Market Trends of Veterinary Procedure Lights Industry
Surgical Lights in Veterinary Procedure is Estimated to Witness a Healthy Growth Over the Forecast Period
Surgical lights are the devices used during the veterinary procedure to assist the pet specialist and make it more convenient to give better outcomes. Surgical lights in veterinary procedures are estimated to witness healthy growth in the future, which is attributed to rising awareness about pet safety, increasing injuries, and surgical procedures related to pets.
The rising number of veterinary hospitals with increasing acceptance of advanced LED surgical lights is expected to propel the segment growth over the forecast period. For instance, in November 2022, Noe Animal Hospital opened officially. It offers veterinary services to people in San Francisco and the surrounding neighborhoods. The services being offered at the new Noe Animal Hospital include vaccinations, wellness checkups, dental care, microchipping, and soft tissue surgeries, including urgent medical care, spaying and neutering, and chronic disease management.
Furthermore, with the rapid technological advancements and increasing spending on animal healthcare, devices, and instruments, the demand for procedural lights in the market is anticipated to increase, propelling market growth. The adoption of key strategies to advance surgical care for animals is also boosting the market’s growth. For instance, in April 2022, Orthomed entered a partnership with Osso VR to bring RoVR surgical training to the animal health market. This first-of-its-kind training technology allows veterinarians to practice procedures anytime, anywhere in virtual reality (VR). Such technological integration will improve the efficiency of surgical procedures, hence increasing the number of surgeries performed, which is expected to drive the market.
Therefore, owing to the rising number of veterinary hospitals and partnership activities adopted by key players, the segment is likely to witness significant growth over the forecast period.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same During the Forecast Period
North America is expected to hold a significant market share in the global veterinary procedure lights market due to the increasing adoption of pets, the rising prevalence of veterinary diseases, increasing adoption of pet insurance owing to the high number of surgical procedures, and high spending on veterinary animals.
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 demand for regular health checkups. This, in turn, fuels the demand for procedural lights in veterinary healthcare facilities, propelling market growth.
Additionally, the rising instances of pet insurance in the country are also expected to boost market growth. For instance, according to the 2022 statistics published by the Insurance Information Institute, California (19.3%), New York (8.4%), and Florida (6.1%) registered the highest percentage of insured pets. Thus, the growing pet adoption is leading to an increase in the focus on the availability of pet insurance. Due to the availability of pet insurance, pet parents are spending more on pet healthcare. This is creating opportunities for the development and availability of advanced and innovative veterinary procedure lights, which is expected to drive market growth over the forecast period.
Thus, due to the increase in pet adoption, insurance policies, and strategic activities by the key players, North America is expected to hold a significant market share over the forecast period.
