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Veterinary Orthopedic Medicine Market Analysis 2024: Key Trends, Market Size, and Industry Innovations
Veterinary Orthopedic Medicine Market Analysis
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According to The Business Research Company's, The veterinary orthopedic medicine market size has grown strongly in recent years. It will grow from $3.38 billion in 2023 to $3.69 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to emergence of regenerative medicine, telemedicine integration, increasing number of veterinary orthopedic specialists, rise in the adoption of viscosupplementation products, and improving animal health awareness.
The veterinary orthopedic medicine market size is expected to see strong growth in the next few years. It will grow to $5.26 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to rising prevalence of osteoarthritis, increasing adoption of pet insurance, high prevalence of obesity in companion animals, increasing pet ownership, rising pet expenditure. Major trends in the forecast period include hybrid implants, advanced materials, regenerative medicine, 3D imaging, computerized tomography (CT).
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Market Drivers and Trends:
The increasing number of surgeries is expected to propel the growth of the small-volume parenteral market going forward. Surgery is a medical specialty that involves using operative techniques to investigate or treat a pathological condition such as disease or injury, improve bodily function or appearance, or repair unwanted ruptured areas. The rate of surgeries is rising due to advancements in medical technology and an aging population, increasing the demand for surgical interventions. Small-volume parenteral solutions are used in surgeries to precisely administer medications, electrolytes, and nutrients directly into the bloodstream. For instance, in February 2022, according to the American Academy of Facial Plastic and Reconstructive Surgery, a US-based organization, an estimated 1.4 million surgical and non-surgical plastic surgeries were performed in 2021, with plastic surgeons completing an average of 600 more procedures compared to 2020. Therefore, the increasing number of surgeries is driving the growth of the small-volume parenteral market.
Major companies operating in the veterinary orthopedic medicine market focus on developing innovative solutions, such as anatomically shaped casts, to eliminate pressure sores and improve the standard of care for pets with fractures. Anatomically shaped casts are specialized orthopedic devices designed to conform to the natural contours of an animal's body, providing effective immobilization and support for healing fractures, sprains, or other orthopedic injuries. For instance, in November 2021, OrthoPets Veterinary, a US-based manufacturer of veterinary orthotic and prosthetic (VOP) devices, launched a new line of biodegradable anatomically-shaped casts designed to eliminate pressure sores and improve the standard of care for pets with fractures. The anatomically shaped splints cover various casting treatments, from full leg casts to paw or toe injuries, offering a modern and effective alternative to traditional casting methods. These anatomically shaped casts represent a significant advancement in veterinary orthopedic medicine, offering a safer, more comfortable, and more efficient solution for treating animal fractures and injuries.
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Major Key Players of the Market:
AmerisourceBergen Corporation, Johnson & Johnson, EVEROST INC, Zoetis Inc., Elanco Animal Health, Integra lifesciences, Ceva Sante Animale, Virbac SA, STERIS Animal Health, Merck Animal Health (Merck & Co. Inc.), Veterinary Orthopedic Implants, American Regent, Bimeda U.S., B. Braun Melsungen AG, Coveto SA, Biogenesis Bago, Vetoquinol S.A., Avante Animal Health, Hyalogic LLC, Hester Biosciences, Petline Sa, Sklar Instruments, GerMedUSA, RWD Life Science, Orthomed (UK) Ltd, BioMedtrix LLC, IMEX Veterinary Inc.
Veterinary Orthopedic Medicine Market 2024 Key Insights:
• The veterinary orthopedic medicine market size is expected to see strong growth in the next few years. It will grow to $5.26 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%.
• Rising Incidence Of Pet Orthopedic Diseases Fueling Market Expansion
• Advancements in Anatomically Shaped Casts for Veterinary Orthopedic Care
• North America was the largest region in the veterinary orthopedic medicine market in 2023
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