- Report ID: BMRC 480 | Number of pages: 194 | Publish Date: Jan 2020
Status: Published | Category: Healthcare | Delivery Timeline:
Orthopedic veterinary implants market report is segmented on the basis of product type, end-user, and region & country level. Based upon product type, orthopedic veterinary implants market is classified into advanced locking plate system, tibial plateau leveling osteotomy implants, tibial tuberosity advancement implants, total elbow replacement, total hip replacement, total knee replacement, and trauma fixations. On the basis of end-user, orthopedic veterinary implants market is classified into veterinary hospitals, veterinary clinics, veterinary surgical centers, and others.
Orthopedic Veterinary Implants Market is valued at USD 93.8 Million in 2018 and expected to reach USD 153.1 Million by 2025 with the CAGR of 7.3% over the forecast period.
Orthopedic implants are the branch of medicine that are used to treat disorders related to bones and joints. Rising pet ownership is the key driving factor to increase the number of veterinary hospitals, clinics, and centers which indirectly boosting the market growth of orthopedic veterinary implants market. Moreover, rising disposable income increase the spending on animals health by the pet owners which support the demand for veterinary products used for the well-being of the animals. Pet animals such cats, and dogs generally have fractures due to fights, trauma because of vehicles, and sports injuries which increase the demand for orthopedic based treatment and are increasing the growth for orthopedic veterinary implants market. Nowadays, animals sports are very trending which leads to a sports injury. Although animal’s injuries heal quickly, however, for some cases of broken bones required surgeries for healing. Depending on the type of fracture implants and treatment type are decided on. Growing animal’s orthopedic implants approvals will increase the growth of the market which is expected to rise at a high rate over the forecast years.
According to the American Pet Product Association (APPA), in the U.S. around 94-95 Mn households owned cats in 2017 as compared to 70-71 Mn in 2000. Likewise, the dog population has increased from 21-22 Mn in 2000 to 89-90 Mn in 2017. According to the survey conducted by the Animal Health Europe Survey in 2017, between 2012 and 2016 around 9-10% of pet animals population has been increased in the Europe region. This growing adoption rate of pet animals is one of the key factors driving the growth of the veterinary orthopedic implant market. Additionally, the growing popularity of animal sports like dog or bullfighting, horse or greyhound racing is likely to upsurge the orthopedic injuries in animals which expected to boost the veterinary orthopedic implants market. However, the high-cost surgeries may hinder the market growth of veterinary orthopedic implants especially, in undeveloped and emerging regions.
The regions covered in this Orthopedic Veterinary Implants market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of Orthopedic Veterinary Implants is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
The major players operating in the orthopedic veterinary implants market are Johnson & Johnson, B. Braun Melsungen AG, BioMedtrix, LLC, Veterinary Orthopedic Implants, Inc., KYON Veterinary Surgical Products, Inc., Orthomed (UK) Ltd, IMEX Veterinary, Securos Surgical, Integra lifesciences, and Others
Increasing Number of Companion Animal Population is the Major Driving Factors for the Growth of Orthopedic Veterinary Implants Market
The rising number of companion animals such as domestic pets like cats, dogs, hamsters, horses, cows, and other service animals is growing rapidly, worldwide. The increasing adoption of pet animals is expected to fuel market growth over the forecast years. Moreover, rising awareness among owners regarding the maintenance of animal health is expected to drive the market growth. Rising initiatives by the governmental organization to ban the animal’s sports such as dog or bullfights and provide advanced facilities for the treatment is expected to boost the market growth. However, lack of insurance policies for surgeries may increase the out of pocket expenses and may restrict the market growth. The high cost of implant-based surgeries also expected to hamper the market growth. Especially in emerging countries like China and India, many people are unaware of the veterinary facilities and implant procedures. There is a large number of underserved animals and pet owners who are unaware of advanced veterinary techniques. Also, there lack skilled veterinary surgeons in some of the countries due to which animals as left untreated, which is a major challenge faced by most of the undeveloped regions and are responsible for restricting the market growth for orthopedic veterinary implants market.
North America is expected to dominate the Orthopedic Veterinary Implants Market.
Geographically, Orthopedic Veterinary Implants Market report is segmented into North America, Europe, Asia-Pacific and Rest of the World. North America is projected to be the leading market for orthopedic veterinary, owing to the high adoption rate of pet animals, increasing spending on the pet, and the existence of a high number of veterinary hospitals and clinics in the region. Europe is estimated to be the second most prominent market. Rising skilled veterinarians and R&D spending, especially on animal health, are expected to propel the market growth. The Asia Pacific market is likely to show moderate growth but expected to show high growth over the forecast years due to rising disposable income, shifting trend towards animal adoption and pet animals especially in the countries like Australia and Japan, where having pet animal is considered to be high status in the society. According to the research, 63% of pet ownership are observed to be Australia, which is the highest rates, worldwide.
Key Benefits for Orthopedic Veterinary Implants Market Report–
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Orthopedic Veterinary Implants Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2020-2025