by The 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 Overview:
Veterinary orthopedic implants are medical devices used to treat orthopedic conditions in animals such as fractures, sprains, dislocated joints, and bone fractures. Key product types include plates, screws, pins/wires, and rods. Plates are flat metal implants used to stabilize bone fragments during fracture healing. Screws are metal implants that are screwed into bones to attach implants such as plates. Pins/wires are thin metal implants used to hold bone fragments in proper alignment. Rods are cylindrical implants inserted into the medullary canal of long bones such as femur and humerus for internal fixation. These implants are generally made of stainless steel or titanium due to their biocompatibility. They are used by veterinary surgeons and specialists to treat various orthopedic injuries and disorders in companion animals like dogs, cats, and horses.
Market Dynamics:
Increasing pet adoption and rising awareness about animal health are some of the key factors driving the growth of the veterinary orthopedic implants market. According to the American Pet Products Association (APPA), around 90.5 million cats and 78.2 million dogs were kept as pets in 2021 in the US. As pet adoption increases, so does the risk of orthopedic injuries or conditions in animals. This will boost the demand for orthopedic implants during the forecast period. Additionally, growing disposable income and rising expenditure on pet healthcare is also fueling the market growth. However, high costs associated with veterinary orthopedic surgeries and implants may restrain the market to a certain extent.
Segment Analysis:
The veterinary orthopedic implants market can be segmented into total knee replacement, total hip replacement, trauma implant, and others. Among these, the total hip replacement segment dominated the market in 2023 and is expected to maintain its dominance during the forecast period. This is because hip dysplasia is a common orthopedic problem observed in canines, which can be treated effectively through total hip replacement surgeries.
PEST Analysis:
- Political: Regulations regarding animal health and welfare are becoming more stringent across regions, favoring market growth.
- Economic: Rising pet adoption and increasing pet healthcare expenditure are driving demand.
- Social: Growing humanization of pets and perception of them as companions is increasing orthopedic procedures.
- Technological: Advancements in implant designs and materials are improving outcomes and biocompatibility.
Key Takeaways:
The Global Veterinary Orthopedic Implants Market Size is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing pet ownership and humanization. The market size for 2023 is US$ 296.5 Mn.
Regional analysis: North America dominates the market currently due to high pet care expenditure and number of veterinary practitioners. Asia Pacific is expected to grow at the fastest pace owing to rising awareness, improving veterinary infrastructure and increasing disposable incomes.
Key players: 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, Inc. The major players are focusing on new product launches and geographical expansion to gain more market shares.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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