Veterinary Arthroscopy Devices Market Set to Reach USD 593.8 Million by 2031 | Persistence Market Research Report

Overview of the Veterinary Arthroscopy Devices Market

The global veterinary arthroscopy devices market has shown steady growth and is projected to continue expanding at a robust rate in the coming years. As of 2021, the market was valued at approximately USD 343.4 million and is expected to reach USD 593.8 million by 2031, growing at a compound annual growth rate (CAGR) of 5.6% from 2021 to 2031. This growth can largely be attributed to increasing awareness about the benefits of arthroscopic procedures, which are minimally invasive compared to traditional methods such as arthrotomy. As veterinary care continues to evolve, more pet owners and veterinarians are turning to arthroscopy for the diagnosis and treatment of joint diseases, particularly in companion animals like dogs and cats.

One of the leading factors driving market growth is the rising prevalence of degenerative joint diseases such as lameness, joint swelling, muscle atrophy, and crepitation, which are commonly found in animals. Additionally, the demand for veterinary arthroscopy devices is being fueled by advancements in technology, including the development of smaller, more affordable devices that are highly effective in diagnosing and treating joint disorders. The North American region, in particular, has emerged as the leading geographical segment due to the presence of a large pet population, increased adoption of advanced medical practices, and high awareness of veterinary healthcare. This region is expected to maintain its dominance throughout the forecast period.

Get a Sample PDF Brochure of the Report (Use Corporate Email ID for a Quick Response): https://www.persistencemarketresearch.com/samples/22909

Key Highlights from the Report

• The global veterinary arthroscopy devices market was valued at USD 343.4 million in 2021.
• It is projected to grow at a CAGR of 5.6% from 2021 to 2031.
• North America holds the largest market share due to high awareness and adoption of advanced veterinary care.
• Arthroscope and arthroscopic systems accounted for over 43% of the global market share in 2020.
• Customized arthroscopic devices have gained traction due to their cost-effectiveness and efficiency.
• The increasing use of minimally invasive procedures is driving the adoption of arthroscopy in veterinary medicine.

Market Segmentation

The veterinary arthroscopy devices market is primarily segmented based on product type, end-user, and animal type. Product-wise, the market can be divided into arthroscopes, arthroscopic systems, and accessories such as cameras, light sources, and fluid management systems. Arthroscopes and arthroscopic systems held a significant share of the market in 2020, and their demand continues to grow as these tools are essential for diagnosing and treating joint disorders in animals. The increasing preference for minimally invasive surgeries has led to an uptick in the adoption of these devices, especially in small animal practices.

In terms of end-users, the market is divided into veterinary hospitals, clinics, and research institutions. Veterinary hospitals and clinics dominate the market as they cater to the growing number of companion animals that require joint treatments. Furthermore, the demand for advanced diagnostic and therapeutic procedures in veterinary orthopaedics is also fueling growth in this segment. With rising pet ownership and awareness, the veterinary hospitals and clinics sector is expected to witness significant expansion in the coming years.

Regional Insights

North America leads the global veterinary arthroscopy devices market, accounting for a substantial market share due to the high adoption of advanced veterinary care and a large number of companion animals. In addition, the increasing awareness among pet owners about the benefits of arthroscopic treatments is a key driver in this region. Countries like the U.S. and Canada have also witnessed a rise in the number of veterinary hospitals and clinics equipped with advanced arthroscopic devices.

Europe follows closely behind North America in terms of market share, with the United Kingdom and Germany being prominent contributors. The rising demand for minimally invasive surgeries, particularly among pet owners in urban areas, has accelerated market growth in Europe. Additionally, the region benefits from robust veterinary healthcare infrastructure and the presence of key players in the veterinary medical device industry.

Market Drivers

The veterinary arthroscopy devices market is benefiting from several key drivers. The increasing prevalence of degenerative joint diseases in animals, particularly in dogs and cats, is a primary factor driving the demand for arthroscopic devices. These conditions necessitate timely and efficient interventions, and arthroscopy offers a minimally invasive alternative that reduces recovery time compared to traditional surgeries. Moreover, the growing awareness among pet owners and veterinarians about the advantages of arthroscopy is contributing to its widespread adoption.

