Veterinary Orthopedic Implants Market is in Trend with Rise in Pet Healthcare Expenditure


Veterinary Orthopedic Implants Market

The veterinary orthopedic implants market has witnessed significant growth in recent years owing to increase in number of pet injury cases and rising pet healthcare expenditure. Veterinary orthopedic implants such as plates, screws, pins/wires, rods and graft substitutes are used for bone fracture fixation in pets.

The global veterinary orthopedic implants market is estimated to be valued at US$ 341.57 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the veterinary orthopedic implants 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, Computer Sciences Corporation (CSC), Eurofins Scientific SE.

The growing demand in pet population and rise in incidence of orthopedic disabilities in pets are some of the major factors driving the growth of the Global Veterinary Orthopedic Implants Market Demand. According to recent studies, over 85 million American families own atleast one pet. Growing expenditure on pet healthcare owing to humanization of pets is also augmenting the market growth.

Geographically, North America dominates the global veterinary orthopedic implants market and is expected to continue dominating over the forecast period. This is attributed to factors such rising pet ownership in countries such as United States and Canada, increasing pet healthcare spending and presence of major players in the region. However, Asia Pacific region is anticipated to register highest CAGR during the forecast period with increasing pet adoption especially in China and India.

Market Key Trends

Technological advancements in veterinary orthopedic implants is one of the key trend being witnessed in the market. Major players are focusing on developing 3D printed, patient-specific and biologically-inspired implants. For instance, DePuy Synthes introduced patient-specific 3D printed polymer implants for veterinary applications. Moreover, growing adoption of minimally invasive surgeries among veterinarians is expected to support the market growth over the coming years. Other trend include increasing popularity of nano-surface implant coatings to enhance osteoconductivity and development of bioabsorbable implants.

Porter’s Analysis

Threat of new entrants: Low cost requirement for manufacturing various veterinary orthopedic implants. However, presence of established players make it difficult for new players to acquire sufficient market share.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of numerous suppliers and product options in the market. However, differentiated products give some advantage to suppliers.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to presence of numerous raw material suppliers.
Threat of new substitutes: Low threat of substitution as implants are specialized clinical procedures.
Competitive rivalry: High as market is dominated by few global players and local players differentiate through product portfolio expansion.

Geographical Regions Concentrated in Terms of Value
North America holds the largest share of the veterinary orthopedic implants market owing to rise in pet healthcare expenditure, presence of key players and veterinary practitioners in the region. According to American Pet Products Association, over US$ 110 billion was spent on pet care in U.S. including vet care in 2021.

Fastest Growing Region
Asia Pacific region is projected to grow at the highest CAGR during the forecast period driven by growing pet adoption, rise in per capita pet healthcare expenditure, increasing number of veterinary hospitals and clinics supporting better treatment facilities in countries like India and China. China Veterinary Chamber of Commerce reported pet population growth of over 15% annually in the country.


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About Author:

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.

(https://www.linkedin.com/in/money-singh-590844163)

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