VETERINARY ORTHOPEDIC IMPLANTS MARKET ANALYSIS

The global veterinary orthopedic implants market is estimated to be valued at US$ 296.5 million in 2023 and is expected to exhibit a CAGR of 5.9% during the forecast period (2023-2030).

Analysts’ Views on Global Veterinary Orthopedic Implants Market:

For the advancement of animal mobility through a renewed focus on R&D and product development, the key market players are focusing on expanding their distribution facilities which are expected to drive the global veterinary orthopedic implants market over the forecast period. For instance, in January 2022, Movora, the veterinary medtech division of Vimian Group, announced it had established a presence in the U.S. through a new U.S. distribution center located in St. Augustine, Florida. Starting in January 2022, products from Movora’s three brands BioMedtrix, KYON, and Veterinary Orthopedic Implants had shipped from this facility, and customers can order products from all three companies through a single point of contact.

Figure 1. Global Veterinary Orthopedic Implants Market Share (%), by Product Type, 2023

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Global Veterinary Orthopedic Implants Market – Driver

Increasing adoption of growth strategies

To offer a broader product portfolio the key market players are focused on adopting growth strategies such as acquisitions is expected to drive the global veterinary orthopedic implants market over the forecast period. For instance, in May 2020, Fidelio Capital, an investment company, completed its third acquisition in the veterinary orthopedic business with an agreement to acquire majority ownership of Veterinary Orthopedic Implants (VOI). Together, VOI, BioMedtrix, and KYON form a leading global veterinary orthopedic group that complements and strengthen each other.

Figure 2. Global Veterinary Orthopedic Implants Market Value (US$ Million), by Region, 2023

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Global Veterinary Orthopedic Implants Market- Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global veterinary orthopedic implants market over the forecast period. North America holds 38.7% of the market share. The market is anticipated to increase rapidly over the forecast period due to an increase in the prevalence of Osteoarthritis. For instance, in April 2020, according to an article published in the National Center for Biotechnology Information, There were 63.4 million dog-owning families in the U.S., and osteoarthritis poses a serious danger to the wellbeing of dogs globally. Osteoarthritis prevalence in North America is reported at 20% of all dogs over 1 year of age based on data collected from 200 veterinarians in the year 2020.

Global Veterinary Orthopedic Implants Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others are facing problems with the transportation of drugs from one place to another.

However, the COVID-19 pandemic had a minor negative impact on the global veterinary orthopedic implants market. Delivering care to pet animals with orthopedic diseases during this crisis is challenging due to competing risks of serious complications from SARS-CoV-2 and the higher risk of COVID-19 in immune-compromised hosts. Also, with regard to companion animals, there was concern among some pet owners about contracting COVID-19 from their pets and this has led to a rise in pet abandonments in some European countries. Also, during this pandemic, demand for treatment of animals with orthopedic diseases has not reduced but inadequate supply of personal protective equipment (PPE) for veterinarians, limited hospital capacity, including intensive care units (ICUs), and lack of point-of-care testing devices have negatively impacted the treatment of these animals to some extent.

Global Veterinary Orthopedic Implants Market Segmentation:

The global veterinary orthopedic implants market report is segmented into, Product type, Animal Type, Material, End User, and region

Based on Product Type, the market is segmented into advanced locking plate system, tibial plateau leveling osteotomy implants, tibial tuberosity advancement implants, total elbow replacement, total hip replacement, total knee replacement, and others (trauma fixations, etc.). Out of which, the advanced locking plate system segment is expected to hold a dominant position in the global veterinary orthopedic implants market during the forecast period and this is attributed to the technological advancements in the global veterinary orthopedics implants market.

Based on Animal Type, the market is segmented into dog, cat, and other animals. Out of which, the dog segment is expected to dominate the market over the forecast period and this is attributed to the increase in prevalence of obesity in dogs.

Based on Material, the market is segmented into stainless steel, titanium, and others. Out of which, the titanium segment is expected to dominate the market over the forecast period and this is attributed to the advanced surgical techniques.

Based on End User, the market is segmented into veterinary hospitals, veterinary clinics, and veterinary ambulatory services. Out of which, the veterinary hospitals segment is expected to dominate the market over the forecast period and this is attributed to the increase in the number of veterinary hospitals to treat the animals.

