Market Trends of Veterinary Procedure Lights Industry
Surgical Lights in Veterinary Procedure is Estimated to Witness a Healthy Growth Over the Forecast Period
Surgical lights in veterinary procedures are estimated to witness a healthy growth in future attributing to rising awareness about pet safety, increasing injuries and surgical procedure related to pet. Surgical lights are the device used during the veterinary procedure to assist the pet specialist and make it more convenient to give better outcomes. The rising number of hospitals in developing countries with increasing acceptance of advanced LED surgical lights are some more factors propelling the segment growth. For instance, in November 2022, Noe Animal Hospital officially opened and now offers the full spectrum of veterinary services to San Francisco and the surrounding neighbourhoods. Services offered at the new Noe Animal Hospital include wellness check-ups, vaccinations, microchipping, dental care, soft tissue surgeries, including spaying and neutering, urgent medical care, and chronic disease management.
Furthermore, rapid technological advancements and more expenditure on animal healthcare, devices and instruments have been becoming better, safer, and more precise. Adoption of key strategies to advance surgical care for animals will also boost the market. For instance, in April 2022, Orthomed entered into a partnership with Osso VR to bring RoVR surgical training to the animal health market. This first-of-its-kind training technology allows veterinarians to practice procedures anytime, anywhere in virtual reality (VR). Such technological integration will improve the efficiency of surgical procedures, hence increasing the number of surgeries performed, thus driving the market.
Thus, due to the increase in veterinary surgeries, and launch of veterinary clinics the studied segment is likely to witness a significant market growth over the forecast period.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to hold a significant market share in the global veterinary procedure lights market due to the increasing adoption of pets and the rising prevalence of veterinary diseases. For instance, according to the 2021-2022 National Pet Owners Survey conducted by the American Pet Products Association (APPA), around 70% of US households own a pet, equating to 90.5 million homes, including 45.3 million cats and 69 million dogs. The rising instances of pet insurance in the country are also expected to boost market growth. For instance, according to the 2022 statistics published by the Insurance Information Institute, California (19.3%), New York (8.4%), and Florida (6.1%) are the three states with the highest percentage of insured pets. Thus, the growing pet adoption is leading to an increase in the focus on the availability of pet insurance. Due to the availability of pet insurance, pet owners are spending more on pet healthcare. This is creating opportunities for the development and availability of advanced and innovative veterinary procedure lights, thereby driving the market growth over the forecast period.
The development of products that make surgical procedures easier in the country and the use of key strategies like partnerships, investments, and expansion, among others, will also help in the market expansion. For instance, in June 2021, Veterinary Instrumentation (Vi) expanded into the United States market. The expansion provided the company's vast catalog of highly regarded veterinary products and educational courses to the North American market.
Thus, due to the increase in pet adoption, insurance policies and strategic activities by the key players, North America is expected to hold a significant market share over the forecast period.
