Global demand for veterinary orthopedic devices market was valued at approximately USD 357.2 Million in 2018 and is expected to generate revenue of around USD 588.2 Million by end of 2025, growing at a CAGR of around 7.5 % between 2019 and 2025.
The report covers forecast and analysis for the veterinary orthopedic devices market on a global and regional level. The study provides historic data from 2015 to 2018 along with a forecast from 2019 to 2025 based on revenue (USD Million). The study includes drivers and restraints for the veterinary orthopedic devices market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities and various trends in the veterinary orthopedic devices market on a global level.
As per the report, the global demand for veterinary orthopedic devices market was valued at approximately USD 357.2 Million in 2018 and is expected to generate revenue of around USD 588.2 Million by end of 2025, growing at a CAGR of around 7.5 % between 2019 and 2025.
Veterinary orthopedic device market has witnessed substantial growth worldwide in the recent years. Global demand for veterinary orthopedic devices is expected to be driven by increasing demand for animal health care, veterinary surgeries, and rising incidence of pet obesities. In addition, various sports activities are conducted for pets, thereby increasing the risks of injuries, which is fueling the market owing to the extensive care needed by the animals after the injuries. Moreover, the increasing number of veterinary hospitals and pet care clinics and initiatives taken by the government towards animal welfare is expected to be a major factor contributing to the growth of veterinary orthopedic devices market globally. However, high prices of technologically advanced veterinary orthopedic devices and the high cost of surgery may act as a restraint for veterinary orthopedic devices market growth. Growing initiatives by the government towards animal care are expected to bring new growth avenues for veterinary orthopedic devices manufacturers.
Based on product, the market is segmented into instruments and implants. Among the product segment, implant segment held the largest market share in 2018. The rising cases of orthopedic disorders or musculoskeletal injuries such as ligament tear or elbow and hip dysplasia has contributed towards the largest market share of this segment.
Based on application, the market is segmented into total knee replacement, trauma fixation, and other applications. Other applications include TTA and TPLO implants. Other application segments including TTA and TPLO held the largest market share in 2018 owing to several factors such as the ability to bear heavy weight, lesser complications with the implants, and less painful recovery time after the treatment. However, total knee replacement and trauma fixation segment are expected to register steady growth over the forecast period, mainly due to increasing number of orthopedic surgeries in canines.
Based on end user, the market is categorized into veterinary hospitals and clinic and other end users. Hospitals and clinics segment dominated the market in terms of revenue in 2018 owing to the availability of a large number of surgeries and treatment facilities.
At region level, North America dominated global veterinary orthopedic devices market and accounted for about 37% market share in 2018. North America region is projected to lead the market over the forecast period with progress mostly focused in the U.S. market. Presence of major players and increasing funding by the government towards animal welfare are major factors that attribute to themarket growth in this region. Europe was the second largest veterinary orthopedic devices market in 2018 globally. Growing demand for advanced technology in animal treatment and increasing cases of osteoarthritis are the major factors that are driving the demand for veterinary orthopedic devices in Europe. Asia Pacific is estimated to be growing at the highest CAGR over the forecast period. This high growth is attributable to increasing adoption of pets and growing economy in this region. Inclination towards R&D and growing awareness towards animal health care is driving the market growth in the Asia Pacific region.
Some of the key players in veterinary orthopedic devices market include Veterinary Orthopedic Implants, Integra LifeSciences, BioMedtrix, LLC, GerMedUSA, B. Braun Vet Care GmbH, KYON Pharma, Inc., Ortho Max Manufacturing Company Pvt. Ltd., and Surgical Holdings.
Global Veterinary Orthopedic Devices Market: Product Type Segment Analysis
Global Veterinary Orthopedic Devices Market: Application Segment Analysis
Global Veterinary Orthopedic Devices Market: End-User Segment Analysis
Global Veterinary Orthopedic Devices Market: Regional Segment Analysis