Among all segmentation, the animal type segment has the highest potential due to the increasing prevalence of osteoarthritis (OA) over the forecast period. For instance, according to Banfield Pet Hospital’s report on 2.5 million dogs and 500,000 cats treated in the U.S., the number of osteoarthritis (OA) cases increased by 66% in dogs and 150% in cats. The report also inferred that 52% of dogs and 41% of cats with OA are also overweight or obese. Thus, the increase in health conditions affecting the bones of pets such as obesity and arthritis positively affects the growth of the veterinary orthopedic market.

Global Veterinary Orthopedic Implants Market Cross Sectional Analysis:

Increase in the pet health insurance sector is leading to the growth of the global veterinary orthopedic implants market. For instance, the 2019 Chinese Pet Industry Report by Pet Fair Asia estimates that urban Chinese spend roughly US$ 28.8 billion on their pets, primarily cats and dogs. While still in its infancy, China's pet insurance market is anticipated to grow dramatically over the coming years, making pet care and treatments more accessible. The market for veterinary orthopedics in China is expected to grow as a result of all these factors.

Global Veterinary Orthopedic Implants Market: Key Developments

• In 2019, Infiniti Medical, a U.S. based designer and distributor of medical devices for the veterinary market, acquired Orthomed Ltd. for an amount undisclosed. Through the acquisition, Infiniti Medical aims to expand its product portfolio by adding products and services from Orthomed. Orthomed Ltd is a U.K. based provider of orthopedic products and systems in veterinary industry.
• Global Veterinary Orthopedic Implants Market: Key Trends

The companies in the veterinary orthopedic implants market are investing in 3D printing techniques for creating veterinary orthopedic implants

3D printing in the veterinary orthopedic implants market is being used for creating printed bone models, surgical guides, and titanium implants and is expected to drive the veterinary orthopedic implants market growth over the forecast period. For instance, CBM is a U.K based company focused on advanced research, product development, and batch manufacturing facility, collaborated with Langford Veterinary Services, a U.K.-based provider of veterinary services, the collaboration enabled CBM to create 3D printed models of animal implants using titanium Ti6AI4V EL material. The MRI or CT scans are sent from Langford Veterinary Services in Bristol to CBM who then produces 3D printed models using the Arcam EBM Q10plus machine.

Global Veterinary Orthopedic Implants Market: Restraint

High cost of orthopedic surgeries can hamper the growth of the market

The high cost of orthopedic surgery inhibits the growth of the global veterinary orthopedic implants market. For instance, the cost of the surgery comprises, among other things, the supplies, the X-ray, and the equipment, which many households cannot afford. For instance, in the U.S., an assessment of the issue typically costs around US$ 400, and orthopedic surgery might cost anywhere between US$ 1,500 and US$ 4,000. As a result, the growth of the veterinary orthopedic market is constrained by the high cost of orthopedic surgery.

Global Veterinary Orthopedic Implants Market - Key Players

Major players operating in the global veterinary orthopedic implants market B. Braun Vet Care GmbH, BioMedtrix, LLC, IMEX Veterinary, Inc., Innoplant Medizintechnik GmbH, KYON AG, Orthomed (UK) Ltd., BLUESAO Co. Ltd., New Generation Devices (NGD), Johnson & Johnson, MWI Animal Health, AmerisourceBergen Corporation, Platon Japan Co., Ltd., Veterinary Orthopedic Implants, NORER Orthopedic & Dental, OC Oerlikon Management AG, Jindal Medi Surge, Inc., and Mercury Orthopedics and Design, Inc.

Global Veterinary Orthopedic Implants Market– Insights

An orthopedic implant is a manufactured device designed to replace a joint, bone, or cartilage due to damage or deformity – such as from breaking a leg, losing a limb, or a congenital defect. A veterinary orthopedic implant is a surgical device intended to restore function to a fractured bone structure. Veterinary orthopedic implants are often constructed of metals such as pure commercial titanium (Ti) or titanium alloys, stainless steel, and cobalt-chromium (Co-Cr) alloys and are used by veterinary surgeons to heal bone fractures in animals.