Veterinary Electrosurgery Market Size

Veterinary Electrosurgery Market Analysis

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

The COVID-19 pandemic significantly impacted the growth of the veterinary electrosurgery market during the initial phase of the pandemic due to a decline in veterinary hospital and clinic visits. For instance, according to the article published by the Frontiers in Veterinary Science Journal in February 2021, standard practices, such as routine animal check-ups and surgeries, were disrupted with the onset of the pandemic. As per the same source, dog owners feared the COVID-19 infection and spread, which led to a decrease in disease diagnoses for pets. However, the increasing adoption of pets during the pandemic led to an increased focus on animal welfare, due to which the market gained significant traction and is expected to witness stable growth during the forecast period.

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. The high number of pet adoptions is projected to drive the demand for electrosurgery devices during the forecast period. For instance, according to the People's Dispensary for Sick Animals (PDSA) Animal Wellbeing (PAW) report published in May 2023, the number of pets in the United Kingdom has increased over the years. In 2023, there were about 11.0 million dogs, 11.0 million cats, and 1.1 million rabbits in the United Kingdom. As per the same source, approximately 53% of United Kingdom adults own a pet in the country as of 2023. Thus, with many people owning pets, the demand for veterinary services, including surgeries, is expected to increase during the forecast period. As more people seek veterinary care for their pets, there will be a higher demand for advanced medical equipment and procedures like veterinary electrosurgery.

Furthermore, pet health insurance provides financial coverage for veterinary expenses, including surgeries and procedures, and the rising demand for pet health insurance is also likely to augment market growth during the study period. For instance, according to the State of the Industry report published by the North American Pet Association in May 2023, the gross written premium for insured dogs accounted for 87% of the total United States volume in 2022 compared to 88.4% in 2021. Thus, as the demand for pet health insurance grows, more pet owners will have access to comprehensive healthcare for their animals. This increased access to veterinary care, including elective procedures like electrosurgery, will drive the demand for veterinary electrosurgery equipment and services during the forecast period.

Moreover, the active participation of prominent players in launching advanced veterinary electrosurgery products is also set to drive market growth during the forecast period. For instance, in April 2021, SynDaver, an advanced biotechnology company focused on synthetic educational human and animal simulators, launched a new synthetic feline surgical training model. This innovative tool is designed to teach veterinary students how to perform feline spay surgeries without the fear of harming a live patient. Such developments are expected to fuel market growth over the forecast period.

Therefore, the market is expected to witness significant growth over the forecast period owing to factors such as increasing pet adoption, high demand for pet insurance, and various strategic developments by prominent players. However, the increasing cost of pet care is anticipated to hamper the market growth over the study period.