The global Veterinary Surgical Instrument Market size is
expected to reach USD 1.33 billion by 2025, according to a new report by Grand
View Research, Inc., exhibiting a CAGR of 6.8% during the forecast period.
Surging demand for pet adoption is estimated to drive the market during the
forecast period. Increasing income in developing countries has also driven the
market. For instance, according to a report by the American Veterinary Medical
Association, in 2017, around 46.0% household had multiple types of pets in the
U.S.
Furthermore, key players implement strategies such as mergers and
acquisitions to sustain in this competitive market. For instance, in 2014,
Neogen Corporation acquired SyrVet Incorporated and Prima Tech Incorporated in
a probe to expand its product portfolio.
Moreover, technological
advancements in surgical devices and availability of a number of detection
techniques are anticipated to create growth opportunities for the market. Some
of these are micro fracture detection, laparoscopy, and 3D printing. For
instance, in October 2016, Surgical Holdings launched reusable surgical
instruments for general surgeries in an attempt to cut the cost of the
instruments.
Further key findings from the report suggest:
- Handheld devices accounted for the largest
revenue share in 2017, owing to their multipurpose use and ease of
handling
- On the basis of animal type, the small animal
segment is projected to exhibit lucrative growth over the forecast period
owing to growing incidence of pet adoption and surging demand for
efficient care
- Based on application, the dental surgery
segment is poised to dominate the market throughout the forecast period
due to increasing prevalence of periodontal diseases and rising demand for
pet dental cure
- North America held the dominant position in the
global arena in 2017, due to favorable pet insurance policies and new
product launch by companies. For instance, in February 2016, DRE
Veterinary launched a new radiology unit named DRE Stationary DR X-ray
System
- Asia Pacific is anticipated to witness
lucrative growth during the forecast period due to rising demand for pet
adoption and growing income, especially in Japan and India
- Some of the key companies in the market are
Medtronic, DRE Veterinary, B. Braun Vet Care GmbH, and Jorgen Kruuse A/S.
Browse Details of Report @ https://www.grandviewresearch.com/industry-analysis/veterinary-surgical-instruments-market
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