by Veterinary orthopedic implants are medical devices used to heal and reconstruct damaged or diseased bones and joints in animal patients. Common veterinary orthopedic implants include bone screws, plates, cages, pins, rods, and staples. These implants are generally made from titanium and stainless steel and are designed to stabilize bone fragments during the healing process. They provide structural support for fractured bones and aid in arthrodesis, the surgical fusion of two or more bones. Veterinary orthopedic implants see wide application in large animals like horses and small companion animals like dogs and cats. Injuries and fractures are common in horses that are used for sports, racing, or livestock purposes. Meanwhile, pet dogs and cats are increasingly adopting sedentary urban lifestyles leading to higher risks of osteoarthritis, ligament tears, and bone fractures.
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 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing pet adoption and humanization are expected to drive the veterinary orthopedic implants market over the forecast period. According to the latest National Pet Owners Survey conducted by the American Pet Products Association (APPA), over 70.6 million homes in the United States own a pet. Rising pet ownership is associated with increasing incidences of orthopedic injuries and diseases among pets, propelling demand for associated veterinary implants. Furthermore, pet owners are willing to spend more on veterinary healthcare as pets are increasingly seen as companions and family members rather than simply animals. These factors will fuel revenue growth of veterinary orthopedic implants producers during the forecast period. Additionally, technological advancements in implant materials, designs, and procedures will support improved clinical outcomes, further promoting adoption of implants in veterinary orthopedic surgeries across the world.
Segment Analysis
The veterinary orthopedic implants market can be segmented into internal fixation devices, joint reconstruction devices and others. The internal fixation devices segment is expected to dominate the market during the forecast period. This is because internal fixation devices such as plates, screws, pins and wires are widely used to treat bone fractures and osteotomies in companion animals like cats, dogs, equines and others.
PEST Analysis
Political: Regulations regarding use of veterinary implants is expected to increase to ensure safe use and quality of implants. This may hamper market growth to some extent.
Economic: Rising pet adoption and increasing animal healthcare expenditure is expected to drive market growth. Developed regions with higher disposable incomes are projected to be lucrative markets.
Social: Rising emphasis on animal welfare is expected to positively impact the veterinary orthopedic implants market. Owners are increasingly willing to spend on procedures ensuring healthy mobility and quality of life for their pets.
Technological: 3D printing is being utilized to custom design implants, reducing healing time. Biodegradable implants are also gaining traction.
Key Takeaways
The Global Veterinary Orthopedic Implants Market Share is expected to witness high growth.
North America is expected to be the largest regional market supported by growing pet care awareness and higher spending on pet health.
Key players operating in the veterinary orthopedic implants market include IBM Corporation, Hewlett Packard Enterprise, Infosys Limited, Wipro Limited, Capgemini SE.
