Veterinary orthopedic implants are used in veterinary orthopedic surgeries to repair damaged or diseased bones and joints in pets. The implants include bone plates, screws, pins & wires, and prosthetics. These implants help with veterinary orthopedic conditions such as osteoarthritis, bone fractures, cruciate ligament injuries, elbow dysplasia, and hip dysplasia. Adoption of advanced implants with features such as biocompatibility and minimal invasiveness is growing among veterinarians. 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, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The increasing number of pet owners and rising animal healthcare spending are major factors driving the growth of the pet care industry. According to the American Pet Products Association (APPA), around 90 million dogs and 86 million cats are owned as pets in the U.S. With growing pet ownership, the demand for veterinary healthcare services including orthopedic surgeries is rising rapidly. The availability of specialized implants catering to pet orthopedic conditions is fueling the adoption rate among veterinary surgeons. Hence, the booming pet care industry presents lucrative growth opportunities for veterinary orthopedic implant manufacturers over the forecast period.
Porter's Analysis
Threat of new entrants: The veterinary orthopedic implants market requires high investment in R&D to develop new technologies and techniques. Strict regulatory requirements also acts as a barrier for new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power as there exist a large number of manufacturers providing orthopedic implants. However, specialty and customized implants restrict bargaining power.
Bargaining power of suppliers: Suppliers have moderate bargaining power as raw material inputs are commoditized. Suppliers also depend on manufacturers for bulk sales.
Threat of new substitutes: There exist few product substitutes and implant materials have high switching costs. However, 3D printing and new biomaterial technologies can pose potential threats in future.
Competitive rivalry: The market is competitive with major players investing heavily in R&D and product innovation. Acquisitions and partnerships are common to expand product portfolios.
SWOT Analysis
Strengths: Specialized product portfolio and technical expertise of key players. Increasing pet healthcare expenditure and demand for advanced veterinary care.
Weaknesses: High costs associated with surgeries, implants and post-operative care limits market growth. Lack of standardized regulations in some regions.
Opportunities: Untapped markets in developing regions offer lucrative growth prospects. Emerging technologies like 3D printing to lower costs and expand applications.
Threats: Economic slowdowns can negatively impact spending on pet healthcare. Stringent regulations delay market approvals and product launches.
Key Takeaways
The Global Veterinary Orthopedic Implants Market Share is expected to witness high growth over the forecast period of 2024 to 2031.
North America dominates the market currently due to high pet adoption and increasing expenditure on veterinary healthcare in the region. The Asia Pacific region is expected to grow at the fastest pace with rising pet population, growing animal husbandry industry and improving veterinary infrastructure in major countries like India and China.
Key players operating in the veterinary orthopedic implants market 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. These players are focusing on new product approvals, acquisitions and partnerships to expand their product portfolios and geographical reach.
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