Veterinary Orthopedics Market: Industry Size and Growth Trends [2029] Analyzed by TechSci Research

Veterinary Orthopedics Market: Industry Size and Growth Trends [2029] Analyzed by TechSci Research

July 05, 2024

According to the TechSci Research report titled "Veterinary Orthopedics Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029F," the global veterinary orthopedics market was valued at USD 566.21 million in 2023. It is anticipated to grow at a compound annual growth rate (CAGR) of 7.08% through 2029. The rapid technological advancements in veterinary orthopedics are transforming the industry, introducing sophisticated treatment methods and orthopedic devices. Innovations such as customized implants produced through 3D printing technology and minimally invasive surgical procedures are revolutionizing patient outcomes and surgical accuracy. Additionally, the integration of digital health solutions like telemedicine and wearable devices enhances remote monitoring and post-operative care, further fueling market growth.

 

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on "Global Veterinary Orthopedics Market

 

Industry Key Highlights

The global veterinary orthopedics market is witnessing substantial growth driven by various factors:

  1. Technological advancements enabling improved treatment and surgical accuracy.
  2. Increasing pet population leading to a higher incidence of orthopedic conditions.
  3. Rising demand for effective orthopedic treatments due to the prevalence of musculoskeletal disorders in animals.
  4. Growing expenditure in the pet industry fostering market growth.
  5. Escalating awareness among pet owners regarding advanced medical interventions.

 

Emerging Trends in Veterinary Orthopedics

Technological Innovations

Technological advancements are at the forefront of the veterinary orthopedics market. The emergence of 3D printing technology allows for the creation of customized implants tailored to the specific anatomical needs of individual animals. These implants offer improved compatibility and effectiveness, significantly enhancing surgical outcomes. Moreover, the advent of minimally invasive surgical procedures has reduced recovery times and complications, making surgeries safer and more efficient.

Digital Health Integration

The integration of digital health solutions, such as telemedicine and wearable devices, is revolutionizing the veterinary orthopedics market. Telemedicine enables remote consultations and follow-ups, providing pet owners with easy access to veterinary expertise. Wearable devices, on the other hand, facilitate continuous monitoring of an animal’s health, ensuring timely interventions and improved post-operative care.

 

Market Drivers

Increasing Pet Population

The rising pet population globally is a significant driver of the veterinary orthopedics market. As more households adopt pets, the incidence of orthopedic conditions such as fractures, ligament tears, and joint instability is increasing. This surge in orthopedic ailments necessitates effective treatments and interventions, thereby driving the demand for veterinary orthopedic products and services.

Growing Incidence of Musculoskeletal Disorders

Musculoskeletal disorders, including osteoarthritis, hip dysplasia, and degenerative joint diseases, are among the most common health issues encountered in veterinary practice. Factors such as age, breed predisposition, obesity, and trauma contribute to the onset of these conditions in pets. The growing prevalence of these disorders is fueling the demand for advanced orthopedic treatments and interventions.

Rising Expenditure in the Pet Industry

Pet owners are increasingly treating their pets as family members and are willing to spend substantial amounts on their health and well-being. This trend is driving the growth of the veterinary orthopedics market as pet owners seek advanced medical treatments and high-quality orthopedic products to improve their pets' quality of life.

 

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Factors Impeding Market Growth

High Cost of Orthopedic Procedures

Despite the growing demand for veterinary orthopedic products, the high cost associated with these treatments can limit their adoption, especially in price-sensitive and emerging economies. For instance, the cost of a tibial plateau leveling osteotomy for a pet dog in the United States can range from USD 3,000 to USD 6,000, making it inaccessible for many pet owners.

Shortage of Veterinary Surgeons

The lack of qualified veterinary surgeons capable of performing specialized orthopedic treatments is another significant challenge. This shortage limits access to advanced orthopedic care, particularly in remote and underserved regions. Addressing this issue requires coordinated efforts to increase the availability of qualified veterinary practitioners and enhance their skills through continuous education and training.

Competitive Analysis

The global veterinary orthopedics market is characterized by the presence of several key players who are driving innovation and competition. Some of the major companies operating in this market include:

  1. Narang Medical Limited
  2. B. Braun SE
  3. Vimian Group AB
  4. Integra LifeSciences Corporation
  5. Medical Device Business Services, Inc.
  6. AmerisourceBergen Corporation
  7. Arthrex, Inc.
  8. Orthomed (UK) Ltd
  9. Veterinary Instrumentation Ltd

 

Top 10 Companies in Veterinary Orthopedics Market

Sure, here is some information about these companies:

