PUBLISHER: Persistence Market Research | PRODUCT CODE: 1469268
PUBLISHER: Persistence Market Research | PRODUCT CODE: 1469268
Persistence Market Research has recently conducted an in-depth analysis of the Veterinary Arthroscopy Devices Market, providing a comprehensive report on the global landscape. This report offers key insights into market dynamics, trends, opportunities, and challenges, offering a detailed overview of the market structure. The research publication presents exclusive data and statistics, projecting the anticipated growth trajectory of the Veterinary Arthroscopy Devices Market from 2021 to 2031.
The veterinary arthroscopy devices market is poised for consistent growth, projected to achieve a 5.6% Compound Annual Growth Rate (CAGR) between 2024 and 2031. As of 2024, the market's value stands at approximately US$ 382.49 million.
Key Insights:
Veterinary Arthroscopy Devices Market - Report Scope
Increasing occurrences of degenerative joint diseases such as lameness, joint swelling, muscle atrophy, pericapsular fibrosis, and crepitation in dogs and cats are fueling the demand for veterinary arthroscopy devices worldwide. The growing awareness about arthroscopic procedures among pet owners and veterinarians is driving the adoption of arthroscopy in companion animals.
Arthroscopy offers several advantages over arthrotomy, making it the preferred treatment for joint diseases in companion animals, particularly due to the smaller size of their joints.
Market expansion has been further propelled by consolidation activities like mergers and acquisitions among leading arthroscopic device manufacturers. For example, in April 2021, Trice Medical acquired Tenex Health, enhancing the company's ability to provide innovative, affordable, and portable diagnostic tools with excellent image quality to general and specialty veterinarians in both small animal and equine practices.
Market Growth Drivers
Increasing Prevalence of Degenerative Joint Diseases: The rising incidence of degenerative joint diseases such as lameness, joint swelling, muscle atrophy, and crepitation in dogs and cats is driving the demand for veterinary arthroscopy devices. As pets live longer and face age-related joint issues, the need for minimally invasive diagnostic and treatment options grows.
Growing Awareness and Adoption of Arthroscopic Procedures: Pet owners and veterinarians are becoming more aware of the benefits of arthroscopic procedures compared to traditional open surgeries (arthrotomy). The minimally invasive nature of arthroscopy, along with its potential for faster recovery times and reduced post-operative complications, is driving its adoption in companion animal care.
Advantages of Arthroscopy over Arthrotomy: Arthroscopy offers several advantages over arthrotomy, particularly in smaller joints. These advantages include reduced tissue trauma, less post-operative pain, faster recovery times, and better visualization of joint structures, leading to improved surgical outcomes.
Market Restraints
Cost of Equipment and Procedures: The initial investment required for purchasing arthroscopic equipment and the cost of performing arthroscopic procedures can be significant. This may limit adoption, especially among smaller veterinary practices or in regions with limited financial resources.
Lack of Skilled Personnel: Performing arthroscopic procedures requires specialized training and expertise. The shortage of skilled veterinary surgeons proficient in arthroscopy techniques may hinder the widespread adoption of these procedures, particularly in areas with limited access to specialized training programs.
Regulatory Hurdles: Stringent regulatory requirements for the approval and marketing of veterinary arthroscopy devices may pose challenges for manufacturers, leading to delays in product launches and market entry. Compliance with regulatory standards can also increase development costs and time to market.
Opportunities
Expansion into Emerging Markets: There is significant potential for market expansion in emerging economies with growing pet ownership rates and increasing expenditure on veterinary care. Manufacturers can capitalize on these opportunities by expanding their presence in these markets and adapting their products to meet local needs and preferences.
Development of Advanced Technologies: Continued investment in research and development can lead to the creation of more advanced arthroscopic devices with enhanced imaging capabilities, improved ergonomics, and greater versatility. Innovations such as robotic-assisted arthroscopy and augmented reality systems could revolutionize the field and open up new avenues for growth.
Focus on Minimally Invasive Techniques: With a growing emphasis on minimally invasive surgical techniques, there is a demand for arthroscopic procedures that offer faster recovery times, reduced post-operative pain, and improved outcomes. Manufacturers can capitalize on this trend by developing innovative arthroscopic instruments and accessories that further minimize tissue trauma and improve patient outcomes.
Competitive Intelligence and Business Strategy
In July 2020, Trice Medical forged a strategic partnership with Dr. Sherman Canapp and Dr. Debra Canapp at Canapp Sports Medicine LLC, resulting in the launch of the pioneering veterinary portable tablet. This innovative device seamlessly integrates a disposable needle arthroscope with high-quality ultrasound technology, catering to the evolving needs of veterinary practitioners.
Similarly, in May 2021, Stryker Corporation finalized its acquisition of OrthoSensor, Inc., reinforcing its commitment to advancing orthopedic care. This strategic move expands Stryker's product portfolio and strengthens its position in the veterinary arthroscopy devices market, empowering veterinarians with cutting-edge solutions for enhanced patient care and outcomes.
Key Companies Profiled
Veterinary Arthroscopy Devices Market Segmentation:
Veterinary Arthroscopy Devices Market by Product:
oArthroscopes
oArthroscopy Sheaths
oArthroscopy Fluid Management Systems
oArthroscopy Visualization Systems
oArthroscopic Shaver Systems
oArthroscopy Radiofrequency Devices & Wands
oCanine Arthroscopy Sets
oVeterinary Arthroscopy sets
oArthroscopy Punches
oBiopsy Forceps
oGrasper Forceps
oArthroscopic Scissors
oSuture Cutters & Knot Pushers
oSuture Passing Wires & Suture Retrievers
oChondro Picks
oTrocars and Cannula Sets
oMeniscectomy Instrument Sets
oArthroscopy Suture Anchors Implants
oDisposable Arthroscopy Needles
oDisposable Shavers
Veterinary Arthroscopy Devices Market by Animal:
Veterinary Arthroscopy Devices Market by Procedure:
Veterinary Arthroscopy Devices Market by End User:
Veterinary Arthroscopy Devices Market by Region: