Veterinary orthopedic implants are medical devices used for treating fractures and other orthopedic injuries in animals. The implants restore stability in broken bones and facilitate faster healing. Knee and hip replacements are commonly used for older pets suffering from arthritis and joint problems. Hip replacements provide mobility to aging dogs and improve their quality of life. Demand for such implants is driven by rising pet healthcare spending as people are treating pets as members of their families.
The global Veterinary Orthopedic Implants Market is estimated to be valued at US$ 341.57 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The market trend of rise in pet healthcare spending is accelerating growth of the veterinary orthopedic implants market. Increased spending on pet care indicate pet owners willingness to pay for medical treatments to alleviate pain and improve mobility in their arthritic pets. Growing awareness about surgical procedures like knee and hip replacements is aiding pet owners opt for such surgeries easily. Pets are undergoing complex surgeries that require fixing of fractures or replacement of joints like never before. This increased demand is encouraging implant manufacturers to launch innovative products tailored for veterinary orthopedic applications.
Segment Analysis
The global veterinary orthopedic implants market can be segmented based on product type, material type, animal type, end user and region. Based on product type, the market is classified into joint reconstruction products, fracture fixation products and others. The joint reconstruction products segment is dominating the market currently owing to increasing incidence of orthopedic injuries such as cruciate ligament injuries and hip dysplasia in pets.
Key Takeaways
The Global Veterinary Orthopedic Implants Market Share is expected to witness high growth during the forecast period of 2024 to 2031.
Regionally, North America is currently dominating the market due to increased pet adoption and growing medical expenditure on animal healthcare in the region.
Key players operating in the veterinary orthopedic implants market 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.
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