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.
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