July 24, 2024
Veterinary Orthopedic Implants Market

Veterinary Orthopedic Implants Market Is Expected To Driven By Growing Adoption Of Pets

The veterinary orthopedic implants market involves medical devices used to treat pets with musculoskeletal injuries and disorders. Common implants include plates, screws, pins, and cages that replace or support damaged bones. These implants allow for stabilization, healing, and recovery of mobility in pets. The global veterinary industry has experienced significant growth in recent years owing to rising pet adoption and higher spending on pet care. There is increasing awareness among pet owners regarding orthopedic care and disease management, driving the demand for implant surgeries.

The global Veterinary Orthopedic Implants Market is estimated to be valued at US$ 296.5 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Key Trends:

Advancements in implant material and design: Material research and 3D printing technologies have enabled the development of implants made from advanced materials such as titanium and porous coatings for enhanced biocompatibility and integration with bone tissues. Implant designs are also evolving to meet the unique anatomical requirements of various pet breeds and body sizes. These innovations are helping achieve better surgical outcomes and greater adoption of implant procedures. There is ongoing R&D on bioabsorbable implants that can degrade and be replaced by natural bone over time without requiring future surgery for removal. Such innovative products are expected to further grow the market.

Porter’s Analysis

Threat of new entrants: The veterinary orthopedic implants market requires high investment in R&D for product innovation and manufacturing. This acts as a barrier for new players.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of implants from established players. However, customized implants increase switching costs.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of raw materials from multiple sources and industry consolidation reducing suppliers.

Threat of new substitutes: There are limited substitutes for orthopedic implants. New substitutes need regulatory approvals making entry difficult.

Competitive rivalry: The market is consolidated with large global players. Competition is based on product innovation, quality, and service.

Key Takeaways

The Global Veterinary Orthopedic Implants Market Size is expected to witness high growth. The global Veterinary Orthopedic Implants Market is estimated to be valued at US$ 296.5 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.

North America is expected to dominate the market during the forecast period owing to increasing pet adoption and high per capita animal healthcare expenditure in the US and Canada.

Key players operating in the veterinary orthopedic implants market are 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.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it