The Veterinary Orthopedics market is expected to register a CAGR of 7.5% during the forecast period. This is attributing to the rising number of pet owners & veterinary practitioners, a growing number of government initiatives, increasing incidence of obesity. In addition, increasing the number of animal hospitals and rising demand for effective animal care will also contribute to the revenue growth of the market. As per the American Veterinary Medical Association, in 2017 pet owners in the United States spends around 15 billion on veterinary surgeries and it also said that number of veterinarians has increased from the past years. Moreover, sports activities conducted for pets in the United States will also have a high chance of injuries thus results in promoting the growth of the market. Furthermore, with the growing adoption of pets, technological advancements in veterinary orthopedic devices and increasing government initiatives associated with animals will also fuel the veterinary orthopedics market.
Key Market Trends
Implants segment in Veterinary Orthopedics market is Estimated to Witness a Healthy Growth in Future.
Implants are estimated to witness healthy growth in the future attributed to an increasing number of cases with musculoskeletal injuries or orthopedic in animals. Some of the disorders such as cruciate ligament tears and hip and elbow dysplasia are common and results in need of surgeries which will further promote the growth of implants. Moreover increasing incidences of obesity in animals will also result in high chances of osteoarthritis which further promotes the growth of veterinary orthopedics surgeries. The growing demand of surgeries is the major factor for the segment growth. Furthermore, , an increasing number of companion animals and the rising numbers of animal racing competition is also a key driving factor for veterinary orthopedics implant growth.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to hold a significant market share in the global Veterinary Orthopedics market due to increasing pet care expenditure, rising incidences of obesity, technological advancements, presence of major animal players and rising government initiatives. As per the Association for Pet Obesity Prevention (APOP), a report is published, 2017 wherein 56% of dogs and 59 % of cats are found to be obese in the United States. These disorders have a high risk of joint diseases, cancer and chronic diseases which will be leading to propel the growth of the veterinary orthopedics market in this region. Furthermore, increasing healthcare expenditure and the presence of well-established healthcare infrastructure is also fueling the growth of the overall regional market to a large extent.
Competitive Landscape
The Veterinary Orthopedics market is fragmented competitive and consists of several major players. Some of the companies which are currently dominating the market are BioMedtrix, LLC , Veterinary Orthopedic Implants, KYON PHARMA, INC., B. Braun Melsungen AG, EVEROST INC, Integra lifesciences, GerMedUSA, and Johnson & Johnson
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
This product will be delivered within 2 business days.
Table of Contents
Methodology
LOADING...
