Veterinary Orthopedic Implants Market is estimated to be 421.3 Million by 2029 with a CAGR of 5.3% during the forecasted period.
Veterinary
Orthopedic Implants Market is anticipated to register a CAGR of 12.6%
during the forecasted period.Orthopedic implants are used to treat various
orthopedic conditions like healing broken bones and joints. With a growing
number of people owning companion animals the demand for the veterinary market
is growing rapidly. People are willing to spend more on the health of their
pets which is strengthening the demand for products used for the health and
well-being of the animals. Pet animals like dogs and cats usually suffer from
fractures due to vehicular trauma, fights and sports injuries. Even though
injuries in animals heal quickly, in case of broken bones orthopedic surgeries
are required for healing the bones. Depending on the type of fracture vets
decide on the treatment type and implants. With growing approvals for the
orthopedic implants for animals, the veterinary orthopedic implants market is
expected to witness attractive opportunities over the forecast period.
The report "Global Veterinary Orthopedic
Implants Market, By Product Type (Plates, Screws, Jigs, and Pins &
Wires), By End User (Veterinary Hospitals and Veterinary Clinics), and By
Region (North America, Europe, Asia Pacific, Latin America, and the Middle East
& Africa) - Trends, Analysis and Forecast till 2029”.
Key Highlights:
·
In May 2020,
Fidelio Capital has completed its third acquisition in the veterinary
orthopedic business with an agreement to acquire a majority ownership of
Veterinary Orthopedic Implants (VOI). Together, VOI, BioMedtrix and KYON form a
leading global veterinary orthopedic group that complement and strengthen each other.
Collectively, they now serve more than 45 markets around the world.
·
In 2019,
Infiniti Medical, a USA based designer and distributor of medical devices for
the veterinary market, acquired Orthomed Ltd. for an amount undisclosed.
Through the acquisition, Infiniti Medical aims to expand its product portfolio
by adding products and services from Orthomed. Orthomed Ltd is a UK based
provider of orthopedic products and systems in veterinary industry.
Analyst View:
With growing number of companion animals the demand for veterinary
orthopedic implants is expected to grow rapidly. According to the American Pet
Product Association (APPA) nearly 63% of the U.S. households had companion
animals in 2012. The population of companion animals like cats and dogs has
witness a rapid increase in the past decade moreover the willingness of the
owners to spend on the health of their pets is expected to drive revenue growth
of the veterinary orthopedic implants market over the forecast period.
The increase in the incidence of obesity and arthritis increases
the demand for veterinary orthopedic implants market. Obesity is a condition
where the weight of the pet affects the pet`s health to a point where it
results in weakening of bones, whereas arthritis in pets results in loss of
strength in bones. Obesity and arthritis may also result in fractures and other
bone-joint related issues and both the conditions result in adversely affecting
the overall health of the pet, consequently leading to shorten lifespan. Thus,
the increase incidents of obesity and arthritis increase the demand for
veterinary orthopedic implants. For instance, As per Banfield Pet hospital in
U.S, in 2017, 31 per 100 cases suffered from obesity and 450 per 10,000
suffered from arthritis in dogs’ .Further, 34 per 100 cases suffered from
obesity and 90 per 10,000 suffered from arthritis in cats. Thus, the increase
in health conditions affecting the bones of pets such as obesity and arthritis
positively affect the growth of the veterinary orthopedic market. However, the
high cost of orthopedic surgery inhibits the growth of veterinary orthopedic
implants market.
Key Market Insights from the
report:
The global veterinary orthopedic implants market
is anticipated to register a CAGR of 5.3% during the forecasted period. The
market report has been segmented on the basis of product type, end user, and region.
·
Depending
upon product type, the plates &
screws segment is projected to grow at highest CAGR over the forecast period
owing to high consumption of these veterinary plates & screws during
veterinary orthopedic processes.
·
Depending
upon end user, the veterinary
hospitals & clinics segment is projected to grow at highest CAGR over the
forecast period due to a rise in the number of private clinical practices.
·
By
region, North America is estimated to
be the leading market in the global veterinary orthopedic implants market.
Rising number of households owing companion animals in the U.S. and growing
healthcare expenditure on the companion animals is expected to propel growth of
the veterinary orthopedic implants in this region.
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Competitive Landscape:
The prominent player operating in the global
veterinary orthopedic implants market includes DePuy Synthes Vet, Scil animal care, B.Braun Vet Care, Veterinary
Orthopedic Implants, KYON, IMEX Veterinary, Orthomed UK, Sophiatech, Ortho, and
BioMedtrix.
The market provides detailed information
regarding the industrial base, productivity, strengths, manufacturers, and
recent trends which will help companies enlarge the businesses and promote
financial growth. Furthermore, the report exhibits dynamic factors including
segments, sub-segments, regional marketplaces, competition, dominant key
players, and market forecasts. In addition, the market includes recent
collaborations, mergers, acquisitions, and partnerships along with regulatory
frameworks across different regions impacting the market trajectory. Recent
technological advances and innovations influencing the global market are
included in the report.
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