Veterinary Orthopedic Implant Market Size by Product, Application, End-User, Region, Industry-Wide Analysis, Competitive Landscape Assessment & Long-Term Forecast to 2029
Overview
Veterinary Orthopedic Implant Market is expected to reach US$ 485.84 Mn. by 2029 from US$ 290.94 Mn in 2022, at a CAGR of 7.6% during the forecast period.
Veterinary Orthopedic Implant Market Overview:
An orthopaedic implant is a medical device that is designed to replace or sustain a missing joint or bone. The medical implant is primarily made of stainless steel and titanium alloys, with a plastic coating that serves as artificial cartilage.
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Veterinary Orthopedic Implant Market Dynamics:
The rise in the number of companion animals and the increase in their healthcare expenditure are the primary factors driving the market growth.
Pet adoption is expected to rise during the forecast period along with rising income in developing countries are accelerating the market growth globally. The American Pet Product Association (APPA) conducted a survey in 2012, which states that approximately 63 per cent of U.S. households had a companion animal and this number is increasing gradually over the past decade.
The demand for veterinary surgery is increasing as the demand for successful animal treatment grows. According to an AVMA survey, in 2017, pet owners in the United States spent USD 15.42 billion on veterinary surgeries. Rising pet ownership increases awareness and spending on animal welfare, which contributes to the market growth. Pet owners' increasing disposable incomes, rapid urbanisation, and the increasing penetration of veterinary clinics are all fuelling market growth.
Obesity and arthritis are becoming more common in pets and livestock, which is expected to help the market grow. The Association for Pet Obesity Prevention (APOP) conducted a survey in 2016, which stated that 54 % of dogs and 59 % of cats in the United States were overweight or obese. Furthermore, according to the Banfield Pet Hospital in the United States, 450 out of 10,000 dogs and 90 out of 10,000 cats suffered from arthritis in 2017.
In the forecast years, the demand is expected to be fueled by increasing government funding for veterinary treatment, as well as regulatory approval of new implant products. In the coming years, rapid technological advances and developments in the industry are expected to further stimulate market growth. The growing popularity of animal sports such as horse racing, greyhound racing, rodeos, as well as illegal sports such as dogfighting and bullfighting, is expected to increase the number of cases of orthopaedic injuries in animals, thus driving demand for orthopaedic implants.
The high cost of orthopaedic surgery is expected to hamper the growth of the veterinary orthopaedic implants market. The cost of surgery requires items such as instruments, X-rays, and consumables, which many families cannot afford. Along with this, the lack of skilled veterinary practitioners is another factor that may restrict the market growth.
The report has profiled seventeen key players in the market from different regions. However, the report has considered all market leaders, followers and new entrants with investors while analyzing the market and estimation the size of the same. Increasing R&D activities in each region are different and focus is given on the regional impact on the cost, availability of advanced technology are analyzed and report has come up with recommendations for a future hot spot in APAC region.
Veterinary Orthopedic Implant Market Segment Analysis:
The Global Veterinary Orthopedic Implant Market is segmented on the basis of Product, Application and End-Users.
Based on Product, the plates segment is expected to account for the dominant share during the forecast period. In 2022, plates accounted for the largest share of the global veterinary orthopaedic implants industry. The high market share is due to their ease of distribution and new product launches. Other factors that will fuel demand for Orthopedic Implant Plates include ongoing technological advancements and the use of new materials. Some conditions, such as cruciate ligament tears and hip and elbow dysplasia, are widespread and necessitate surgery, which promotes the growth of implants further.
On the other hand, screw implants are expected to develop at the fastest CAGR during the forecast period Due to the high demand for the care of companion animals as well as cattle.
Based on the Application, the total Knee replacement segment is expected to hold a dominant market share during the forecast period. Over the forecast period, the total knee replacement segment is also projected to rise steadily. After pain rehabilitation, most animals are referred to a doctor for complete knee replacement.
One of the most common causes of knee pain is osteoarthritis. Trauma and malformation of the knee joint, as well as cruciate ligament defects, are other causes. The surgery restores joint function in the animals, allowing for a reduction in long-term medical management.
Veterinary Orthopedic Implant Market Regional Insights:
North America is anticipated to hold a dominant market share during the forecast period.
The region is expected to be dominant due to the emergence of major players who are pursuing aggressive growth plans. One of the main potential growth factors thought to be responsible for North America's large share is increased R&D investments initiated by companies. Increasing healthcare expenditure and the presence of well-established healthcare infrastructure also fuels the market growth to a large extent.
Furthermore, as the prevalence of osteoarthritis rises, researchers and healthcare practitioners are expected to become more interested in advanced technology, expanding the market's potential. The high population of companion animals and the presence of skilled veterinarians in North America also aids the market growth. Europe accounted for the second largest market share in 2022. The market growth in the region is due to an increase in the number of elderly people in Western Europe who own service animals.
The report also helps in understanding the Global Veterinary Orthopedic Implant Market dynamics, structure by analyzing the market segments and project the Global Veterinary Orthopedic Implant Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Veterinary Orthopedic Implant Market make the report investor’s guide.
Veterinary Orthopedic Implant Market Key Developments
Orthomed Ltd. was acquired by Infiniti Medical, a US-based manufacturer and distributor of medical equipment for the veterinary industry, for an undisclosed amount in 2022. Infiniti Medical hopes to incorporate Orthomed's products and services into its product line as a result of the acquisition. Orthomed Ltd is a veterinary orthopaedic device and system provider based in the United Kingdom.
Global Veterinary Orthopedic Implant Market Scope: Inquire before buying
| Global Veterinary Orthopedic Implant Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2022 | Forecast Period: | 2023-2029 |
| Historical Data: | 2018 to 2022 | Market Size in 2022: | US $ 290.94 Mn. |
| Forecast Period 2023 to 2029 CAGR: | 7.6% | Market Size in 2029: | US $ 485.8 Mn. |
| Segments Covered: | by Product | Plates Screws Jigs Pins & Wires |
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| by Application | Total Hip Replacement Total Knee Replacement Trauma Fixations Total Elbow Replacement |
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| by End-User | Veterinary Hospitals Veterinary Clinics Veterinary Surgical Centers |
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Global Veterinary Orthopedic Implant Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Global Veterinary Orthopedic Implant Market Key Players
1.B. Braun Melsungen AG
2.Johnson & Johnson
3.Veterinary Orthopedic Implants, Inc.
4.BioMedtrix, LLC
5.KYON Veterinary Surgical Products
6.IMEX Veterinary, Inc.
7.Orthomed (UK) Ltd
8.Securos Surgical
9.GPC Medical
10.RITA LEIBINGER
11.EVEROST INC
12.Integra LifeSciences
13.Bluesao
14.AmerisourceBergen Corporation
15.PLATON JAPAN CO.,LTD.
16.New Generation Devices (NGD)
17.Mercury Orthopedics and Design, Inc.
Frequently Asked Questions:
1. Which region has the largest share in Global Veterinary Orthopedic Implant Market ?
Ans: Asia Pacific region holds the highest share in 2022.
2. What is the growth rate of Global Veterinary Orthopedic Implant Market ?
Ans: The Global Veterinary Orthopedic Implant Market is growing at a CAGR of 7.6% during forecasting period 2023-2029.
3. What is scope of the Global Veterinary Orthopedic Implant Market report?
Ans: Global Veterinary Orthopedic Implant Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.
4. What is the study period of this market?
Ans: The Global Veterinary Orthopedic Implant Market is studied from 2022 to 2029.