Veterinary orthopedic implants are medical implants that are placed inside the body of pets and other companion animals to treat orthopedic disorders and injuries such as bone fractures. These implants are made from inert materials such as titanium, stainless steel, or polyethylene. Common types of implants used include bone plates, screws, pins, rods, and cages. They are surgically placed by veterinary orthopedic surgeons to aid bone fusion or replace damaged joints. Rapid advances in implant design now allow minimally invasive procedures which aid faster recovery.
The global Veterinary Orthopedic Implants Market is estimated to be valued at Us$ 296.05 Mn In 2023 and is expected to exhibit a CAGR Of 10.% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the veterinary orthopedic implants market is the rising prevalence of orthopedic disorders in companion animals. Common conditions affecting bones and joints in pets include hip dysplasia, elbow dysplasia, bone fractures due to road accidents or falls. With increasing pet ownership and humanization of pets, owners are more willing to opt for surgical treatment including implants which require high costs. Additionally, rising incidence of pet obesity has contributed to greater risks of orthopedic issues as excessive weight puts more strain on joints and bones. Advancements in implant technology now offer veterinarians improved solutions to treat pets in a minimally invasive manner, facilitating faster recovery. This is boosting adoption and demand in the market.
SWOT Analysis
Strength: Veterinary orthopedic implants offer surgical correction and alleviation of pain for animals suffering from musculoskeletal disorders. Their use allows animals to regain mobility and live active lives. Advances in veterinary implant design and material selection have led to implants with improved biocompatibility and longevity. For example, titanium implants provide exceptional strength while minimizing rejection risks.
Weakness: High costs associated with veterinary orthopedic surgeries limit their widespread adoption. Implant failure requiring revision surgeries can add to financial burden on pet owners. Post-operative care and rehabilitation also requires time commitment. Some implants may have limited lifespan necessitating future replacements.
Opportunity: Growing companion animal ownership and increasing willingness to spend on pet healthcare present opportunities. The development of low-cost customized 3D printed implants tailored for small breeds can boost access. Growing expertise of veterinary surgeons in specialized procedures expands implant usage.
Threats: Economic slowdowns reducing discretionary spending on pets impacts demand. Alternate non-surgical treatments gaining popularity may threaten implant sales. Strict regulations and lengthy approval processes for new products pose challenges.
Key Takeaways
The Global Veterinary Orthopedic Implants Market Demand is expected to witness high growth owing to rising pet adoption and increasing willingness of owners to spend on advanced veterinary healthcare.
Regional analysis:
North America dominates the global veterinary orthopedic implants market currently due to high per capita pet healthcare expenditures and advanced veterinary healthcare infrastructure in the region. Asia Pacific is expected to be the fastest growing regional market over the forecast period driven by rising pet ownership among urban middle-class families in countries like India and China.
Key players operating in the veterinary orthopedic implants market are IBM Corporation, Hewlett Packard Enterprise, Infosys Limited, Wipro Limited, Capgemini SE, 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. They are focused on developing innovative implant designs and biomaterials to expand market share.
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