Veterinary Orthopedic Implant Market to Expand at a CAGR of 7.1% from 2018 to 2026

Veterinary Orthopedic Implant Market: Overview

The Covid-19 pandemic since it hit the world early 2020 and exacerbated in subsequent months has led to numerous unprecedented impacts on various industries. The orthopedic implants manufacturing also witnessed snags due to the unavailability of raw materials and gradually increase in labor shortage. Closing of international trade due to Covid-19 led closures and lockdowns at the national level has put substantial pressures on manufacturing units. Further, end-consumer demand in the veterinary orthopedic implant market also suffered in key economies, forcing industries in the value chain realign their strategies at attain resiliency. This might help in recovery of demand in various developing and developed economies in the other half of the forecast period.

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Governments in various countries are extending financial supports and framing favorable policies for veterinary care. On the other hand, research and development in recent years have tested novel implant materials. Also, livestock owners have become more aware of the care of animals. On the research front, new animal models have been incorporated in such research in the veterinary orthopedic implant market. Rising investment by pet owners, notably dog owners, has also fueled the prospect in the veterinary orthopedic implants. Adoption of better radiology devices in veterinary care has also favorably influenced the demand. However, the concern of osteomyelitis has made pet owners slightly skeptical of the current implantation procedures.

Some of the common complications post implantation can be infection, fistula, and inflammatory reaction. The growing number of orthopedic implant surgeries for dogs has focused on lowering the risk of surgical site infections (SSI). In this regard, postoperative antimicrobials played a crucial role in several of the randomized studies involving veterinary orthopedic implants in dogs, where these are administered in perioperative period. The adoption of multivariable logistic regression has benefitted research teams in such studies. In coming years, more pet owners will seek safer and effective options for bone problems, thus expanding the avenue in the veterinary orthopedic implant market.

The veterinary orthopedic implant market expects to churn good growth during the forecast period of 2018-2026 due to the rising demand for effective animal care. Other factors include the multiplying of animal hospitals and veterinary doctors. In addition, the availability of a plethora of treatment and surgery options is also increasing the growth rate of the veterinary orthopedic implant market.

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Based on product, the veterinary orthopedic implant market can be segmented into veterinary plates and screws, hip replacement implants, knee replacement implants, joint replacement implants, and others.

• Animal sports are gaining popularity over a brief period. These activities lead to injuries which sometimes involve broken bones. Such accidents or mishaps require surgeries. Hence, this aspect can prove to be a growth multiplier for the veterinary orthopedic implant market.

• Pets act as great stress-busters. A rise in psychological problems has led to an increase in the adoption of pet animals. This, in turn, will benefit the veterinary orthopedic implant market to a great extent. Growing government support for veterinary care is also proving to be a game-changer for the veterinary orthopedic implant market. Initiatives and government funding by various organizations and government departments result in the expansion of the veterinary orthopedic implant market.

• The use of bioabsorbable implants veterinary orthopedic surgeries is slowly gaining acceleration in the veterinary orthopedic implant market due to the varied benefits they offer. Further discoveries are in the pipeline as key players in the veterinary orthopedic implant market are largely focusing on research and development activities. A surge in osteoarthritis cases among animals is prompting key players to pay attention to discover efficient treatment methods. This can also prove to be a boon for generating good growth for the veterinary orthopedic implant market. Activities such as mergers and acquisitions are further boosting the veterinary orthopedic implant market toward growth.

Veterinary Orthopedic Implant Market - Snapshot

Various orthopedic implants are required during injuries for bones and joints. Injuries occur due to sports, accidents, diseases, etc.. Availability of veterinary implants and joint replacement for the treatment of various diseases and injuries among companion animals is highly valued by pet owners. Pet owners across the globe spend billions of dollars every year for the diagnosis and treatment of diseases affecting their beloved pets. Increase in expenditure on animal health is expected to boost market growth in the next few years. The global veterinary orthopedic implant market was valued at US$ 86.3 Mn in 2017. It is projected to expand at a CAGR of 7.1% from 2018 to 2026.

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The global veterinary orthopedic implant market has been segmented based on product type, end-user, and region. In terms of product type, the global market has been classified into veterinary plates & screws, joint replacement implants, and others. The joint replacement implants segment has been further classified into hip replacement implants, knee replacement implants, and others.

The veterinary plates & screws segment is anticipated to account for a leading share of the global market during the forecast period, owing to high consumption of these veterinary plates & screws during veterinary orthopedic processes. In terms of end-user, the global market has been bifurcated into veterinary hospitals & clinics and research institutes. The veterinary hospitals & clinics segment is expected to account for a significant share of the global market during the forecast period, due to a rise in the number of private clinical practices.

In terms of region, the global veterinary orthopedic implant market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe accounted for a major share of the global market in 2017. High pet ownership and increase in spending on animal health drive the veterinary orthopedic implant market in these regions. The market in Asia Pacific is likely to expand at a significant CAGR during the forecast period. Rise in the population of livestock animals and increase in pet adoption are projected to propel the market in the region in the next few years.

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Key players operating in the global veterinary orthopedic implant market include B. Braun Melsungen AG, Johnson & Johnson, Veterinary Orthopedic Implants, Inc., BioMedtrix, LLC, KYON Veterinary Surgical Products, IMEX Veterinary, Inc., Orthomed (UK) Ltd, and Securos Surgical. These companies have a broad product portfolio of veterinary orthopedic implants along with a strong distribution system across the globe.

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