  1. Narang Medical Limited
    • Founded: 1989
    • Headquarters: New Delhi, India
    • Narang Medical Limited is a leading manufacturer and supplier of surgical instruments, medical supplies, and hospital products based in India.
  2. B. Braun SE
    • Founded: 1839
    • Headquarters: Melsungen, Germany
    • About: B. Braun SE is a German medical and pharmaceutical device company that currently has more than 63,000 employees globally and offices and production facilities in more than 60 countries.
  3. Vimian Group AB
    • Founded: 2021
    • Headquarters: Stockholm, Sweden
    • About: Vimian Group AB is a global animal health company covering four essential and rapidly evolving areas: specialty pharma, MedTech, veterinary services, and diagnostics.
  4. Integra LifeSciences Corporation
    • Founded: 1985
    • Headquarters: Princeton, New Jersey, U.S.
    • Integra LifeSciences Corporation is a global medical device manufacturing company that manufactures products for skin regeneration, neurosurgery, reconstructive surgery, and general surgery.
  5. Medical Device Business Services, Inc.
    • Founded: 1989
    • Headquarters: Warsaw, Indiana, U.S.
    • Medical Device Business Services, Inc. is a division of DePuy Orthopaedics, a subsidiary of Johnson & Johnson. It specializes in the manufacture of orthopedic devices and supplies.
  6. AmerisourceBergen Corporation
    • Founded: 2001
    • Headquarters: Chesterbrook, Pennsylvania, U.S.
    • About: Amerisource Bergen Corporation is one of the largest pharmaceutical services companies in the United States. The firm distributes pharmaceutical products and services to health care providers.
  7. Arthrex, Inc.
    • Founded: 1981
    • Headquarters: Naples, Florida, U.S.
    • Arthrex, Inc. is a global medical device company and leader in new product development and medical education in orthopedics.
  8. Orthomed (UK) Ltd.
    • Founded: 2002
    • Headquarters: West Yorkshire, United Kingdom
    • About: Orthomed (UK) Ltd. is a manufacturer of orthopedic implants and instruments intended to simplify complex surgeries.
  9. Veterinary Instrumentation Ltd.
    • Founded: 1986
    • Headquarters: Sheffield, United Kingdom
    • About: Veterinary Instrumentation Ltd. provides veterinary surgical instruments and orthopedic implants. The company offers a diverse and innovative portfolio of products in the areas of joint surgery, orthopedic implantable devices, and surgical instrumentation.

 

Future Outlook

The future of the global veterinary orthopedics market looks promising, with several trends and factors poised to drive growth. The continuous advancements in technology, coupled with the rising pet population and increasing expenditure in the pet industry, are expected to propel market expansion. Moreover, the growing awareness among pet owners regarding advanced medical interventions and the increasing availability of qualified veterinary practitioners will further enhance market growth.

Potential Growth Areas

  • 3D Printing Technology: The use of 3D printing technology for customized implants is expected to become more prevalent, offering tailored solutions for specific orthopedic conditions.
  • Minimally Invasive Procedures: The adoption of minimally invasive surgical techniques will continue to rise, driven by the benefits of reduced recovery times and lower complication rates.
  • Digital Health Solutions: The integration of telemedicine and wearable devices will expand, providing enhanced remote monitoring and post-operative care capabilities.

10 Benefits of the Research Report

  1. Comprehensive Market Analysis: Provides an in-depth analysis of the global veterinary orthopedics market, including market size, share, and growth trends.
  2. Technological Insights: Offers detailed insights into technological advancements and their impact on the market.
  3. Emerging Trends: Identifies and analyzes emerging trends shaping the future of the veterinary orthopedics market.
  4. Competitive Landscape: Provides a detailed competitive analysis of key market players, including their market strategies and product offerings.
  5. Market Drivers: Highlights key factors driving market growth, such as increasing pet population and rising demand for advanced orthopedic treatments.
  6. Market Restraints: Identifies potential challenges and restraints that could hinder market growth, such as high costs and shortage of qualified veterinary surgeons.
  7. Regional Analysis: Offers a comprehensive analysis of market dynamics across different regions, including North America, Europe, Asia-Pacific, and others.
  8. Future Outlook: Provides a forward-looking perspective on market growth opportunities and potential areas of expansion.
  9. Customer Insights: Includes valuable insights into pet owner preferences and their impact on market demand.
  10. Strategic Recommendations: Offers strategic recommendations for market players to capitalize on growth opportunities and address market challenges.

 

The global veterinary orthopedics market is poised for significant growth in the coming years, driven by technological advancements, increasing pet population, and rising expenditure in the pet industry. The continuous innovations in orthopedic products and surgical techniques, coupled with the growing awareness among pet owners, will further propel market expansion. However, addressing challenges such as high costs and shortage of qualified veterinary practitioners will be crucial for sustained market growth.

 

“The Global Veterinary Orthopedics Market is poised for substantial expansion in the foreseeable future. Heightened rates of pet ownership worldwide, combined with increasing awareness of pet health, are anticipated to spur demand for specialized veterinary orthopedic solutions. Technological advancements, such as 3D printing and minimally invasive surgical techniques, are augmenting treatment outcomes and broadening the array of available options. Furthermore, the escalating prevalence of orthopedic conditions in animals, alongside the advent of regenerative medicine and orthobiologics, is driving demand for innovative treatment approaches. The proliferation of pet insurance adoption is also rendering orthopedic care more accessible and cost-effective for pet owners,” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

“Veterinary Orthopedics Market - Global Industry Size, Share, Trends, Opportunity and Forecast, Segmented By Application (TPLO, TTA, Joint Replacement, Trauma, Other Applications), By Product (Implants, Instruments), By Animal Type (Canine, Feline, Other Animals), By End use (Veterinary Hospitals & Clinics, Other End Use), By Region and Competition, 2019-2029F”, has evaluated the future growth potential of Global Veterinary Orthopedics Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Veterinary Orthopedics Market.

 

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