The global Veterinary Orthopedic Implants Market is estimated to be valued at Us$296.5 Million in 2023 and is expected to exhibit a CAGR Of 5.9% over the forecast period of 2023-2030, according to a new report by Coherent Market Insights.
Market Overview:
The veterinary orthopedic implants market refers to medical devices that are used for the treatment of musculoskeletal disorders in animals. These implants are made from biocompatible materials and are designed to provide stability and support to injured bones and joints. The market is driven by the increasing prevalence of orthopedic disorders in animals, as well as the growing number of pet owners who are willing to spend on advanced veterinary care. Additionally, advancements in implant materials and surgical techniques are further contributing to market growth.
Market Key Trends:
One key trend in the veterinary orthopedic implants market is the increasing adoption of minimally invasive surgical procedures. These procedures offer several advantages over traditional open surgeries, including smaller incisions, reduced post-operative pain and scarring, faster recovery times, and lower risk of complications. They also result in better clinical outcomes and improved patient satisfaction. As a result, veterinary surgeons are increasingly opting for minimally invasive techniques, driving the demand for specialized implant systems that are compatible with these procedures. This trend is expected to continue growing in the forecast period, shaping the market for veterinary orthopedic implants.
Segment Analysis:
The veterinary orthopedic implants market can be segmented based on product type, animal type, and end-user. In terms of product type, the market can be divided into implants, bone plates, screws, pins & wires, and others. Among these, the implants segment dominates the market. This can be attributed to the increasing prevalence of orthopedic injuries and disorders in animals, as well as the rising demand for advanced and minimally invasive surgical procedures in veterinary medicine. Implants offer stability and support to fractured or damaged bones, promoting faster healing and recovery. Thus, the implants segment is expected to witness high growth throughout the forecast period.
Key Takeaways:
The veterinary orthopedic implants market is expected to witness high growth, exhibiting a CAGR of 5.9% over the forecast period (2023-2030). This growth can be attributed to several factors. Firstly, there is a growing prevalence of orthopedic injuries and disorders in animals, which is driving the demand for veterinary orthopedic implants. Additionally, advancements in veterinary medicine, such as the development of minimally invasive surgical procedures and advancements in implant materials, are further fueling market growth. Furthermore, increasing pet ownership and the rising trend of pet humanization are contributing to the growth of the market.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the veterinary orthopedic implants market. This can be attributed to factors such as the presence of a well-established healthcare infrastructure, high pet ownership rates, and increasing awareness regarding animal healthcare. Furthermore, the region has a large number of key players operating in the market, contributing to its dominance in the global market.
Key players operating in the veterinary orthopedic implants market include 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. These key players are focusing on strategies such as mergers and acquisitions, partnerships, and product innovations to strengthen their market position and gain a competitive edge.
