by The global Veterinary Orthopedic Implants Market is estimated to be valued at Us$ 296.5 Million in 2023 and is expected to exhibit a CAGR Of 5.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The veterinary orthopedic implants market offers a wide range of products such as plates, screws, pins, and joints, which are used for the treatment of various orthopedic conditions in animals. These implants provide stability and support during surgical procedures, aiding in the healing process and improving the quality of life for animals. The need for veterinary orthopedic implants is driven by the increasing prevalence of orthopedic conditions in animals, as well as the growing demand for advanced surgeries to enhance functionality and mobility in pets. These implants offer advantages such as reduced pain, improved joint function, and faster recovery, contributing to their widespread adoption in veterinary clinics and hospitals.
Market Key Trends:
One key trend in the veterinary orthopedic implants market is the rising adoption of minimally invasive surgeries. Minimally invasive procedures involve smaller incisions, less tissue damage, and faster recovery times compared to traditional open surgeries. This trend is driven by the benefits of reduced pain, quicker healing, and improved cosmetic outcomes for animals. Additionally, minimally invasive surgeries offer veterinary professionals greater precision and control during procedures, resulting in improved patient outcomes. The growing awareness and acceptance of minimally invasive techniques in veterinary orthopedics are expected to drive the demand for associated implants and instruments in the market.
Porter’s Analysis
Threat of new entrants: The veterinary orthopedic implants market has a moderate threat of new entrants. While the market requires specialized knowledge and expertise, there are still opportunities for new players to enter. However, established companies have developed strong brand recognition, extensive distribution networks, and patent protection, making it difficult for new entrants to compete.
Bargaining power of buyers: The bargaining power of buyers in the veterinary orthopedic implants market is moderate. Buyers have multiple options available in the market, giving them some leverage in negotiating prices and terms. However, the high costs associated with switching suppliers and the crucial nature of these medical devices give suppliers some power.
Bargaining power of suppliers: The bargaining power of suppliers in the veterinary orthopedic implants market is moderate. Suppliers, such as manufacturers and distributors, have several options available to them in terms of customers. However, due to the critical nature of the implants, suppliers need to maintain high quality and regulatory compliance, creating a dependency on reliable suppliers.
Threat of new substitutes: The threat of new substitutes in the veterinary orthopedic implants market is relatively low. Currently, implants are the most effective and widely accepted treatment option for orthopedic conditions in animals. While alternative treatments may exist, such as medication or physical therapy, they do not offer the same level of effectiveness as implants.
Competitive rivalry: The competitive rivalry in the veterinary orthopedic implants market is high. The market is dominated by a few major players who have established strong brand recognition and expansive product portfolios. However, with the increasing demand for these implants and the entry of new players, the competition is intensifying, leading to product innovations and price competitiveness.
Key Takeaways
The global Veterinary Orthopedic Implants Market is expected to witness high growth, exhibiting a CAGR of 5.9% over the forecast period of 2023-2030. This growth can be attributed to the increasing pet ownership and the rising prevalence of orthopedic conditions in animals. As more pet owners seek quality healthcare for their pets, the demand for orthopedic implants is expected to rise.
In terms of regional analysis, North America is the fastest-growing and dominating region in the veterinary orthopedic implants market. The region has a high adoption rate for pets, with a strong focus on pet healthcare and high disposable income. Additionally, the presence of key market players and advanced veterinary infrastructure contributes to the region’s dominance.
Key players operating in the veterinary orthopedic implants market include B. Braun Vet Care GmbH, BioMedtrix, LLC, IMEX Veterinary, Inc., Innoplant Medizintechnik GmbH, KYON AG, Orthomed (UK) Ltd., BLUESAO Co. Ltd., New Generation Devices (NGD), Johnson & Johnson, MWI Animal Health, AmerisourceBergen Corporation, Platon Japan Co., Ltd., Veterinary Orthopedic Implants, NORER Orthopedic & Dental, OC Oerlikon Management AG, Jindal Medi Surge, Inc., and Mercury Orthopedics and Design, Inc. These key players have established their presence in the market through product innovation, strategic partnerships, and extensive distribution networks. They play a crucial role in driving the growth of the veterinary orthopedic implants market.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
