion USD, a 27.5% annual increase over 2019. and had more than USD 1.99 billion in gross written premiums in 2020. Pet insurance enables pet owners to efficiently spend on quality care services for their pets and provide them with optimal treatment options.
The increasing number of launches of veterinary lasers by the market's players is also propelling the market's growth. For example, in May 2021, RWD Life Science will launch a new product, the RLT-24 veterinary laser, in laser technologies designed to provide reliable, effective treatment such as pain relief, faster healing, and recovery from injuries for your pet patients, and this product is widely used for the diagnosis, treatment, and surgery of pet patients, as well as relevant basic clinical research.The advanced strategies initiated by animal health key players to identify novel laser technology indicators are further enhancing the opportunity for segment growth.
Therefore, owing to the presence of major players, an increase in pet adoption will propel the growth of the market in the North American region.
