July 22, 2024
Veterinary Orthopedic Implants Market

Veterinary Orthopedic Implants Market is Expected to be Flourished by Increasing Incidence and Prevalence of Orthopedic Injuries in Companion Animals

The veterinary orthopedic implants market encompasses various types of implants used for the treatment of injuries related to bones and joints in veterinary animals. Common orthopedic implants include bone screws, plates, pins/wires, and rods that are made up of materials like stainless steel, titanium alloys, and polymer-based materials. These implants are primarily used for internal fixation in fracture repair, bone replacement, and joint replacements in animal patients. Key applications include dental bone fractures, cruciate ligament tears, osteoarthritis and degenerative joint disease. With increasing pet adoption around the world, the prevalence of orthopedic conditions in canine and feline populations have risen considerably. Common injuries arise from accidents, trauma, and age-related degenerative diseases. This has resulted in growing demand for advanced veterinary orthopedic surgical procedures and implants.

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 Dynamics:

Increasing Incidence and Prevalence of Orthopedic Injuries in Companion Animals:As referenced in the heading, companion animal ownership has witnessed significant growth globally over the past decade. With rising humanization of pets, incidents of orthopedic injuries due to accidents, trauma, joint disorders are also rising steadily. According to the American Veterinary Medical Association (AVMA), total annual veterinary expenditures on companion animals in the U.S. alone amounted to over $30 billion in 2019. A considerable portion of these costs stem from surgical interventions for orthopedic conditions like osteoarthritis, bone fractures, cruciate ligament tears which require implants for fixation and repair. This growing disease burden is expected to generate higher demand for veterinary orthopedic implants.

Advancements in Veterinary Implant Design and Materials: Implant manufacturers have focused their R&D efforts on developing newer generation implants made from advanced materials like pyrolytic carbon-coated titanium and wear-resistant polymer blends. 3D printing technologies are also being explored for customized implant design and fit. Implants with enhanced fixation properties, sterile packaging and surgeon-friendly instrumentation are positively impacting adoption. Novel bioactive osteogenic implants promoting faster healing are in pipeline. These innovations are expected to bolster market growth over the forecast

Segment Analysis

The veterinary orthopedic implants market is broadly segmented into three categories based on animal type: dogs, cats, and other animal types. The dog segment dominates the market with over 45% share owing to the rising dog ownership globally and increasing prevalence of orthopedic issues in dogs. Dogs are susceptible to orthopedic issues like bone fractures due to road accidents, sports injuries, etc.

PEST Analysis

Political: Regulations concerning animal welfare and rise in government funding for veterinary healthcare are driving the market growth.

Economic: Rising animal healthcare expenditure and growing pet ownership are fueling the demand for veterinary implants.

Social: Increasing societal view of pets as companions rather than utility animals is boosting the adoption of various animal healthcare products including orthopedic implants.

Technological: Advancements in 3D printing and biomaterial technologies are enabling the development of new generation veterinary implants with improved efficacy and biocompatibility.

Key Takeaways

Global Veterinary Orthopedic Implants Market Size is expected to witness high growth. 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.

The North American region currently dominates the market due to high pet adoption and expenditure on veterinary healthcare in the region. 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..

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it