The veterinary orthopedic implants market is estimated to be valued at US$ 296.5 Mn or 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.
SWOT Analysis
· Strengths: The veterinary orthopedic implants market has several strengths. There is a large patient base of animals that require orthopedic care. Implants offer veterinarians effective solutions to treat orthopedic injuries and conditions in pets. Manufacturers continue to innovate and develop new implant materials and designs that improve clinical outcomes.
· Weaknesses: High costs of orthopedic implants can limit their adoption, especially in developing regions. Veterinary specialists are required for orthopedic surgeries using implants, which is not always possible.
· Opportunities: Growth in companion animal ownership in developing countries presents an opportunity to increase sales of orthopedic implants. Developing bioabsorbable implants that do not require second surgeries to remove can boost the market.
· Threats: Alternatives like stem cell therapy and bone grafts pose threats to implant sales. Economic slowdowns can negatively impact spending on veterinary healthcare including orthopedic implants.
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 prevalence of orthopedic conditions such as hip dysplasia and ligament tears in pets. According to the American Veterinary Medical Association, over 35% dogs suffer from certain orthopedic conditions. Rising pet care spending per animal is expected to drive sales of implants for conditions repair and replacement surgeries.
Regional analysis: North America dominates the veterinary orthopedic implants market and is expected to continue its dominance over the forecast period. This is attributed to growing pet insurance adoption and high per capita pet care expenditures in the US and Canada. The Asia Pacific market is poised to exhibit the fastest growth owing to increasing pet population, rising awareness about pet health, and improving veterinary healthcare infrastructure in countries such as India and China.
Key players: 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.
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