Veterinary Electrosurgery Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Veterinary Electrosurgery Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The veterinary electrosurgery market is projected to register a CAGR of 4.0% during the forecast period.

Due to the Covid-19 outbreak, a short-term negative impact was observed on the market. The visits to veterinary hospitals and clinics decreased during the initial phase of the pandemic. According to the article “The Initial Months of COVID-19: Dog Owners' Veterinary-Related Concerns” published in February 2021, dog owners feared the COVID-19 infection and spread, which led to a decrease in disease diagnosis for pets. Additionally, the study mentioned above also indicated that, like many other professions, veterinarians were significantly impacted by the onset of COVID-19 in the initial phase of the pandemic. Thus, standard practices such as routine animal checkups, diagnoses, and surgeries were disrupted. These decreased services lowered the veterinary electrosurgery as well. Thereby, hindering the market's growth. However, owing to the increasing adoption of pets during the pandemic, the focus on veterinary services increased. The rising adoption of pets has increased the focus on animal welfare, which may fuel the growth of the studied market. Thus, the COVID-19 pandemic has had a significant impact on the market studied.

The increase in companion animal adoption, rising demand for pet health insurance, and increasing number of veterinary practitioners in developed economies are the major factors attributed to the growth of the veterinary electrosurgery market.

A significant rise in the adoption of pet animals, including dogs, cats, and even horses, as companions of human beings, has been observed over recent years. Moreover, farm animals, including cattle and swine, are also being taken in for various commercial purposes. The developed economies represent a substantially large share of companion animal ownership, owing to the promising economic condition. For example, the Pet Food Manufacturers Association (United Kingdom) reported that in the year 2021, 17 million (59% of) households in the United Kingdom owned a pet. This high volume of pet owners is more concerned and aware of the safety of their pets. This ultimately creates demand for the availability of advanced veterinary services such as electrosurgery devices and products for treatment. This is expected to contribute to the overall market growth during the analysis period.

Furthermore, the developments are increasing in the veterinary services market. For instance, in April 2022, Vimian Group acquired two product portfolios of veterinary surgical instruments and orthopedic implants in the United States. With this acquisition, Vimian entered a new product category with veterinary surgical instrumentation and expanded its portfolio of high-quality orthopedic implants for companion animals. Such developments are expected to fuel market growth over the forecast period.

Moreover, if any companion animal or large animal requires surgery, currently electrosurgery is adopted for veterinary surgery. For instance, as per the data updated by the Copeland Veterinary Hospital in January 2022, during soft-tissue surgery of animals electrosurgery is most preferred. Electrical current can precisely cut biological tissue with lesser blood loss. In hospital operating rooms or during outpatient treatments, electrosurgical devices are routinely utilized during surgical operations to assist prevent blood loss. Thus, the increasing adoption of companion animals globally and the advantages of electrosurgery are hence expected to fuel market growth.

Therefore, the market is expected to witness growth over the forecast period owing to the factors mentioned above. However, the increasing cost of pet care is anticipated to hamper the market growth over the study period.

Key Market TrendsSmall Animal Segment is Anticipated to Witness Growth Over the Forecast Period

The small animal segment in the veterinary electrosurgery market is expected to hold a major market share. Factors such as the increasing adoption of companion or pet animals globally coupled with increasing diseases among them are predicted to fuel segment growth during the analysis period.

The research article “A Text-Mining Based Analysis of 100,000 Tumours Affecting Dogs and Cats in the United Kingdom” published in October 2021, stated that when the research was conducted in collaboration with a group of scientists from the United Kingdom and Spain, cancer was found to be a major reason for veterinary consultation in the United Kingdom. Especially in companion animals’ cancer was found to be more prevalent. Thus, the removal of tumors or cancer cells is necessary, which requires surgery. This is expected to create opportunities for electrosurgery among small animals. Thereby, driving the segment growth.

In addition, there has been a higher number of pet adoptions seen globally. But the adoption rate in the European countries is expected to have a positive impact on the studied market growth. As per Cooper Pet Care data updated in January 2022, there were approximately 140 million pet animals in the European Union (including Norway and Switzerland) in 2021. Among those pets, about 64 million were dogs and 76 million were cats. The data updated also reported that Estonia and Lithuania had a good balance of cat and dog populations, whereas Spain shows a much higher preference for dogs with their population surpassing the cat population by 3 million. This shows a high adoption of cats among the countries in various parts of the globe. This is further anticipated to contribute to the segment growth during the forecast period.

Thus, increased adoption of companion animals as pets in developed regions and increasing incidence and prevalence of diseases is expected to drive the segment growth during the analysis period.

North America is Expected to Dominate the Market during the Forecast Period

North America currently dominates the veterinary electrosurgery market, and it is expected to continue its stronghold for a few more years.

Among the other countries, the United States is expected to retain its significant market share. Factors such as rising animal adoption, a rise in insured pets, and increasing per capita animal healthcare expenditure. The increasing trend of pet adoption, along with the rising insurance for pets in the United States, is predicted to propel market growth. For instance, as per the North American Pet Health Insurance Association (NAPHIA), 4.41 million pets were insured in North America at the end of 2021. Additionally, as per the source mentioned above, the average monthly cost of pet insurance is USD 50 for dogs and USD 28 for cats for plans that cover both accidents and illnesses. Moreover, as per the American Pet Products Association, USD 123.6 billion was spent on pets in the United States in 2021, which increased from around USD 99.0 billion in 2020. This expenditure by pet owners is creating a demand for surgeries for pet treatment. This is further anticipated to create opportunities for veterinary electrosurgery. Thereby, driving the market growth.

Moreover, companion animal or pet ownership is increasing in other countries in the region such as Canada and Mexico recently. The data published by “Pet Keen” in May 2022 shows that an estimated 38% of Canadian households own a cat, while 35% own a dog. Also, the source mentioned above estimated that pet owners in Canada are spending more money on their pets than before. As per the source mentioned above, 17% of pet owners in Canada are willing to spend more than USD 500 every year for their pet healthcare. In addition, several research shows that cancer is more prevalent among pet dogs and cats and hence, awareness about the same is increasing among pet owners. This increasing awareness among pet parents is expected to create demand for veterinary electrosurgery in the country, driving the studied market growth.

Therefore, the aforementioned factors are attributed to the growth of the studied market in North America and are anticipated to witness growth in the region over the forecast period.

Competitive Landscape

The veterinary electrosurgery market is moderately competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market. Some of the companies which are currently dominating the market are Symmetry Surgical, Inc., DRE Veterinary, B. Braun Melsungen AG, Medtronic, Eickemeyer Veterinary Equipment Ltd, Summit Hill Laboratories, Kwanza Veterinary, Burtons Medical Equipment, Ltd., and Integra Lifesciences Holdings Corporation, among others.

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