Veterinary orthopedic implants are medical devices used to treat traumatic bone injuries and congenital malformations in animals. These implants help stabilize broken bones and aid in fracture healing. They include plates, screws, nails, and pins made from titanium or stainless steel. Demand for veterinary orthopedic implants has grown in tandem with the rise in pet adoption and increasing animal healthcare expenditure. Owners are now willing to spend more on advanced medical procedures to ensure the well-being and comfort of their pets.
The global Veterinary Orthopedic Implants Market is estimated to be valued at Us$ 296.05 Mn in 2023 and is expected to exhibit a CAGR Of 10% 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 veterinary orthopedic implants market is increased animal healthcare expenditure. Pet owners around the world are spending significantly more on animal wellness and medical procedures. Advanced implants have allowed veterinarians to successfully treat severe injuries that may have required euthanasia in the past. Implants restore mobility in pets and improve their quality of life. Growing humanization of pets has driven greater spending on joint surgeries, limb amputations, fracture repair and other orthopedic procedures. Rising disposable incomes and growing awareness about animal healthcare options is expected to further support market growth over the forecast period.
Segment Analysis
The global veterinary orthopedic implants market is segmented on the basis of product type, application, end user and region. By product type, the plates/screws segment dominates the market and accounts for the largest share. Plates and screws are commonly used orthopedic implants for fractures. The ease of application and availability of wide range of plates and screws for fracture fixation of different bones drives the growth of this segment.
Key Takeaways
The Global Veterinary Orthopedic Implants Market Demand is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis:
North America dominates the global market and accounts for majority share. High pet care expenditure and availability of advanced veterinary healthcare facilities in countries like the US and Canada contribute to the large share of North America. Asia Pacific is expected to witness fastest growth owing to growing animal health awareness and rising adoption of pets in countries like India and China.
Key players:
Key players operating in the veterinary orthopedic implants market are IBM Corporation, Hewlett Packard Enterprise, Infosys Limited, Wipro Limited, Capgemini SE. They focus on new product launches and strategic collaborations to gain market share. For instance, IBM recently partnered with veterinary hospitals to provide cloud based practice management software solutions.
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