The Veterinary Procedure Lights Market is expected to register a CAGR of 4.5% during the forecast period. This is attributing to the increasing number of people adopting pets, rising pet humanization and the rising rate of pet injuries. Due to changing lifestyle pet humanization is on the rise around the world and increasing adoption of a pet is influenced by the social and western lifestyle. Thus, an increasing number of people are treating a pet as a member of the family. Veterinary procedures lights are important in pet surgical procedures for better outcomes and thus results in a key driving factor of the market. Moreover, the awareness programs and government support initiatives with regards to veterinary will also boost the veterinary procedure lights market. For instance, In the United States, winter heaven association supports the human-animal bond and provides health quality services. In addition, the 2020 Healthy Pets healthy Families initiative (HPHF) was launched by the Veterinary Public Health Program (VPH) at the Los Angeles County Department of Public Health to enhance animal health. However, the high cost of the veterinary procedure may hamper the market.
Key Market Trends
Surgical Lights in Veterinary Procedure is Estimated to Witness a Healthy Growth in Future.
Surgical lights in veterinary procedures is estimated to witness a healthy growth in future attributing to rising awareness about pet safety and 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.
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. Moreover, veterinary healthcare is an integral part of United States economy wherein it represents 2% of the United States pharmaceutical market. As per, American Pet Product Association the overall expenditure in the pet market is increased by around 4% between 2016-2017. Thus, the increase in spending will propel the veterinary procedure lights market in this region. Also, the presence of well-established healthcare infrastructure is further fueling the growth of the overall regional market to a large extent.
The Veterinary Procedure Lights Market is fragmented competitive and consists of several major players. In terms of market share, few of the major players are currently dominating the market. Some of the companies which are currently dominating the market are Hill-Rom, Inc. (Welch Allyn), Medical Illumination, Midmark Corporation, Suburban Surgical Co., Inc., Sunnex Group, ACEM S.p.A, and MDS Incorporated.
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1.2 Scope of the Study
4.2 Market Drivers
4.2.1 Increasing Number of People Adopting Pets
4.2.2 Rising Pet Humanization
4.2.3 Rising Rate of Pet Injuries
4.3 Market Restraints
4.3.1 High Cost of Veterinery Procedure
4.3.2 Reimbursement Policies
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5.1.1 Examination Lights
5.1.2 Surgery Lights
5.1.3 Frontal Binocular Headlights
5.1.4 Frontal Binocular Microscope
5.2 By End User
5.2.1 Veterinery Hospitals
5.2.2 Veterinery Surgical Centers
5.3.1 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
22.214.171.124 South Africa
126.96.36.199 Rest of Middle-East and Africa
5.3.5 South America
188.8.131.52 Rest of South America
6.1.1 Hill-Rom, Inc. (Welch Allyn)
6.1.2 Medical Illumination
6.1.3 Midmark Corporation
6.1.4 Suburban Surgical Co., Inc.
6.1.5 Sunnex Group
6.1.6 ACEM S.p.A
6.1.7 MDS Incorporated
A selection of companies mentioned in this report includes:
- Hill-Rom, Inc. (Welch Allyn)
- Medical Illumination
- Midmark Corporation
- Suburban Surgical Co., Inc.
- Sunnex Group
- ACEM S.p.A
- MDS Incorporated