by The global Veterinary Orthopedic Implants Market is estimated to be valued at US$ 296.5 Mn or Bn 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 Overview:
Veterinary orthopedic implants are used to replace or support injured or diseased bones and joints in animals. The implants are made from biocompatible materials such as titanium, stainless steel and plastics. They help animals regain mobility and reduce pain.
Market key trends:
One of the key trends in the veterinary orthopedic implants market is the growing demand for 3D-printed implants. 3D printing enables the development of customized implants tailored to the animal’s anatomy and injury. This improves surgical outcomes and speeds up recovery. Another major trend is the development of multifunctional implants which combine components like bone plates, screws, rods etc. into one implant. This integrated design makes surgical procedures simpler and faster. Companies are also focused on developing bio-absorbable implants that dissolve once healing is complete, eliminating the need for removal surgery.
SWOT Analysis:
- Strength: Advances in material science have led to development of strong, lightweight and corrosion-resistant alloys that offer better outcomes.
- Weakness: High costs associated with orthopedic implants and surgeries. Lack of reimbursement for implant procedures in many countries.
- Opportunity: Increasing pet insurance penetration is expected to boost demand. Growing animal health expenditure in developing nations provides new opportunities.
- Threats: Strong competition from other treatment options like physical therapy. Regulations on animal testing may limit R&D activities.
Key Takeaways:
The Global Veterinary Orthopedic Implants Market Growth is expected to witness high, exhibiting CAGR of 5.9% over the forecast period, due to increasing pet adoption and rising pet healthcare expenditure.
The North America region dominated the veterinary orthopedic implants market in 2023, owing to growing pet population, higher per capita animal healthcare spending and presence of major market players. Asia Pacific is projected to witness the highest CAGR during the forecast period with increasing number of veterinary hospitals and clinics in countries like India and China.
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
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