Veterinary Orthopedic Implants Market Size USD 580 Mn By 2030

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09 Sep 2024

Table of Content

The global veterinary orthopedic implants market size was exhibited at USD 353.19 million in 2022 and is expanding to around USD 580 million by 2030, poised to grow at a CAGR of 6.4% during the forecast period 2022 to 2030.

Introduction:

An implant can be described as a medical device that is produced to replace an absent biological structure, back a damaged biological assembly, or enhance a prevailing biological structure. Medical implants are lab-made biological devices and they are diverse from a transplant, that is a biomedical transplanted tissue. Orthopedic inserts are employed to treat numerous orthopedic conditions like curing broken joints and bones. They're used to cure osteoarthritis, bone fractures, scoliosis, chronic pain, and spinal stenosis. The examples of orthopedic implants comprise a variety of rods, pins, plates, and screws used to fix fractured bones while they reconcile. The selection of the appropriate materials for preparing orthopedic implants depends on precise applications. Polymers, ceramics, and metallic alloys are frequently used in making orthopedic implants. Such materials possess diverse biological, chemical, and physical aspects that serve specific applications. Despite the achievement of traditional resources, novel and improved biomaterials are getting developed uninterruptedly to satisfy the constantly rising demand.

Growth Factors:

Factors such as the increased number of companion animals, rising expenditure on pet healthcare, an increasing number of veterinary surgeries, constant approvals for novel products, increasing cases of osteoarthritis in pets, and growing research and development expenditure are propelling the veterinary orthopedic implants market expansion across the globe. Additional aspects that are estimated to fuel this industry are the increasing popularity of animal sports and technological innovations. As per the 2020 Survey conducted by the American Pet Products Association (APPA), around 67% of U.S. homes, or around 85 million families are pet owners. About 44% of all homes in the U.S. own a dog, and 35% own a cat. APPA informs that 34% of canines are bought from breeders, while 23% of canines and 31% of cats are adopted from animal shelters or humanitarian societies. Birds and horses are the third and fourth most common pets owned by humans. According to the American Veterinary Medical Association, about 7.6 million horses have been maintained in the U.S. Approximately 57% of people own a pet globally. The most popular are dogs, cats, fish, and birds, in that order. The nation with the maximum pets is Argentina, with 82% of the populace owning pets. Mexico and Brazil follow, with 81% and 76%, respectively.

Animal sports are performed worldwide in diverse formats. Some of these sports have evolved into a well-established industries in themselves. Horse racing is one example of a well-organized form of animal sport. Horse racing is a multi-billion-dollar industry all over the world. The horses which take part in these competitions are treated with utmost care. They are administered with medical care at regular intervals. These animals are also at higher risk of developing injuries.

Veterinary Orthopedic Implants Market Report Scope

Report Highlights:

• Among the product segment, plates dominated the overall market in 2020. The launch of new products and technological improvements are the major reason for the high market share of plates in veterinary orthopedic implants.
• The hospitals segment accounted for the largest revenue within the end-user segment with more than 53% share in 2020. Factors such as the availability of the latest equipment at veterinary hospitals drive the growth. Veterinary clinics are projected to grow at a significant rate in the forecast time frame due to expansion by major veterinary clinic chains in developed regions.
• Deputy Synthes Vet and B. Braun accounted for a significant share of the global veterinary orthopedic implants market.

Regional Analysis:

• The report covers data for North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. In 2020, North America dominated the global market with a market share of more than39%. The U.S. represented the highest share in the North American region primarily due to the presence of state-of-the-art veterinary healthcare infrastructure. Furthermore, increasing research on veterinary healthcare also contributed to the high market share of the United States.
• Europe was the second important market chiefly due to the high population of companion animals and the rise in the number of osteoarthritis cases in pets. The advanced dairy industry in the European region is also expected to boost the demand for the veterinary orthopedic implants market in the near future. Asia Pacific region is projected to grow at the highest growth rate of around8.5% in the forecast period due to the increasing popularity of animal sports and increasing veterinary healthcare expenditure. Latin America and the Middle East and Africa region will exhibit noticeable growth.

Key Market Players and Strategies:

The major companies operating in the worldwide Veterinary Orthopedic Implants are DePuy Synthes Vet, KYON Pharma, Inc., MWI Veterinary Supply Co., Vet Implants, B. Braun Melsungen AG, Everost, Inc., IMEX Veterinary, Inc., BioMedtrix, LLC, Securos Surgical, and Vet Implants among others.

High investment in research and development along with acquisition, mergers, and collaborations are the key strategies undertaken by companies operating in the global Veterinary Orthopedic Implants market. Companies operating in the veterinary orthopedic implants market are constantly working on developing new technologies. These treatment options enable veterinary physicians to deploy multiple treatment approaches for effective treatment.

Market Segmentation

By Product

• Screws
• Pins & Wires
• Plates
• Jigs
• Others

By End User

• Veterinary Clinics
• Veterinary Hospitals
• Others

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