by The veterinary orthopedic implants market has been witnessing steady growth owing to the increasing prevalence of orthopedic conditions among companion animals such as dogs and cats. Veterinary orthopedic implants are medical devices used to replace or reinforce injured bones or joints. The implants improve mobility and provide long term relief to pets suffering from arthritis, ruptured cruciate ligaments, fractures and other orthopedic disorders.
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.
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. The rising adoption of pets and increasing pet healthcare expenditure offers lucrative opportunities for players in this market. In addition, growing veterinary healthcare infrastructure and improving standards of veterinary care across developed as well as developing regions of the world would aid the global expansion of the veterinary orthopedic implants market over the forecast period.
Market Drivers
Rising pet obesity is a key driver propelling the growth of the veterinary orthopedic implants market. Companion animals such as dogs and cats are increasingly gaining weight due to lack of physical activity, unhealthy diets and overfeeding. Pet obesity has been linked to increased risk of musculoskeletal disorders which often require orthopedic implants procedures. Growing awareness about pet health and orthopedic conditions is also encouraging pet owners to opt for veterinary orthopedic implant surgeries. Advancements in veterinary implant technology and increased success rate of orthopedic surgeries have made the procedures more viable and common treatment alternatives for pets with mobility issues.
PEST Analysis
Political: The veterinary orthopedic implants market is regulated by government bodies that ensure the safety and effectiveness of implants used in animals. Regulations may impact the approval process and timeline for new product launches.
Economic: Rising pet ownership and increasing spending on pet care is boosting demand for veterinary care including orthopedic procedures. Economies recoveries after pandemic downturns have increased disposable incomes for pet related care.
Social: Pet humanization trends where companion animals are considered family members have increased willingness to spend on pets health and orthopedic care. More people are open adoptive surgeries using implants to restore mobility for aging or injured pets.
Technological: Innovation in materials and designs of veterinary orthopedic implants has improved outcomes for pet surgeries. 3D printing technologies are being used to custom design implants tailored for individual pet patients. Tele-orthopedics is gaining popularity using imaging to remotely plan and guide complex surgeries.
North America occupies the highest regional market share in terms of value owing to large population of pet dogs and cats,rising pet ownership,high disposable incomes and pet healthcare spending. Asia Pacific is identified as the fastest growing regional market driven by factors such as increasing pet adoption,growing pet healthcare industry and rising awareness about pet orthopedic treatments in counties like China and India.
Europe and Latin America are other significant geographical markets concentrating value for the veterinary orthopedic implants industry. Within Europe,countries like UK, Germany and France account for major regional revenues due to high rates of pet health insurance and established veterinary healthcare infrastructure. In Latin America,rising petcare expenditures in Brazil and Mexico are impetus for regional market growth over the forecast period.
