Veterinary orthopedic implants are medical devices used for the fixation and stabilization of pet bones and joints that are damaged due to trauma, arthritis, and other causes. Veterinary orthopedic implants include plates, screws, pins, wires, and prosthetics, which help restore function and mobility in pets. Rising pet adoption rates worldwide has increased the risk of joint problems and injuries among pets, driving the demand for orthopedic implants.
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 Key Trends:
One of the key trends driving the growth of the veterinary orthopedic implants market is the increasing rate of pet adoption. According to the American Society for the Prevention of Cruelty to Animals (ASPCA), around 6.5 million companion animals enter U.S. animal shelters nationwide every year. Of those, approximately 3.3 million are dogs and 3.2 million are cats. However, many of these animals are adopted and taken into new homes, leading to a rise in the pet population. More companion animals imply a proportionate rise in the risk of orthopedic injuries and joint issues due to increased vigorous play and other physical activities. With growing pet care expenditures, owners are increasingly opting for advanced veterinary orthopedic procedures involving implants. This is positively impacting the demand for and sales of veterinary orthopedic implants.
Segment Analysis
The global veterinary orthopedic implants market is dominated by the hip/knee reconstruction implants segment. Canine hip dysplasia and cruciate ligament rupture are among the most common orthopedic conditions in dogs, which require surgical implantation of hip/knee implants. These implants aim to restore joint functionality and provide long term pain relief. Hence, the increasing incidence of such conditions in pet animals drives the demand for hip/knee reconstruction implants.
Key Takeaways
The Global Veterinary Orthopedic Implants Market Size 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 currently dominates the global veterinary orthopedic implants market owing to rising pet ownership, higher spending on pet care and developed healthcare infrastructure for veterinary care in the region. According to recent surveys, around 67% of households in the United States own a pet. this high pet ownership coupled with growing pet humanization and willingness to spend on pet healthcare helps drive revenue growth of veterinary orthopedic implants market in North America. Europe is expected to be the fastest growing regional market during the forecast period owing to increasing demand from countries like Germany, UK and France.
Key players
Key players operating in the veterinary orthopedic implants 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.
Explore more information on this topic, Please visit -
https://www.insightprobing.com/veterinary-orthopedic-implants-market-share-and-demand-analysis-2/
