by The global veterinary orthopedic implants market is engaged in the manufacturing and marketing of orthopedic implants intended for pets and other companion animals. Orthopedic implants are used to repair or reconstruct the skeletal portions of animals like bones and joints that may have been damaged due to injuries, other medical conditions, or in late-stage osteoarthritis. Common orthopedic implants used in veterinary applications include bone plates, screws, pins/wires, prosthetics, and external fixators. These finds widespread usage in pet dogs, cats and horses. With rising incidents of orthopedic injuries and disorders among companion animals coupled with increasing pet adoption worldwide, the demand for veterinary orthopedic implants is growing steadily.
The global veterinary orthopedic implants market is estimated to be valued at US$ 296.5 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing Pet Ownership- As mentioned in the heading, one of the key drivers propelling the veterinary orthopedic implants market is the rising pet adoption worldwide. According to recent surveys, over 67% of households in the U.S. own a pet. This number is growing globally as more people are getting companion animals like dogs and cats for company. With higher pet population comes increased risks of orthopedic injuries necessitating the need for implant procedures and devices.
Product Advancements- Continuous technological improvements in veterinary orthopedic implant designs, materials and application techniques are also fueling the market growth. Implant manufacturers are focusing on developing innovative implants with features like enhanced biocompatibility, improved mechanical strength and minimally invasive insertion methods. This is making implant surgery more effective and successful for veterinarians to treat various bone and joint conditions in pets.
Segment Analysis
The veterinary orthopedic implants market can be segmented into joint replacement, trauma fixation, and others. The joint replacement segment dominated the market with a share of over 50% in 2023. This is due to the increasing incidence of osteoarthritis and joint diseases in pet animals. The trauma fixation segment is also expected to grow at a significant rate during the forecast period due to rising number of road accidents and sports injuries among pets.
PEST Analysis
Political: Regulations supporting animal healthcare and anti-cruelty laws have positively impacted the veterinary orthopedic implants market.
Economic: Growing pet ownership rates and increase in disposable income have augmented the demand for advanced veterinary medical care including orthopedic implants.
Social: Strong bonds between pet owners and their animals have driven willingness to spend on veterinary healthcare including costly orthopedic procedures to treat injuries.
Technological: Adoption of 3D printing and robotic technologies by market players for designing customized implants tailored for individual patient anatomy has boosted the market.
Key Takeaways
The Global Veterinary Orthopedic Implants Market Demand is expected to witness high growth over the forecast period. The global Veterinary Orthopedic Implants Market is estimated to be valued at US$ 296.5 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.
North America dominated the market in 2023 attributed to rising animal healthcare expenditure and advanced veterinary medical infrastructure in the region. Key players operating in the veterinary orthopedic implants market are B. Braun Vet Care GmbH, BioMedtrix, LLC, IMEX Veterinary, Inc., Innoplant Medizintechnik GmbH, KYON AG, Orthomed (UK) Ltd., BLUESAO Co. Ltd., New Generation Devices (NGD), Johnson & Johnson, MWI Animal Health, AmerisourceBergen Corporation, Platon Japan Co., Ltd., Veterinary Orthopedic Implants, NORER Orthopedic & Dental, OC Oerlikon Management AG, Jindal Medi Surge, Inc., and Mercury Orthopedics and Design.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
