The veterinary orthopedics market includes products such as bone fixation devices, joint replacements, bone grafts, and others designed specifically for veterinary use. Orthopedic implants for animals provide solutions for fractures, degenerative joint disease, cruciate ligament injuries, bone tumor resections, and other orthopedic conditions in pets. The demand for veterinary orthopedic devices is rising as pet ownership increases globally and more pet parents are willing to invest in advanced medical care for their aging pets.
The Global Veterinary Orthopedics Market is estimated to be valued at US$ 625.1 Mn in 2024 and is expected to exhibit a CAGR of 8.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the veterinary orthopedics market are DePuy Synthes (Johnson & Johnson), IMEX Veterinary, Inc., BioMedtrix, Vetbone, Braun Holding GmbH & Co. KG, Veterinary Orthopedic Implants, Inc., Kyon Pharma, ORTHOpets, Stryker Corporation, B.Braun Melsungen AG, VET-IMPLANTS, Vet-Tech, Inc., Arthrex, Inc., JORVET, and Medtronic. Veterinary Orthopedics Market Demand in pet population globally is driving the demand for veterinary orthopedic procedures and implants. Advancements in implant materials, instrumentation, and surgery techniques are supporting better clinical outcomes for orthopedic issues in pets.
Market trends
Personalized implants: Manufacturers are developing 3D printing and custom implant technology to customize implants based on patients' scan data for optimal fit and function. This improves surgical accuracy and pet recovery.
Minimally invasive procedures: Veterinary Orthopedics Market Size and Trends is advancements in minimally invasive surgery tools and techniques allow performing complex orthopedic repairs via smaller incisions and ports compared to open surgeries. This means less pain and faster recovery times for pets.
Market Opportunities
Emerging economies: Countries in Asia Pacific and Latin America are witnessing rising pet adoption and increasing spending on pet healthcare. This offers opportunities for veterinary implant manufacturers to expand in these emerging markets.
Regenerative therapies: Cell therapies, bone grafts, platelet rich plasma, and stem cell treatments can potentially help repair damaged joints, tissues, and bones without the need for implants. Further research may lead to effective regenerative solutions.
Impact of COVID-19 on Veterinary Orthopedics Market
The COVID-19 pandemic negatively impacted the growth of the veterinary orthopedics market in the initial phases. Governments imposed lockdowns which led to temporary closures of veterinary clinics and hospitals across various regions. This reduced the number of orthopedic surgeries performed on animals. However, as restrictions eased, veterinary practices resumed operations with strict safety protocols. This helped drive market growth post pandemic lockdowns. The demand for veterinary orthopedic products increased since pets spend more time at home with their owners due to work from home settings. Owners paid more attention to their pets' health issues which contributed to the market recovery. Teleconsultations also became popular during the pandemic to provide continuity of care while maintaining social distancing.
Geographical Regions with high Market concentration
In terms of value, North America holds the largest share in the veterinary orthopedics market owing to high pet care expenditure and developed healthcare infrastructure in countries like the US and Canada. Europe is the second largest region due to growing awareness about animal health and rising trend of pet humanization. Asia Pacific is projected to be the fastest growing region during the forecast period considering expansion of veterinary services across developing nations and increasing pet adoption in India and China.
Fastest Growing Region in the Veterinary Orthopedics Market
Asia Pacific region is poised to witness the highest growth in the veterinary orthopedics market during the forecast period. This is attributed to improving economic conditions, rising purchasing power, expanding middle class population and surge in pet ownership in emerging Asian countries like India, China, Indonesia and Thailand. Additionally, increasing investments by global market players to establish manufacturing facilities and distribution networks in Asia will further drive regional market growth. Support from government organizations to strengthen veterinary services will augment the demand for advanced orthopedic products, boosting Asia Pacific's position as the fastest growing regional segment between 2024-2031.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
