The Global Veterinary Surgical Instruments Market is led by some of the fervent key players including Jørgen KRUUSE A/S, Eickemeyer Veterinary Equipment Inc., Surgical Holdings, Whittemore Enterprises, Inc., Sklar Instruments, and Medtronics, B.Braun. Profiling them in its analysis, MRFR finds out their strategies keeping them at the forefront of the competition.
Global Veterinary Surgical Instruments Market – Synopsis
Veterinary Surgical Instruments market is growing pervasively owing to the increasing awareness towards animal healthcare. People are increasingly becoming sensitive towards animals and the pain they are going through during sickness, injuries, recoveries and after effects of sickness related to animal physiology and psychology. And, the sensitivity is just not limited to their pets but, it has widened towards wild, reptiles and venomous animals too.
Considering the rapid expansions the market is perceiving currently and the potential this market holds to grow further, Market Research Future (MRFR) recently published a study report, giving out a complete market insight for the period 2017 – 2023. In its analysis, MRFR asserts that the global Veterinary Surgical Instruments market will reach up to USD 2760.6 Million by 2023 with 6.3% CAGR during the review period (2017 – 2023).
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Other factors contributing to the market growth include increased R&D expenditure to bring novelties in these instruments, and development of better and effective materials, etc. Factors such as rising demand for animal products like meat, wool, and milk along with the well- organized milk and meat industry impact the market growth positively. Improving economic conditions across the globe enable access to the quality life by increasing consumers’ buying power and cost-effective veterinary equipment foster the market growth.
On the other hand, factors impeding the market growth include, lack of awareness and knowledge gap regarding animal health and rising cost of pet care, etc. Also, shortage of skilled labor and strict regulatory policies are the major restraints for the market growth.
However, technological advancement, increasing number of ambulatory services and government and public organizations initiatives like PETA working towards animal rights and liberation are playing an integral role, providing impetus to the market growth.
Global Veterinary Surgical Instruments Market – Competitive Analysis
The global Veterinary Surgical Instruments market appears to be fiercely competitive and fragmented with many well-established players having the global presence. Brand reinforcement, mergers & acquisitions, and innovation remain the popular trends for the key players in the market. The structure of Veterinary Surgical Instruments devices is changing due to the acquisition of local manufactures with multinational companies. Multination companies are using the strategy of acquisition, which has increased the profit of the company as well as significantly reduced the competition.
Global Veterinary Surgical Instruments Market – Segmentations
For the convenience of the report and enhanced understanding; MRFR has segmented the Veterinary Surgical Instruments Market into 4 key dynamics
By Types: Forceps, Scalpel Handles, Dressing, Needle Holders, Scissors, and Retractors among other.
By Applications: Sterilization, Orthopedic, Ophthalmic, and Dental, among others.
By Animals: Felines, Canines, and Large Animals, among others.
By Regions: North America, Europe, APAC and Rest of the World.
Segment Scissors by Types, accounts for the largest market share, followed by the Segment Needle Holders.
Segment Dental application, accounts for the largest market share, followed by the Segment Ophthalmic.
Global Veterinary Surgical Instruments Market – Regional Analysis
North America is the largest market for Veterinary Surgical Instruments owing to the favorable reimbursement scenario and the large and organized industry. Moreover, technological innovation in the manufacturing of these surgical instruments is also responsible for the growth of this market. A large number of patients’ pool, demanding for various surgeries contribute to an increase in the demand of Veterinary Surgical Instruments in the US. Canada is focusing on exporting surgical equipment and surgical suturing material to countries worldwide, which is increasing market in this region. Furthermore, the increasing number of Veterinary hospitals, availability of raw material and better access to labor fuel the market growth.
Europe stands the second largest market for Veterinary Surgical Instruments, globally. Increase in animal diseases has led to the increasing number of surgeries and veterinary healthcare organization. European countries like U.K, Germany, and France spend a lot on the manufacturing of medical and surgical devices for the Veterinary requirement.
The Asia Pacific is expected to emerge as the fastest growing region during the forecast period. China dominates the Asia Pacific Veterinary Surgical Instruments market. India accounts for the fastest growing market, which is followed by Japan and Australia. Large patient’s pool and increasing awareness towards animal health backed by the improving economy, has encouraged the market growth, especially in India and China.
On the other hand, the Middle East & Africa have the least market share. Additionally, factors such as lack of awareness, low healthcare expenditures for animals will restrain the market during the assessment period.
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