PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1570575
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1570575
The Global Veterinary Lasers Market was valued at USD 376.2 million in 2023 and is projected to grow at a CAGR of 9.8% from 2024 to 2032. The market's robust growth is primarily fueled by the rising prevalence of chronic diseases in animals, a trend further amplified by the adoption of advanced veterinary technologies aimed at improving healthcare outcomes.
Technological advancements in veterinary lasers are enhancing both therapeutic and surgical applications, thereby boosting market demand. These innovations have rendered laser surgeries more precise, less invasive, and notably effective, resulting in shorter recovery times and better outcomes for animals. In response to the growing demand for accessibility and convenience, major players are committed to delivering state-of-the-art technological innovations that cater to user needs, driving market expansion. A notable example is Erchonia's launch of the VGL Vet Laser System, touted as the world's first green and violet laser combo. This dual-wavelength device, which received FDA clearance for human use in 2023, is set to revolutionize veterinary care with its unparalleled treatment efficacy.
The veterinary lasers industry is segmented into animal type, product type, laser type, technology, modality, application, end-user, and region.
The market segments based on animal type include companion animals and livestock. In 2023, the companion animal segment led the market with a revenue of USD 287.4 million and is projected to grow at a CAGR of 9.7% during the forecast period. This segment's leadership is largely due to the rising prevalence of chronic diseases and heightened awareness of non-invasive procedures among pet owners. Furthermore, the growing adoption of pet insurance, an expanding pet population, and increased spending on pet care are significant drivers of this market.
The market classifies laser types into therapeutic lasers, surgical lasers, and dual application lasers. In 2023, the therapeutic lasers segment commanded a dominant market share of 61.1% and is expected to retain this position throughout the analysis period. Their dominance stems from a broad application range and proven efficacy in pain management, wound healing, and inflammation reduction. The rising incidence of chronic conditions, like arthritis and joint issues in pets, has further spurred the demand for therapeutic lasers.
In 2023, the U.S. led the North American veterinary lasers market with a valuation of USD 153.1 million and is poised for significant growth in the coming years. The U.S.'s leadership can be attributed to its advanced veterinary healthcare infrastructure and a swift adoption of innovative technologies. Coupled with a large pet population and heightened spending on pet healthcare, these factors amplify the demand for advanced laser treatments.