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 Overview:
Veterinary orthopedic implants are medical devices used in animal surgery to fix a broken bone, relieve the pain, fix abnormal appendages, reconstruct a joint, or reinforce weakened bones. They provide stability to the bone during and after healing and allow early mobility. Implants include plates and screws, pins and wires, rods and inserts, which help animals to regain strength and mobility.
Market key trends:
Increase in pet adoption rates and awareness about animal health has fueled the demand for advanced veterinary orthopedic implants significantly. According to the Humane Society of the United States, around 90 million dogs and about 94 million cats are owned as pets in the U.S. Furthermore, increasing cases of obesity, sports injuries, and road accidents in companion animals have increased demand for veterinary orthopedic implants. For instance, overweight pets are more prone to orthopedic issues like arthritis. Technological advancements in developing implants have augmented product efficacy. Developments in 3D printing, biodegradable implants, and stem cell therapies are expected to open new growth avenues in the coming years.
Segment Analysis:
The veterinary orthopedic implants market can be segmented based on product type, animal type, material, and end user. Based on product type, the market is dominated by the trauma implants segment due to the high prevalence of fractures and ligament injuries in pets. Trauma implants include plates, screws, pins, rods, and wires that are used to fix fractures and other trauma-related bone injuries in animals.
Key Takeaways:
The Global Veterinary Orthopedic Implants Market Demand is expected to witness high growth, exhibiting a CAGR of 5.9% over the forecast period, due to increasing pet ownership and growing animal healthcare expenditure.
Regional analysis:
North America dominated the global market in 2023, accounting for around 40% of the overall revenue, due to rise in animal health awareness and growing number of vet care facilities in the US and Canada. Asia Pacific is projected to witness the fastest growth over the forecast period supported by rising pet adoption, increasing per capita income, and growth of veterinary healthcare infrastructure in countries like India and China.
Key players:
Key players operating in the veterinary orthopedic implants market 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. Companies are focusing on new product innovations and geographical expansions to meet the growing demand and strengthen their market position.
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