According to the latest report published by Credence Research, Inc. “Veterinary Orthopedic Implants Market – Growth, Future Prospects and Competitive Analysis, 2018-2026,” the veterinary orthopedic implants market was valued at USD 1,882.0 Mn in 2017, and is expected to reach USD 3,482.4 Mn by 2026, expanding at a CAGR of 7.0% from 2018 to 2026.
Pet population in growing significantly since a decade due to which demand for veterinary orthopedic implants is increasing due to trauma injuries and diseases. Dogs and cats have been the most common pets observed in every household. However, demand for veterinary orthopedic implants is also high in case of other animals such as buffalo, cows, and horse. Currently, in veterinary treatment the majority of implants are made of metal and present for lifetime due to which these animals have short lifespan. In rare cases the metal implants are removed in veterinary treatment due to complications such as infection, tissue damage, or loosening. However, recently bioabsorbable veterinary implants are being introduced in the market specifically in tibial tuberosity advancement (TTA) procedures. According to market experts, bioabsorbable implants are expected to assist the overall growth of veterinary implants market in the near future.
In year 2017, plates segment dominated the market due to key driving factor such as increasing trauma injuries to long bones in animals can be treated with plates because they give more stability and support. The key factors responsible for growth of overall veterinary orthopedic implants are rising cases of veterinary orthopedic trauma injuries, increasing trend of petting animals, and supportive veterinary health insurance policies in developed & developing countries.
North America was identified as the largest veterinary orthopedic implants market due to key driving factors such as increasing number of pet population, organized pet health insurance policies, and high awareness related to veterinary treatment in pet owners. Demand for skilled veterinary practitioners is also increasing which is depicts the overall potential of veterinary treatment market in the near future. According to the North American Pet Health Insurance Association (NAPHIA), North America’s pet health insurance sector experienced growth in 2017 gross written premium of policies reached US$ 1.2 billion which was recorded as a 23% increase compared to 2016.
Market Competition Assessment:
The growth of veterinary orthopedic implants is at significant pace as the demand for veterinary orthopedic implants is increasing and competition in overall market is at peak due to market entry of companies with novel products. The key veterinary orthopedic implant manufacturers present in the market are DePuy Synthes, Rita Leibinger GmbH & Co. KG, Everost Inc., MWI Veterinary Supply Co., GPC Medical Ltd., B. Braun Vet Care GmbH, Integra LifeSciences, and BioMedtrix, LLC among others.
Key Market Movements:
- Rising cases of trauma injuries and prevalence of orthopedic diseases is expected to increase the demand for veterinary orthopedic implants market
- Incessant technological developments in the veterinary orthopedic implants due to mounting demand of efficient veterinary orthopedic implants and prevent post-surgery complications in animals
- Bioabsorbable implants will assist the overall growth of the market throughout the forecast period due to presence of several advantages over metal implants
Browse the full report Veterinary Orthopedic Implants Market – Growth, Future Prospects and Competitive Analysis, 2018-2026 report at https://www.credenceresearch.com/report/veterinary-orthopedic-implants-market
The Global Veterinary Orthopedic Implants Market is Segmented into:
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