Veterinary Orthopedic Implants Market Growth Accelerated by Rise in Pet Healthcare Spending
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| Veterinary Orthopedic Implants Market |
Veterinary orthopedic implants
are medical devices used to replace or treat damaged bones and joints in
companion animals such as dogs and cats. They are used in conditions like bone
fractures, bone tumors, and hip dysplasia. Plates, screws, pins/wires, and
prosthetics are some commonly used orthopedic implants. These implants help in
stabilizing the bone and restoring mobility in pets. The global veterinary
orthopedic implants market is estimated to be valued at US$ 341.57 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period
2024 to 2031, as highlighted in a new report published by Coherent Market
Insights.
Market Dynamics:
One of the key drivers for the
growth of the veterinary orthopedic implants market includes the rising
prevalence of orthopedic diseases in companion animals. According to the
American Veterinary Medical Association, about 15-25% of dogs develop hip
dysplasia and 5-10% of dogs have elbow dysplasia. There has also been an
increase in road accidents and sports injuries among pets leading to orthopedic
conditions like fractures. This has increased the demand for veterinary
orthopedic implants for treating such conditions. Furthermore, rising pet ownership
and increasing spending on companion animal healthcare have also aided the
growth of this market over the forecast period. With growing awareness about
animal care and availability of advanced veterinary treatment options, the
market is expected to experience high demand during the forecast period.
SWOT Analysis
Strengths:
- Veterinary orthopedic implants
offer better mobility and pain relief for pets with injuries. They help pets
regain normal movement and activity.
- Advancements in implant
materials like titanium allow for stronger and longer lasting implants with
minimal rejection risks.
- Increased adoption by vet
practitioners and pet owners due to proven efficacy and compatibility with pet
anatomy.
Weaknesses:
- Higher costs associated with implant
surgeries and postoperative care compared to traditional treatments.
- Risks of implant loosening,
fracture or infection require long term monitoring by vets.
Opportunities:
- Growing pet ownership and
humanization of pets in developed nations is driving demand for advanced
orthopedic care solutions.
- Untapped markets in developing
regions present scope for market expansion through awareness programs.
Threats:
- Stringent regulatory processes
for new product approvals can delay market entry for innovations.
- Economic slowdowns may impact
discretionary spending on pet healthcare and orthopedic implants.
Key Takeaways
The Global
Veterinary Orthopedic Implants Market Share is expected to witness high
growth. Favorable reimbursement policies and rising pet care expenditures are
driving the market.
The US market dominates currently
due to advanced healthcare infrastructure and high per capita spending on pets.
However, regions like Europe and Asia Pacific are expected to grow at a higher
pace due to rising animal adoption, increasing incidence of pet obesity and
injuries, and growing veterinary services.
Key players operating in the veterinary orthopedic implants market
are IBM Corporation, Hewlett Packard Enterprise, Infosys Limited, Wipro
Limited, Capgemini SE, Cognizant Technology Solutions Corporation, TATA
Consultancy Services Limited, Deloitte Touche Tohmatsu Limited, Accenture plc, PAREXEL
International Corporation, PwC International Limited, IQVIA Holdings Inc., Tata
Technologies Limited, Computer Sciences Corporation (CSC), Eurofins Scientific
SE. The market is dominated by global giants like DePuySynthes Vet, Veterinary
Orthopedic Implants, and Intrauma. However, local Asian manufacturers are
gaining ground with affordable customized solutions for regional needs.
Get More Insights Here
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