Veterinary Orthopedic Implants Market size is projected to experience significant growth from 2020 to 2026. Veterinary orthopedic implants are devices majorly used in variety of orthopedic surgeries to treat fractures and other bone related disorders among animals. These implants are either made of stainless steel or titanium that have excellent biocompatibility. The implants are manufactured in variety of sizes by major players to meet the increasing demand of all types of animals.
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Veterinary orthopedic implants market share will show significant growth in the future owing to increasing incidence of arthritis and facture. For instance, about one-fourth of the total dog population in the U.S. is diagnosed with some form of arthritis. Also, the juvenile pets are more prone to fractures as compared to the adults. For instance, the incidence rate of fractures in juvenile dogs is seven times more as compared to young adults. Thus, increasing number of orthopedic disorders among various animals will be conducive to industry growth in the future.
Increasing demand for effective and advanced pet care in developed and developing nations will drive the market growth. Growing influence of pet parenting is majorly driving the pet owners to spend significantly on the pet healthcare. For instance, in UK, the average monthly expenditure on dogs ranges from USD 250 to 300. Also, various companies are developing advanced products to treat orthopedic ailments and fractures. Aforementioned factors will propel the market growth across the forecast timeframe.
Based on device type, veterinary orthopedic implants market is bifurcated into knee replacement, hip replacement, elbow replacement and trauma fixation implants. The trauma fixation devices segment will show tremendous growth in the analysis period. High growth is attributed to availability of advanced and antimicrobial implants. These implants limit the post-surgery complications and increase the procedure outcome. Also, with increasing number of fractures among pets, the demand for trauma fixation implants will grow.
Orthopedic implants are majorly made up of titanium or stainless steel. The titanium segment held significant share in 2019 and will show similar trends during the forecast period. Various advantages of titanium implants such as biocompatibility, strength and higher ability to withstand sheer will drive the segment growth. Moreover, companies develop novel products that are titanium-based that are comparatively lighter in weight than other materials. Above mentioned factors will be conducive to segmental growth.
Rising number of hospitalizations for effective treatment of pet arthritis and fractures in hospitals will impact the segmental growth. Veterinary hospitals are equipped with skilled healthcare personnel and advanced infrastructure. Moreover, increasing awareness among the owners towards pet and animal healthcare will drive the demand for treatment of orthopedic fractures. Other locations where orthopedic treatments are offered include veterinary clinics, research institutes and academia.
U.S. veterinary orthopedic implants market accounted for significant revenue share of the global market. Increasing number of veterinary healthcare personnel in the country along with presence of large number of veterinary clinics will accelerate the business growth. Moreover, presence of major competitors in the country to meet the growing need of pet and animal owners will stimulate the market growth during the analysis timeframe.
Key players operating in the veterinary orthopedic implant market share are B. Braun Vet Care, BioMedtrix, Fusion Implants, Orthomed and Veterinary Orthopedic Implants. These players undertake various strategies such as acquisition, mergers and product innovation to advance in the global market. For instance, in February 2019, Orthomed announced the launch of medium size OrthoFoam wedge for MMP (Modified Maquet Procedure). This launch enabled the company to expand its customer base and strengthen its market place.
Veterinary Orthopedic Implants Market, By Product, 2015-2026 (USD Million)
Veterinary Orthopedic Implants Market, By Material, 2015-2026 (USD Million)
Veterinary Orthopedic Implants Market, By End-use, 2015-2026 (USD Million)
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