Veterinary orthopedic implants are prosthetic devices used to repair or replace bones and joints damaged due to trauma or disease in animals. These implants are manufactured using biocompatible materials, such as stainless steel or titanium, to restore joint mobility in pets. Demand for veterinary orthopedic implants is increasing as pet adoption rises globally. Increased humanization of pets has driven pet owners to seek advanced specialized medical care, including orthopedic procedures, to improve their animal's quality of life.
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:
The rising demand for pet care is one of the key trends driving the growth of the veterinary orthopedic implants market. Pet owners nowadays consider their animals as family members and spare no expense when it comes to their pet's healthcare. This increasing humanization of pets has led to greater acceptance of advanced veterinary procedures like orthopedic surgery involving implants. Growing awareness about innovative veterinary implants and their ability to restore joint mobility is encouraging more veterinarians to offer these procedures. Additionally, rising disposable incomes in developing nations have made quality pet care affordable for more pet owners globally. This growing willingness to spend on pet healthcare will continue propelling the demand for veterinary orthopedic implants during the forecast period.
Segment Analysis
The global veterinary orthopedic implants market is dominated by the knee/joint replacement sub-segment. It accounted for nearly 40% market share in 2023 due to the rising incidence of knee/joint problems in pets like dogs and cats. According to animal welfare studies, over 20% of pets suffer from knee/joint problems necessitating veterinary orthopedic implants. The knee/joint replacement sub-segment is closely followed by trauma/fixation fixation sub-segment which treats fractures and broken bones. It held around 35% share in 2023.
Key Takeaways
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.
Regional analysis: North America dominated the global veterinary orthopedic implants market in 2023 with over 40% share. This was primarily due to higher pet adoption and pet healthcare expenditure in the U.S. and Canada. The regional market is estimated to witness a CAGR of over 6% during the forecast period on back of growing number of veterinary orthopedic surgeries.
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..
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