by Veterinary orthopedic implants are used in a variety of joint repair and replacement procedures in animals. Implants such as bone plates, screws, pins, wires, and prosthetic joints help restore normal mobility and reduce complications. The rising prevalence of joint disorders among companion animals like dogs and cats due to obesity, sports injuries, and aging is fueling the need for implants. Additionally, growing pet adoption and animal welfare spending are supporting the adoption of implants that can improve quality of life for pets with orthopedic issues.
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:
Rapid adoption of implants for joint repair and replacement is one of the major trends fueling growth of the veterinary orthopedic implants market. Animals with conditions like hip dysplasia and traumatic injuries increasingly undergo joint replacement surgeries involving implants. Implants provide more predictable and successful outcomes compared to alternative treatments like medication or physiotherapy, leading to higher preference among pet owners and veterinarians alike. Rising awareness about new implant technologies is also driving their uptake. For instance, 3D printed implants tailored for specific patient anatomies are gaining popularity due to their superior fit and long-term stability. Such innovations are helping drive consistent demand in the veterinary orthopedic implants industry over the forecast period.
SWOT Analysis
Strength: Veterinary orthopedic implants are specialized products designed for animals with different sizes and bone characteristics compared to humans. This enhances accuracy of treatment outcomes.
Weakness: Extraction of implants post healing may not always be feasible, especially in large animals. This could lead to long term irritation. Cost of specialized implants and surgeries can be higher than traditional treatments.
Opportunity: Rising pet adoption and increase in awareness about quality veterinary care is fueling the demand for advanced veterinary orthopedic procedures. Growing number of specialty veterinary clinics offer potential for market expansion.
Threats: Alternative treatment options like stem cell therapy and bone grafts are gaining acceptance. Stringent regulatory norms governing veterinary medical devices could increase compliance costs for manufacturers.
Key Takeaways
Global Veterinary Orthopedic Implants Market Size is expected to witness high growth over the forecast period of 2023 to 2030. 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.
North America currently dominates the market aided by higher pet care expenditure and higher number of specialty vet clinics in the region. The United States accounts for the largest share within the North America veterinary orthopedic implants market. Asia Pacific region is expected to be the fastest growing market for veterinary orthopedic implants owing to rising pet adoption, increasing per capita pet care expenditure, and growth in veterinary healthcare infrastructure. China, Japan and India are expected to offer lucrative growth opportunities manufacturers.
Key players operating in the veterinary orthopedic implants 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. These companies are focused on investing in R&D to develop specialty veterinary implants and expand their geographic footprint through partnerships and acquisitions.
