Market Trends of Veterinary Surgical Instruments Industry
Companion Animals Segment is Expected to Register Significant Market Growth Over the Forecast Period
A companion animal is kept primarily for a person's company or entertainment rather than as a working animal, livestock, or laboratory animal. A growing number of households worldwide are adopting and keeping companion animals as part of the family. Therefore, pet parents desire the best possible health for their pets. Species suitable to be companion animals include dogs, cats, horses, rabbits, ferrets, birds, and guinea pigs.
The companion animal segment is expected to grow significantly due to the increasing prevalence of chronic diseases, pet adoption, and strategic initiatives. For instance, as per the Pets in Australia survey conducted in 2022, the Australian pet population was estimated to be 28.7 million after the COVID-19 pandemic, with 6.9 million households with a pet. Hence, the high number of companion animal adoptions is expected to propel the market's growth.
Also, an increase in chronic disease in companion animals that require surgery is expected to promote market growth. For instance, according to the article published in May 2022 in PubMed, the lifetime prevalence of malignant tumors increased with increasing dog size class compared to toy and small dogs. The age-adjusted prevalence for medium, standard, large, and giant dogs were 1.65, 2.92, 3.67, and 2.99, respectively. Such a high burden of cancer cases in companion animals is expected to increase surgical interventions and, therefore, contribute to market growth over the forecast period.
Therefore, the segment is expected to grow over the forecast period due to increased companion animal adoption and the surge in chronic diseases and surgical procedures in animals.
North America Anticipated to Hold a Significant Market Share Over the Forecast Period
North America is expected to witness significant growth, owing to the rising adoption of companion animals and increased expenditure on animal healthcare. The United States is expected to retain its significant market share due to factors like rising pet adoption and increasing per capita animal healthcare expenditure. Additionally, the rise in the prevalence of various animal diseases and injuries is a major factor expected to fuel market growth.
The increasing pet health spending in the United States is expected to increase demand for pet veterinary surgical instruments, which is likely to contribute to the market’s growth. For instance, according to the North American Pet Health Insurance Association, USD 136.8 billion was spent on pets in the United States in 2022. Hence, all these factors create high growth opportunities for veterinary surgical instruments in North America.
The increasing adoption of pet animals across the region is anticipated to fuel the need for veterinary procedures, propelling market growth. For instance, according to 2023 data published by Shelter Animals Count, about 54% of cats and 46% of dogs were adopted in the United States in 2023, registering an increase of 2% compared to 2022. The increasing number of pet adoptions and heightened awareness among pet owners about pet health drive the necessity for regular health checkups. This, in turn, fuels the demand for surgical instruments in veterinary healthcare facilities, propelling market growth.
Launching products that facilitate surgical procedures in the country and adopting key strategies, such as partnerships, investments, and expansions, are expected to boost market growth. For instance, in April 2022, Vimian Group acquired two product portfolios of veterinary surgical instruments and orthopedic implants in the United States. The acquisition marked its entry into a new product category with veterinary surgical instrumentation and expanded Vimian's portfolio of high-quality orthopedic implants for companion animals.
Thus, due to the increase in the number of animals and the rise in surgical procedures in animals, the market studied is expected to grow in the region over the study period.
