The global Veterinary Electrosurgery Market was valued at USD 54.42 Million in 2019 and is expected to reach USD 104.71 million by the year 2030, at a CAGR of 8.4%. Electrosurgery is a treatment method, used to cut, coagulate the tissues and control the bleeding by the use of electric current as it offers more convenience in the treatment, especially in the hard-to-reach areas; it is also done in animal surgery as it provides increased precision and requires minimal incision for conducting the procedure.
Electrosurgery is an effective treatment option for animals with tumors. The increase in the demand for Pet health insurance, especially in the developed economies, awareness among people for providing better medical facilities to the animal, availability of skilled physicians for treatment, and animal care centers and hospitals are boosting the growth of the market. The rise in the disposable income among the people for their Pets and the rising companion animal population is further enhancing the market growth. However, the lack of awareness among people for veterinary electrosurgery and high expenditure cost for pet care and treatment, and are the primary factors hindering the growth of the market.
In the year 2019, the North American Pet Health Insurance Association (NAPHIA) had reported that the pet health insurance sector of the U.S. and Canada would reach USD 2.43 million by 2018. Dogs had represented 88.9 % of in-force gross written premium in 2018.
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.
Key Coverage of the Report
Salient Trends of the Veterinary Electrosurgery Market
Companies considered and profiled in this market study
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.
Segments covered in the report
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2019-2026 For the purpose of this study, 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; 2019–2030)
Applications Outlook (Revenue in Million USD; 2019–2030)
End Use Outlook (Revenue in Million USD; 2019–2030)
Regional Outlook (Revenue in Million USD; 2019–2030)