The rising in the animal population, new product launches, and strategic collaboration, are key factors contributing to the high CAGR of the Veterinary Electrosurgery market during the forecast period.
New York, April 08, 2020 (GLOBE NEWSWIRE) — According to the current analysis of Reports and Data, the global Veterinary Electrosurgery Market valued at USD 54.42 million in 2019 and is expected to reach USD 104.71 million by the year 2027, at a CAGR of 8.4%. Electrosurgery is a method of treatment where electric currents are used to cut, coagulate the tissues and control the bleeding with more convenience, especially in the hard-to-reach areas, the procedure is also conducted in animal surgery as it ensures increased precision and is a minimally invasive treatment. Electrosurgery is an effective treatment option for animals with tumors. The rise in the demand for Pet health insurance, especially in the developed countries, availability of skilled and experienced physicians for treatment, awareness among people for providing better medical facilities to the animal, and the accessibility to the animal care centers and hospitals are boosting the growth of the market. The rise in companion animal population and the rise in the disposable income among the people for their Pets is further promoting market growth. However, the high cost of expenditure for pet care and treatment and the lack of awareness among people for veterinary electrosurgery is the primary factors hindering the growth of the market.
According to the National Pet owners survey for the year, 2019-2020 was conducted by the American Pet Products Association (APPA) had estimated that 67 % of U. S households, i.e., about 85 million families, own a pet. There are about 14 million small animals owned in the U.S.
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Covid-19 Impact on the market:
The recent outbreak of COVID-19 disease caused by a novel strain of coronavirus has created certain unique upheavals in the veterinary market. According to the surveys and interviews which we conduct regularly, many manufacturers are pointing out a muted demand for products in the coming months, on account of the global economy stalling and massive disruptions in the supply chain. Due to the impending lockdown in many countries, pet and livestock owners are expected to take their animals to veterinarians for getting treated. However, the recent case of a tiger at Bronx Zoo in New York City testing positive for COVID-19 (reported by New York Times on 6th April 2020) is changing our understanding of this disease. COVID-19 could also be transmitted from humans to animals, as was evidenced by this case where the tiger was infected by a zookeeper. Now whether the symptoms are likely to develop in an aggravated manner, more than in humans is yet to emerge. Also, if this trend continues, surgeries might be required due to which demand for electrosurgery equipment might increase. Also, the lockdown has created a huge shortage of equipment because of supply chain disruptions due to which the electrosurgery market might see a negative impact in the short run. While China is slowly bringing facilities back online, the focus is shifting from an issue of supply (production) to demand as the broader, structural impact of the coronavirus outbreak widens. The key markets which are expected to face sales tanking include Greater China, Europe and North America, although virtually every territory faces the prospect of some degree of demand distortion in the coming months.
Further key findings from the report suggest
- Symmetry Surgical in January 2020 acquired, the O.R. Company the company is involved in developing, manufacturing, and produces high quality of innovative surgical devices this acquisition would help Symmetry Surgical to expand its product portfolio in the minimally invasive surgical instrument. This acquisition would strengthen Symmetry Surgical to deliver cost-effective solutions for patient care, especially in gynecological and laparoscopic procedures.
- B. Braun Melsungen AG, in the year 2018, signed an agreement to acquire the bloodlines business of (NxStage). This acquisition was done to expand the B. Braun product portfolio in dialysis.
- Asia Pacific in the regional segment has obtained the highest CAGR of 9.5% in the forecast period due to the upsurge in the adoption of pets in the region and increase veterinary practices.
- North America has held the largest share of 35.1% in the year 2018 in the regional segment due to the increase in demand for Pet insurance in the region
- Medtronic, in February 2020, acquired Digital Surgery company. The company is based on surgical artificial intelligence; this acquisition was to strengthen Medtronic in a robotic-assisted surgery platform and to expand the company’s product portfolio.
- In the year 2016, Bovie renewed its Bovie 1250S-V, Specialist | PRO, 120-watt electrosurgical generator with the combination of Smoke Shark; it is a smoke evacuator. It provides a complete and precise energy system along with safe and effective smoke particle capture capabilities. Smoke Shark consists of four-stage filters to effectively capture the smoke and particle in the surgical site and offers 99.99 %efficiency.
- Medtronic in January 2020 announced the acquisition of Stimgenics, LLC, Stimgenics are involved in novel spinal cord stimulation (SCS) waveform known as Differential Target Multiplexed (DTM) Spinal Cord Stimulation. This acquisition was done to improve the Medtronics product portfolio in the treatment of chronic pain.
- Symmetry Surgical Inc. (U.S.), Covetrus Inc. (U.S.), DRE Veterinary (U.S.), B. Braun Melsungen AG (Germany), Medtronic (Ireland), Eickmeyer (U.S.), Summit Hill Laboratories (U.S.), Kwanza Veterinary (India), Burtons Medical Equipment Ltd. (U.K.), Integra Lifesciences Corporation (U.S.), LED SpA, and Keebovet Veterinary (U.S.) are the key players in the Veterinary Electrosurgery Market.
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For this purpose, Reports and Data have segmented the Veterinary Electrosurgery Market on the basis of products, applications, end use, and region.
Products Outlook (Revenue in Million USD; 2017–2027)
- Bipolar Electrosurgery Instruments
- Monopolar Electrosurgery Instruments
Applications Outlook (Revenue in Million USD; 2017–2027)
- General Surgery
- Dental Surgery
- Gynecological Surgery
- Urological Surgery
- Ophthalmic Surgery
- Orthopedic Surgery
- Other Applications
End Use Outlook (Revenue in Million USD; 2017–2027)
- Veterinary Hospitals
- Veterinary Clinics
Regional Outlook (Revenue in Million USD; 2017–2027)
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/veterinary-electrosurgery-market
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