Veterinary Orthopedic Implants Market Expected to Reach $161.9 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Veterinary Orthopedic Implants Market," The veterinary orthopedic implants market size was valued at $105,224.6 thousand in 2021, and is projected to reach $161,850.5 thousand by 2031, growing at a CAGR of 4.4% from 2022 to 2031.

Veterinary orthopedic implants are the devices used in orthopedic surgeries to treat fractures and other bone related disorders among animals. These implants are made up of stainless steel and titanium. Orthopedic disease is main cause of lameness and pain among animals. Many specialty surgical centers or veterinary hospitals provide orthopedic procedures for animals such as total knee replacement, elbow replacement, total hip replacement, and others. These implants are available in different sizes for different orthopedic diseases. Based on the type of fracture, veterinarians choose the adequate treatment and implant. Orthopedic implants most frequently come in the form of plates and screws. The purpose of the orthopedic screws is to tighten the broken bones or restore stability to a weak point. Orthopedic plates are used to treat fractures and provide stability. 

Animals with severe injuries are frequently treated with additional implants, such as joint replacement implants, knee replacement implants, and hip replacement implants. Implants devices are most commonly made of stainless steel, cobalt-chrome alloy, titanium, and nickel-titanium alloy (nitinol) and several medical devices are made of various metals, including gold, platinum, silver, iridium, tantalum, and tungsten. Furthermore, rise in incidences of arthritis and fracture is major factor leading to surge in the incidence of orthopedic disorders among animals. Moreover, increase in demand for effective and advanced pet care in developed and developing countries propel the market growth. 

Moreover, various key players are developing advanced products to treat orthopedic ailments and fractures which further drive the market growth. Also, growing demand for orthopedic implants to reduce the mortality rate is one of the prominent veterinary orthopedic implants market trends. In addition, obesity in animals leads to comorbid conditions, such as osteoarthritis, which often require the surgical interventions. This has led to a rise in orthopedic surgeries in canine pets which increases the demand for orthopedic implants. Also, rise in population of dogs and cats in developed regions such as U.S. and high obesity in cats and dogs led to increase in demand for veterinary orthopedic implants and further propels the veterinary orthopedic implants market growth.

The COVID-19 outbreak is anticipated to have a negative impact on growth of the veterinary orthopedic implants industry. The lockdown led to the disruption of manufacturing and transportation of essentials which are required for animals. Furthermore, other factors responsible for the impact on the market include limited availability of medical care, shortage of animals care staff, and increase in burden of COVID-19 related hospitalization. Moreover, this situation is expected to improve as governments have started relaxing norms around the world for resuming business activities, which will further drive the market in the forecast period.

The veterinary orthopedic implants market is segmented on the basis of product type, application, end user and region. By product type, the market is categorized into plates, screws and others. The plates segment dominated the market in 2021, and is expected to grow at the highest CAGR during the forecast period, owing to rise in technological advancement's veterinary orthopedic implants which increases the demand for veterinary orthopedic plates.

On the basis of application, the market is segmented into crucial ligament rupture, bone fractures, elbow dysplasia, hip dysplasia, and others. The crucial ligament rupture segment generated the largest revenue for the year 2021. The rise in revenue of this segment was majorly attributed to the rise in prevalence of crucial ligament rupture. However, bone fractures segment is expected to witness highest growth rate of CAGR for the veterinary orthopedic implants market during the forecast period. This is attributed to increase in cases of bone fractures among animals.

On the basis of end user, the market is classified into veterinary hospitals, veterinary clinics and others. The veterinary hospitals segment dominated the market in 2021, owing to rise in veterinary hospitals to treat the animals. However, veterinary clinics is expected to witness highest growth rate of CAGR for the veterinary orthopedic implants market during the forecast period, owing to rise in veterinary clinical practices. For instance, according to American Veterinary Medical association (AVMA), in U.S. 2021, around 73,900 clinical practices performed and out of which 78.2% practices were done for companion animal.

North America accounted for the largest veterinary orthopedic implants market share in 2021, owing to presence of key players, rise in government initiatives, well-developed healthcare infrastructure for pets, and growth in incidence of veterinary orthopedics. However, Asia-Pacific is expected to witness highest growth rate for the veterinary orthopedic implants market during the forecast period owing to, rise in ownership of companion animals in countries like China and Australia. In addition, emerging countries offer lucrative opportunities for market players for investment. Surge in healthcare, industrial development, and investments by the government & private organizations in Asia-Pacific, along with rise in awareness regarding advances in veterinary orthopedic implants is anticipated to positively impact the market during the forecast period.

Key Findings Of The Study

• Based on product type, the plates segment held largest share in the global market in 2021.
• On the basis of application, the cruciate ligament rupture segment held largest market share in 2021. However, bone fractures segment is anticipated to grow at the highest CAGR during the forecast period.
• Based on end user, veterinary hospitals segment dominated the market in 2021. However, veterinary clinics segment is expected to grow at a CAGR during the forecast period.
• On the basis of region, North America held largest share in the veterinary orthopedic implants market size in 2021. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.