Market Trends of Veterinary Surgical Instruments Industry
Companion Animals Segment is Expected to Hold a 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. So, the owners or carers of the animals desire the best possible health for their pets. Species suitable to be companion animals include dogs, cats, horses, rabbits, ferrets, birds, guinea pigs, etc. 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, Australia's pet population was estimated to be 28.7 million after the pandemic boom, with 6.9 million households with a pet today. Hence, the high number of companion animal adoptions is elevating the studied 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 animal are expected to increase surgical interventions and thereby contribute to the market growth over the forecast period.
Furthermore, increasing awareness programs and campaigns for the health of companion animals is expected to drive market growth. For instance, in May 2021, the Morris Animal Foundation launched its eighth annual Stop Cancer Furever campaign. The two-month campaign, which ended on June 30, 2021, raised awareness about animal cancer and funds for research advancing cancer prevention, diagnosis, and treatment. As part of the campaign, the Foundation also hosted the Stop Cancer Furever Challenge on June 26, 2021. Thus, such awareness programs are predicted to depict the importance of surgery and related treatments for improving the quality of life of animals.
Therefore, the studied segment is expected to grow over the study 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 in the market, owing to rising companion animal adoption and increasing animal healthcare expenditure. The United States, with the region, is expected to retain its significant market share due to factors like rising pet adoption and the increasing per capita animal healthcare expenditure. Additionally, the rise in the prevalence of various animal diseases and injuries was the major factor fuelling market growth.
According to the Animal Cancer Foundation updates from 2022, 65 million dogs and 32 million cats in the United States are diagnosed with cancer every year. Moreover, approximately 6 million new cancer diagnoses are made in pets every year. With increased ownership of pets and livestock, United States citizens also became more considerate toward the health of these animals. The expenditure on pets in the United States is also rising, which may propel market growth. Furthermore, according to the 2022 statistics published by the Insurance Information Institute, it was observed that in the United States, 3.9 million pets were insured at the end of 2021, with an increase of 20% compared to 2020. In addition, California (19.3%), New York (8.4%), and Florida (6.1%) are the three states with the highest percentage of insured pets. Thus, the growing pet adoption is leading to an increase in focus on the availability of pet insurance. Due to the availability of pet insurance, pet owners are spending more on pet health care. Thus, such factors will elevate the growth of the veterinary surgical instrument market.
Furthermore, increasing cancer cases in companion animals leads to adopting veterinary anesthesia drugs as cancer surgeries require anesthesia. According to the report titled '2021 Guide to Cancer in Dogs: Common Types, Symptoms, Treatments', canine Osteosarcoma is a common type of bone cancer in dogs. In the US, veterinary doctors diagnose nearly 10,000 cases of canine bone cancer annually. Thus, cancer therapies can lead to surgical intervention to remove tumors in animals, which is expected to bolster market growth over the forecast period.
Launching products that facilitate surgical procedures in the country and adopting key strategies such as partnerships, investments, and expansion, among others, will also boost the market. For instance, in June 2021, Veterinary Instrumentation (Vi) expanded into the United States market. US-based veterinarians can access Vi's extensive range of medical-grade surgical instruments.
Thus, due to the increase in the number of animals and the rise in surgical procedures in animals, the studied market is expected to grow in the region over the study period.
