The new report by Expert Market Research titled, 'Global Veterinary Orthopaedic Implants Market Price, Trends, Growth, Analysis, Report and Forecast 2020-2025', gives an in-depth analysis of the global veterinary orthopaedic implants market, assessing the market based on its segments like product types, applications, end uses, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2015-2025)
• Historical Market Size (2019): USD 95 Million
• Forecast CAGR (2020-2025): 7%
• Forecast Market Size (2025): USD 143 Million
With the growing number of people owning a companion animal, the demand for veterinary orthopaedic implants market is growing rapidly. People are willing to spend more on the health of their pets, which is strengthening the demand for the products used for the health and well-being of the animals. The increasing incidences of obesity and arthritis among pets have also increased the market demand for veterinary orthopaedic implants. According to various studies conducted around the world, around 30 percent of domesticated animals suffer from obesity, and around 5 percent of them are victims of arthritis. As a result, the increase in these health conditions affecting pet bones has had a positive impact on the growth of the veterinary orthopaedic implant market. However, the high cost of orthopaedic surgery limits the development of the market for veterinary orthopaedic implants. The cost of surgery involves equipment, x-rays, and consumables, among others, which many households cannot afford.
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Industry Definition and Major Segments
Veterinary orthopaedic implants are used to treat various orthopaedic conditions like broken bones and joints among domesticated animals and others.
Based on product type, the market is divided into:
- Compression Plates
- L - Plates
- T - Plates
- Arthrodesis Plates
- Acetabulum Plates
- Bending Iron
- Pins and Wires
Based on application, the market is divided into:
• Knee Replacement
• Hip Replacement
• Elbow Replacement
• Trauma Fixation
Based on end uses, the market is divided into:
• Veterinary Hospitals
• Veterinary Clinics
The regional markets for veterinary orthopaedic implants include:
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
Geographically, North America and Europe accounted for a significant share of the global market. High pet ownership and increased expenditure on animal health are driving the market for veterinary orthopedic implants in these regions. The market in the Asia Pacific is likely to expand at a significant CAGR during the forecast period. The increase in the population of livestock and the rising pet adoption rates are projected to boost the market in the region over the next few years.
In 2019, Infiniti Medical, a US-based manufacturer and distributor of veterinary medical equipment, purchased Orthomed Ltd. for an undisclosed sum. With the acquisition, Infiniti Medical plans to broaden its product range by incorporating Orthomed products and services. Orthomed Ltd is a UK-based manufacturer of orthopaedic devices and services for the veterinary industry.
Key Market Players
The major players in the market are B. Braun Vet Care GmbH, Everost Inc., BioMedtrix, LLC, Veterinary Orthopedic Implants, Inc., Kyon AG, and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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