April 21, 2024

Veterinary Orthopedic Implants Market is Set For Healthy Growth Due To Advancements In Customized 3D Printing

The veterinary orthopedic implants market involves the manufacturing and usage of metal, polymeric and ceramic implants designed specially for veterinary usage. Veterinary orthopedic implants are used to replace or support damaged bones or joints in pets suffering from injuries, dysplasia or trauma. Implants such as bone plates, screws, pins/wires, prosthetics and custom femoral components are commonly used in surgical orthopedic repairs and replacements. Growing pet care spending and advancements in customized 3D printing of implants are driving the veterinary orthopedic implants market.

The Global Veterinary Orthopedic Implants Market is estimated to be valued at US$ 341.57 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in The Veterinary Orthopedic Implants are IBM Corporation, Hewlett Packard Enterprise, Infosys Limited, Wipro Limited, Capgemini SE, Cognizant Technology Solutions Corporation, TATA Consultancy Services Limited, Deloitte Touche Tohmatsu Limited, Accenture plc, PAREXEL International Corporation, PwC International Limited, IQVIA Holdings Inc., Tata Technologies Limited, Computer Sciences Corporation (CSC), Eurofins Scientific SE. The key opportunities in the veterinary orthopedic implants market include increasing pet ownership rates globally, rising focus on preventive healthcare and growing incidence of osteoarthritis and bone injuries. Advancements in 3D printing technologies are enabling customized implants for animals with specific medical conditions and bone structures.

Market Drivers

One of the primary drivers augmenting the veterinary orthopedic implants market growth is the increasing expenditure on pet care globally. Owners are willing to spend more on surgical procedures and orthopedic implants to fix mobility issues in pets. Rising incidence of conditions like obesity and osteoarthritis due to inactive lifestyles is also driving the need for joint replacements. Moreover, advancements in 3D printing technologies are enabling customized implants tailored to an animal’s bone structure and medical history. This is expected to improve surgical outcomes and pet mobility.

Current challenges in Veterinary Orthopedic Implants Market
The veterinary orthopedic implants market is facing few challenges currently which are hampering its growth. Lack of awareness among pet owners regarding availability of orthopedic implants is one of the major challenge. Most of the pet owners are still not aware that advanced implants can help pets with orthopedic problems live a better quality of life. High cost of implants is another challenge as they are generally not covered under pet insurance which limits their adoption. Lack of skilled veterinary surgeons who can perform implant surgeries is also an issue in underdeveloped regions. Regulatory approvals for new implant products also take significant time which delays their commercial launch.

SWOT Analysis
Strength: Advanced material science and design capabilities allow for highly biocompatible implants. Growing companion animal ownership and their expenditure on healthcare supports demand.
Weakness: High costs of implants limit their access in price sensitive regions. Lack of specialty training reduces number of veterinary surgeons who can perform complex orthopedic surgeries.
Opportunity: Increasing incidence of orthopedic conditions in aging pet population indicates future growth potential. Emerging economies can be tapped through awareness programs and financing schemes.
Threats: Strict regulatory norms for new product approval delays market entry. Alternate treatments like stem cell therapy and medications pose competition.

Geographical Regions
North America currently dominates the veterinary orthopedic implants market in terms of value owing to high pet healthcare expenditure and rapid adoption of advanced technologies. The US contributes significantly to regional sales. Europe is second largest market supported by growing pet ownership across countries. Asia Pacific is fastest growing region for veterinary orthopedics driven by increasing disposable incomes, awareness and expanding veterinary infrastructure in large economies like India and China. Latin America and Middle East & Africa have untapped potential but require investments in veterinary healthcare ecosystem.

Fastest growing geographical region
Asia Pacific region is projected to grow at fastest pace in the veterinary orthopedic implants market during the forecast period. This is attributed to rising awareness about pet care, increasing per capita income levels and growing number of veterinary professionals in emerging countries like India and China. Expanding pet insurance coverage programs are also driving demand. Government support and private funding are helping establish modern veterinary healthcare infrastructure which will boost adoption of specialty implants in Asia Pacific.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it