The veterinary orthopedic implants market involves surgical placement of implants to fix and stabilize damaged or fractured bones and joints in pets. Implants such as plates, screws, pins/wires, and cages are commonly used to support bone healing process. Growing animal healthcare expenditure along with rising incidence of orthopedic injuries & diseases in pets are fueling demand for veterinary orthopedic implants.
The Global veterinary orthopedic implants Market is estimated to be valued at US$ 341.57 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the veterinary orthopedic implants 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. These players are investing heavily in R&D to develop advanced orthopedic implants with higher biocompatibility and quicker healing.
The market provides significant opportunities for players manufacturing customized implants for pets with specific orthopedic requirements. 3D printing technology enables creation of personalized implants based on veterinary imaging scans. Rising pet adoption in developing nations is augmenting demand for quality veterinary healthcare services along with Veterinary Orthopedic Implants Market Growth.
Global expansion of key players through partnerships, mergers, and acquisitions enable broader geographical access to novel veterinary orthopedic implant portfolio. Stricter regulations in certain regions necessitate localization of manufacturing and regulatory capabilities.
Market drivers
Increasing incidence of injuries & orthopedic diseases such as osteosarcoma, elbow dysplasia, hip dysplasia among pets is a major market driver. Rise in pet humanization trend and growing expenditure on pet healthcare have amplified demand for quality veterinary orthopedic implant procedures. Consumers prioritize joint repair surgeries for pets to provide enhanced quality of life. Veterinary practitioners recommend implants as an effective solution for restoring joint function & mobility in pets.
PEST Analysis
Political: Veterinary orthopedic implants are regulated as medical devices and the government monitors their safety and efficacy. Regulations promote standardization and ensure quality.
Economic: The economic growth has increased pet ownership and spending on veterinary services. Veterinarians recommend orthopedic implants for joint repair and replacement in pets.
Social: Pet humanization trend and willingness to spend on pet healthcare has boosted the market. Pet owners seek advanced implants and surgical techniques for better mobility and quality of life of their animal companions.
Technological: 3D printing and customization allows for patient-specific implants. Implant materials are improving in biocompatibility and strength. Computer-assisted surgery tools assist precise implantation.
The veterinary orthopedic implants market in the United States has historically been the largest in terms of value. Advanced healthcare infrastructure, high pet ownership, and willingness to pay for pet care drive its growth.
The market in Asia Pacific is projected to experience the fastest rise over the forecast period. Factors such as rising pet spending, growing middle class, and rapid establishment of veterinary facilities contribute to its accelerated expansion. Countries like India and China are major revenue contributors to the region.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
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