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Veterinary Orthopedic Implants Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Veterinary Orthopedic Implants Market
According to The Business Research Company's, The veterinary orthopedic implants market size has grown strongly in recent years. It will grow from $0.24 billion in 2023 to $0.26 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to rising pet ownership rate, growing awareness of the benefits of veterinary orthopedic surgery, companion animal humanization, aging pet population, veterinary referral centers.
The veterinary orthopedic implants market size is expected to see strongly grown in the next few years. It will grow to $0.35 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to aging pet population, increasing pet insurance, pet obesity and joint health, rising awareness of the benefits of preventive veterinary care, custom implants, minimally invasive surgery. Major trends in the forecast period include advancements in veterinary medicine, customized implants, regenerative medicine, digital health and telemedicine, orthopedic device connectivity, 3d printing technology, biocompatible materials, rehabilitation and physical therapy.
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Market Drivers and Trends:
The increase in the incidence of obesity and arthritis increases the demand for veterinary orthopaedic implants market. Obesity is a condition where the weight of the pet affects the pet's health to a point where it results in the weakening of bones, whereas arthritis in pets results in loss of strength in bones. Obesity and arthritis may also result in fractures, and other bone-joint-related issues and both conditions result in adversely affect the overall health of the pet, consequently leading to shortening lifespan. Thus, the increased incidents of obesity and arthritis increase the demand for veterinary orthopedic implants. According to Banfield Pet Hospital's report on 2.5 million dogs and 500,000 cats treated in the USA, the number of osteoarthritis (OA) cases increased 66% in dogs and 150% in cats. The report also inferred that 52% of dogs and 41% of cats with OA are also overweight or obese. Thus, the increase in health conditions affecting the bones of pets such as obesity and arthritis positively affect the veterinary orthopedic market growth.
The companies in the veterinary orthopedic implants market are investing in 3D printing techniques for creating veterinary orthopedic implants. 3D printing in the veterinary orthopedics market is being used for creating printed bone models, surgical guides, and titanium implants. The use of 3D printing reduces the surgical time, and cost and removes the engineering complexities in orthopedic procedures. Following the trend, many dogs with bone deformities have been treated by Langford Veterinary Services, a UK-based provider of veterinary services, through its collaboration with CBM. The collaboration enabled CBM to create 3D printed models of animal implants using titanium Ti6AI4V EL material. The MRI or CT scans are sent from Langford Veterinary Services in Bristol to CBM, then produces 3D printed models using Arcam EBM Q10plus machine. CBM is a U.K based company focused on advanced research, product development, and batch manufacturing facility. Thus, the use of 3D printing is one of the latest trends in the veterinary orthopedic implants market and will contribute to the growth of the veterinary orthopedic market.
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Major Key Players of the Market:
KYON Pharma Inc.; Veterinary Orthopedic Implants Inc.; BioMedtrix LLC; IMEX Veterinary Inc.; Orthomed Ltd.; Securos Surgical; B.Braun Vet Care; BlueSAO; MWI Veterinary Supply Co.; New Generation Devices; Scil Animal Care Company; SophiaTech; Johnson & Johnson; Fusion Implants; GPC Medical Ltd.; Narang Medical Limited; D4 Surgicals (India) Pvt. Ltd.; Uteshiya Medicare Private Limited.; Bonetech Medisys Pvt. Ltd.; Integra LifeSciences Corporation; GerMedUSA Inc.; Everost Inc.; Arthrex Vet Systems; Ortho Max Mfg. Co. Pvt. Ltd.; Auxein Medical; Vimian Group; Innoplant Medizintechnik GmbH
Veterinary Orthopedic Implants Market 2024 Key Insights:
• The veterinary orthopedic implants market size will grow to $0.35 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%.
• Rising Incidence Of Obesity And Arthritis Spurs Demand In Veterinary Orthopedic Implants Market
• Investment In 3D Printing Enhances Growth Of Veterinary Orthopedic Implants Market
• North America was the largest region in the veterinary orthopedic implants market in 2023
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