Rising Pet Care Expenditure of Veterinary Orthopedic Implants Market
Veterinary orthopedic implants are widely used during orthopedic surgeries in animals to repair damaged or diseased bones and joints. Common orthopedic implants include plates, screws, pins/wires, and prosthetics. They are manufactured using medical-grade stainless steel, titanium, or other biocompatible materials. Main applications of these implants include fracture repair, joint replacement, bone fixation, bone fusion procedures, and joint reconstruction in animals.
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 Dynamics:
Increasing pet care expenditure is one of the major drivers for growth of the veterinary orthopedic implants market. According to the American Pet Products Association, total expenditure on pets including veterinary care, supplies, and over-the-counter medicine, in the U.S has increased from $72.56 billion in 2020 to $103.6 billion in 2021. Growing bond between pet owners and their companion animals, rising disposable incomes, and increased awareness about pet health has propelled the pet care industry worldwide. This has led to a spike in demand for orthopedic surgeries and implants in animals when needed. Additionally, technological advancements in veterinary orthopedic implants including customized implants and 3D printed implants are also contributing to market growth. For instance, in February 2021, NeoVet 3D launched 3D printed anatomical model veterinary guide for successful orthopedic veterinary surgical procedures.
SWOT Analysis
Strengths:
- Veterinary orthopedic implants are specialized devices that provide stable internal fixation and faster recovery for injured animals. They allow pets to resume normal activity without pain.
- Advanced biomaterials are being used in implants that enhance osseointegration and reduce rejection by the body. This allows for stronger fixation of implants and shorter recovery times.
- Manufacturers are developing minimally invasive surgical techniques and implant designs customized for pet anatomy. This minimally stresses pets during surgery and therapy.
Weaknesses:
- Implant procedures require specialized skills by veterinary surgeons which are not uniformly available. This can impact timely intervention and management of complex fractures.
- Cost of implants and surgical procedures can be higher than traditional casting or therapy methods. This limits access for some pet owners.
Opportunities:
- With rising pet ownership and humanization of pets, owners are willing to spend more on advanced veterinary care. This is increasing demand for specialized implant devices and procedures.
- Developing regions like Asia Pacific and Latin America are seeing growing pet care industries. Establishing distribution and affordability initiatives can aid market expansion in these areas.
Threats:
- Strict regulatory compliances and certification standards increase entry barriers for new players. This consolidates market share with larger established brands.
- Alternative non-invasive therapies continue to emerge which can replace implants for less complex cases. This impacts sector growth potential over time.
Key Takeaways
The Global Veterinary Orthopedic Implants Market Growth is expected to witness high. 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 currently dominates the market due to advanced healthcare infrastructure, growing pet ownership, and high spending potential of owners in the region. However, Asia Pacific is anticipated to grow at the fastest pace over the forecast period. Countries like India, China and Japan are witnessing rising pet adoption from urban populations who are willing to spend on quality care. This will drive the demand for implants and surgical procedures in the Asia Pacific region.
Key players operating in the veterinary orthopedic implants markets 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. Key players are focusing on mergers and acquisitions to strengthen their product portfolios and geographic presence.
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