Veterinary Orthopedics Market worth $823.9 million by 2027
The report "Veterinary Orthopedics Market by Product (Instruments, Implants), Application (Total Knee Replacement, Total Hip Replacement, Total Elbow Replacement), Animal Type (Companion, Livestock), End User (Hospitals, Clinics) - Global Forecast to 2027", is projected to reach USD 823.9 million by 2027 from USD 545.3 million in 2022, at a CAGR of 8.4% during the forecast period.
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Market is driven by factors such as growing population of companion animals, increasing adoption of pet insurance policies, growing number of veterinary practionioners and their rising income levels in developed countries, and the growing number of veterinary orthopedic surgeries in animals. On the other hand, high cost of orthopedic treatments in animals is expected to restrain the market growth to a certain extent in the coming years. Increasing veterinary orthopedic surgical procedures and rising demand for surgical interventions among companion animals expected to offer significant opportunities to veterinary orthopedics market.
“The implant segment accounted for the largest share in the veterinary orthopedics market, by product n 2021”
The veterinary orthopedics market by product is segmented into implants and instruments. Implant segment is further segmented into plates, screws, and other implants. Plates segment is further categorized into Compression Plates, Arthrodesis plates and Acetabulum plates. In 2021, implant accounted for the largest market share in veterinary orthopedics market. The growing prevalence of orthopedic disorders among the animals and traumatic injuries in companion animals has led to the increased demands for implants.
Tibial Plateau Leveling Osteotomy (TPLO) segment accounted for the largest market share in the veterinary orthopedics market, by application in 2021”
The veterinary orthopedics market by application is segmented into total knee replacement, total hip replacement, total elbow replacement, trauma fixation, tibial plateau leveling osteotomy (TPLO), tibial tuberosity advancement (TTA), lateral fixation, and others. The tibial plateau leveling osteotomy (TPLO) segment accounted for the largest market share in 2021, while tibial tuberosity advancement (TTA) segment is expected to grow at the fastest rate in the years ahead, from 2022 to 2027. This can be attributed to the increasing orthopedic surgical procedures among the companion animals and rising technological advancement in orthopedic products such as implants and plates.
“Companion animal segment accounted for the largest share in 2021 in veterinary orthopedic market, by animal type”
Based on animal type, the veterinary orthopedics market is segmented into companion animal and livestock animals. Companion animals is further sub- segmented into dogs, cats, horses and livestock animals is segmented into cattle and others. The companion animal segment accounted for the largest share in 2021 in veterinary orthopedics market, while livestock segment is expected to grow at the fastest CAGR during 2022 to 2027.This can be attributed to growth in companion animal population and growing healthcare expenditure on companion animal healthcare.
“Veterinary Hospitals and Clinics segment accounted for the largest market share in 2021”
Based on end user, the veterinary orthopedics market is segmented into veterinary hospitals and clinics, and others. The veterinary hospitals and clinics segment accounted for the largest market share in 2021. The largest share of this segment can be attributed to factors such as increasing government support to veterinary clinics and hospitals and increasing number of private veterinary clinics and hospitals.
“APAC region accounted for the highest CAGR during forecast period”
The global Veterinary orthopedics market is divided into five regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa. According to the regional analysis, the North America region is likely to gain major market share in 2021. The North America veterinary orthopedics market is being propelled by adoption of animal insurance, large companion animal population, growing animal health concerns and presence of key market players. Asia-Pacific, on the other hand, will experience significant growth in the coming years due to the increasing pet ownership, rising presence of local market players, and growing expenditure on animal health. The major players operating in this market are B. Braun Melsungen AG (Germany); Movora (US); STERIS (US); DePuy Synthes (Johnson & Johnson) (US); AmerisourceBergen Corporation (US); Arthrex, Inc. (US); Surgical Holdings Veterinary (UK); Veterinary Instrumentation (UK); Integra LifeSciences Corporation (US); Narang Medical Limited (India), GerVetUSA (US), Ortho Max Manufacturing Company Pvt. Ltd. (India), Veterinary Orthopedic Implants (US), and Kyon AG (Switzerland).
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