USD 466.18 million
Report ID: SQMIG35E2035 | Region: Global | Published Date: November, 2023 | Pages: 157 | Tables: 73 | Figures: 80
Global Veterinary Orthopedics Market size was valued at USD 466.18 million in 2021 and is poised to grow from USD 499.98 million in 2022 to USD 875.24 million by 2030, growing at a CAGR of 7.25% in the forecast period (2023-2030).
The global veterinary orthopedics market is a part of the larger animal healthcare industry which deals with detecting, managing and preventing musculoskeletal disorders in animals, whether it be pets or livestock. The orthopedic care market for animals has seen a significant boom in demand and overall expansion due to increased concerns and awareness of pet health.
One of the biggest factors driving market growth is the raised rate of pet ownership, particularly in urbanized countries where pets are kept and cared for as a family member. As a result of this trend, veterinary services like orthopedic surgeries such as joint replacements, repair of fractures, and ligament repair, are in high demand.
The range of treatment choices has expanded as a direct result of advancements in surgical methods and veterinary medical technology, thus increasing consumer standards when it comes to animal care. The market is defined by several goods and services such as surgical tools, orthotics, implants (plates, screws, and pins), prostheses, and diagnostic equipment. Other participants that make up the market include hospitals, clinics, advanced orthopedic centers, and producers of orthopedic devices and implants.
Though the market has grown significantly, a number of challenges pose a threat to the continued trajectory of the global veterinary orthopedics market. The high cost of these procedures and a scarcity of veterinary specialists in the world economy could potentially lower adoption rates, leading to a fall in demand. Nevertheless, the market is poised to keep growing in coming years as animal health care takes a new precedence.
Global Market Size
USD 466.18 million
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Based on Application, the global veterinary orthopedics market is divided into multiple sections, namely Total Knee Replacement, Total Hip Replacement, Total Elbow Replacement, Trauma Fixation, TPLO, TTA, Lateral Fixation, Others. Market segmentation based on product gives us the following categories: Instruments, Implants, Plates, Compression Plates, Arthrodesis plates, Acetabulum plates, Screws, Others. Hospitals & Clinics, and Others make up the end-users of the market. When dividing the market by region, we get North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis By Application
Total knee replacement holds the leading position in the global veterinary orthopedics market. Total knee replacement is the process of replacing a dog’s knee joint with an artificial implant and is commonly used on canines with major knee joint problems, like torn cruciate ligaments or advanced arthritis, in order to appease joint discomfort and improve mobility. Total knee replacement has got the approval of animal health care practitioners due to its on-point success in improving an animal’s quality of life, thus making the product well known.
Apart from the aforementioned segment, the TTA (Tibial Tuberosity Advancement) category is the fastest growing market section. TTA is a surgical method implemented to repair cranial cruciate ligament (CCL) injuries in canines. TTA has risen up the success ladder rapidly with its advantageous position over well-known procedures like TPLO (Tibial Plateau Leveling Osteotomy). Big dogs are prone to have CCL injuries and they have more to gain with TTA due to its short rehabilitation period, lower complication risk rate, and better outcomes. The veterinary world has not slowed down in adopting this segment due to its ability to maneuver complex scenarios and cause minimal intrusion.
Analysis By Product
In the global veterinary orthopedics market, the dominating product happens to be implants as a result of its significant function in surgical treatments for animals. Some examples of the various types of implants used in the market are plates, screws, pins, and external fixators. These implants are necessary in order to stabilize damaged animal bones and speed up healing. Advancements in veterinary services, higher rate of pet ownership, and growing awareness of animal health are some of the driving factors of the implant market. Market growth is also expanded due to the development of advanced implant materials and designs.
Conversely, the global veterinary orthopedics market’s fastest growing segment is the orthopedic instruments section. In conducting orthopedic procedures like bone drilling, soft tissue manipulation, and cutting, these devices are vital. As vets concentrate on providing advanced and minimally invasive surgeries, the demand for specialist orthopedic equipment keeps rising. Some of the top reasons for this expansion are the increasing desire for superior surgical outcomes, decreasing the trauma of the animal, and speeding up healing.
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The rising demand for advanced medical equipment and procedures for the treatment of orthopedic issues in animals is what defines the global veterinary orthopedics market. Out of this, North America is at the top of the market, thanks to its well-established research infrastructure, developed healthcare network, and high rates of pet ownership. Its focus on providing specialized and advanced veterinary care, especially when it comes to orthopedic operations, are the reasons for the region’s supremacy in the market.
However, the Asia-Pacific region has witnessed the fastest growth in the global veterinary orthopedics market. As disposable incomes expand, attitudes towards pet ownership evolves, and pet health awareness rises, the need for advanced veterinary services, such as orthopedic treatments, will continue to grow. Growing middle class population in countries like China and India, along with rapid urbanization, have contributed to the expansion of the veterinary orthopedics market in the Asia-Pacific region. As veterinary healthcare institutions develop and pet ownership rates rise, the demand for orthopedic treatments also reflect the same growth.
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Increasing Pet Ownership and Humanization:
Advancements in Veterinary Medical Technology:
High Cost of Advanced Procedures:
Limited Veterinary Specialists:
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A large number of renowned market participants who are engaged in intense rivalry to gain a considerable market share have fueled the fierce competition present in the global veterinary orthopedics market. Some of these industry leaders are Veterinary Orthopedic Implants, DePuy Synthes Vet, KYON Veterinary Surgical Products, and BioMedtrix.
These companies utilize various tactical steps to maintain their edge in the market and meet the rising demand for advanced orthopedic solutions. These strategies include product innovation that help them diversify their product offerings and offer more tools, implants, and gadgets. Other business tactics employed by these industry leaders are constant research and development and collaboration with other market stakeholders.
The aforementioned partnerships, like with hospitals and veterinary clinics, can help these established firms expand their reach and open up their business to a larger consumer base. The competitive landscape of the veterinary orthopedics market drives the players to continue striving to provide better implants and minimally invasive operations, which can improve patient outcomes. The demand in this market continues to rise as owners seek high-quality healthcare for their pets. This in turn keeps churning out innovative advancements in the market.
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Based on our analysis of the global veterinary orthopedics market, it is experiencing continual growth, owing to the rising demand for advanced health care for animals. The market’s main focus is to diagnose, treat, and prevent musculoskeletal disorders and injuries in pets and livestock. Rising pet ownership, animal health awareness, and advancement in veterinary medical technology are some of the drivers of the market’s expansion. Some of the vital tools and products of the market are Orthopedic implants, joint replacement systems, orthopedic tools, and braces. Primarily, these treatments are provided to companion and performance animals. The market is defined by a competitive environment full of manufacturers focused on creating efficient, long-lasting, and cost-friendly orthopedic solutions. The elevated cost of specialized orthopedic surgeries and the lack of veterinary orthopedic surgeons are the major restraining factors to market growth. However, major investments in R&D along with collaborations with veterinary specialists and medical device manufacturers will provide the market participants to keep the expansion going. Our predictions dictate an increase in demand for advanced veterinary orthopedic treatments as more households join the pet humanization trend and pet ownership rates rise.
|Market size value in 2021||USD 466.18 million|
|Market size value in 2030||USD 875.24 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Veterinary Orthopedics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Veterinary Orthopedics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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