Veterinary orthopedic implants are widely used for the treatment of musculoskeletal injuries and diseases affecting companion animals. They are made from various biocompatible materials like stainless steel, titanium, and ceramics. Commonly, plates, screws, pins, and prosthetic joints are implanted during veterinary orthopedic surgeries to facilitate bone healing and restore joint mobility. The increasing concern of pet owners regarding animal health and advancements in veterinary medical treatments are propelling the demand for orthopedic implants.
The global Veterinary Orthopedic Implants Market is estimated to be valued at Us$ 296.05 Mn In 2023 and is expected to exhibit a CAGR Of 10% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
3D printing technology is gaining traction in the veterinary orthopedic implants market. 3D printing helps in creating custom-made implants as per the defect size and damaged bone anatomy of individual animals. It allows developing accurate implant designs using medical imaging scans. Veterinary medical device manufacturers are adopting 3D printing for developing patient-specific orthopedic implants with improved fit and strength. For instance, DePuy Synthes offers 3D printed titanium implants for veterinary applications through its subsidiary, Anthropic. The use of 3D printed implants is expected to grow significantly over the forecast period owing to advantages like reduced procedural time and costs.
Threat of new entrants: The veterinary orthopedic implants market requires large capital investments for R&D and manufacturing. Stringent regulations also act as a barrier for new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power as there are many established players offering a variety of veterinary orthopedic implant products.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute raw materials and components.
Threat of new substitutes: Threat from new substitutes is low as veterinary orthopedic implants are highly specialized products requiring technical expertise.
Competitive rivalry: The market is highly competitive due to presence of many international and regional players.
The Global Veterinary Orthopedic Implants Market Demand is expected to witness high growth. North America is expected to dominate the market during the forecast period due to rising pet adoption and increasing pet care expenditure in the region.
North America is expected to hold the largest share of the global veterinary orthopedic implants market during the forecast period owing to increasing animal health expenditure, rising pet adoption, and growing prevalence of diseases requiring surgery.
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, and Computer Sciences Corporation (CSC). IBM Corporation has a wide range of veterinary orthopedic implant products and largest geographical presence.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it