Additionally, technological advancements are playing a significant role in propelling the market forward. The development of smaller and more cost-effective arthroscopes, along with the refinement of surgical instruments, is making these devices more accessible to veterinary clinics and hospitals. The rise in the preference for minimally invasive procedures has resulted in increased investments in the development of innovative arthroscopy solutions.

Market Restraints

Despite the positive outlook for the veterinary arthroscopy devices market, several factors may hinder its growth. One of the primary challenges is the high cost of advanced arthroscopic equipment. The upfront investment required for veterinary hospitals and clinics to adopt these technologies can be a barrier, especially in emerging markets where financial resources are limited. Additionally, the shortage of skilled veterinary professionals, particularly in smaller and rural clinics, can further restrict the widespread use of advanced arthroscopy devices.

Another key restraint is the pricing pressure faced by manufacturers. While innovation is essential for market growth, the rising costs associated with research and development, along with increasing competition, can squeeze profit margins. Furthermore, the prevalence of product recalls in the market, due to quality control issues or defects, can harm the reputation of manufacturers and hinder their growth prospects.

Market Opportunities

The veterinary arthroscopy devices market presents several growth opportunities, especially in the development of technologically advanced and cost-effective devices. Manufacturers are increasingly focusing on the launch of portable, user-friendly, and highly efficient devices that cater to the growing demand for minimally invasive surgical procedures. There is also a significant opportunity in the development of customized arthroscopy devices, which can provide better surgical outcomes while reducing costs and time for veterinary practices.

Furthermore, emerging markets in Asia Pacific and Latin America present untapped opportunities for manufacturers. As the pet population grows and veterinary care continues to improve in these regions, the demand for arthroscopic procedures and devices is expected to increase. Collaborations and partnerships with local distributors and veterinary clinics can further help market players expand their reach in these regions.

Reasons to Buy the Report

✔ Get comprehensive insights into the global veterinary arthroscopy devices market, including size, trends, and forecasts.
✔ Understand the key drivers and restraints influencing market growth and how to navigate them.
✔ Identify growth opportunities in emerging markets and develop strategies to capitalize on them.
✔ Access a detailed analysis of the competitive landscape and the latest technological advancements.
✔ Make informed business decisions with the help of up-to-date market intelligence and expert recommendations.

Company Insights

Key players in the veterinary arthroscopy devices market include:

• Arthrex Inc.
• Stryker Corporation
• Smith & Nephew plc
• Zimmer Biomet
• DePuy Synthes (Johnson & Johnson)
• Trice Medical

Recent Developments:

1. In April 2021, Trice Medical acquired Tenex Health, enhancing its ability to provide portable and affordable diagnostic tools for veterinary practices.

2. Stryker Corporation launched an innovative line of arthroscopic devices tailored to small animal veterinary care, improving diagnostic precision and surgical outcomes.

In conclusion, the veterinary arthroscopy devices market is poised for significant growth, driven by technological advancements, increased demand for minimally invasive procedures, and rising awareness of joint diseases in animals. Despite challenges like pricing pressures and the need for skilled professionals, the market holds promising opportunities for both established and emerging players.

About Persistence Market Research:

At Persistence Market Research, we specialize in creating research studies that serve as strategic tools for driving business growth. Established as a proprietary firm in 2012, we have evolved into a registered company in England and Wales in 2023 under the name Persistence Research & Consultancy Services Ltd. With a solid foundation, we have completed over 3600 custom and syndicate market research projects, and delivered more than 2700 projects for other leading market research companies' clients.

Our approach combines traditional market research methods with modern tools to offer comprehensive research solutions. With a decade of experience, we pride ourselves on deriving actionable insights from data to help businesses stay ahead of the competition. Our client base spans multinational corporations, leading consulting firms, investment funds, and government departments. A significant portion of our sales comes from repeat clients, a testament to the value and trust we've built over the years.

Contact Us:

Persistence Market Research
G04 Golden Mile House, Clayponds Lane
Brentford, London, TW8 0GU UK
USA Phone: +1 646-878-6329
UK Phone: +44 203-837-5656
Email: sales@persistencemarketresearch.com
Web: https://www.persistencemarketresearch.com

This release was published on openPR.