Covina CA, Jan. 28, 2021 (GLOBE NEWSWIRE) -- Increasing animal healthcare expenditure has chiefly accelerated the veterinary orthopedic implants market. Over a period of time, there have been various advancements in the treatment methodology especially on the type of treatment given for veterinary orthopedic injuries. Increase in the number of veterinary doctors, upsurge in the vigilance about animal health, and the pet adoption rate has boosted the veterinary orthopedic implants market.
The global veterinary orthopedic implants market is anticipated to register a CAGR of 12.6% during the forecasted period.
The report "Global Veterinary Orthopedic Implants Market, By Product Type (Plates, Screws, Jigs, and Pins & Wires), By End User (Veterinary Hospitals and Veterinary Clinics), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029”.
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In May 2020, Fidelio Capital has completed its third acquisition in the veterinary orthopedic business with an agreement to acquire a majority ownership of Veterinary Orthopedic Implants (VOI). Together, VOI, BioMedtrix and KYON form a leading global veterinary orthopedic group that complement and strengthen each other. Collectively, they now serve more than 45 markets around the world.
In 2019, Infiniti Medical, a USA based designer and distributor of medical devices for the veterinary market, acquired Orthomed Ltd. for an amount undisclosed. Through the acquisition, Infiniti Medical aims to expand its product portfolio by adding products and services from Orthomed. Orthomed Ltd is a UK based provider of orthopedic products and systems in veterinary industry.
Growing number of companion animals
With growing number of companion animals the demand for veterinary orthopedic implants is expected to grow rapidly. According to the American Pet Product Association (APPA) nearly 63% of the U.S. households had companion animals in 2012. The population of companion animals like cats and dogs has witness a rapid increase in the past decade moreover the willingness of the owners to spend on the health of their pets is expected to drive revenue growth of the veterinary orthopedic implants market over the forecast period.
Increase in the incidence of obesity and arthritis
The increase in the incidence of obesity and arthritis increases the demand for veterinary orthopedic implants market. Obesity is a condition where the weight of the pet affects the pet`s health to a point where it results in weakening of bones, whereas arthritis in pets results in loss of strength in bones. Obesity and arthritis may also result in fractures and other bone-joint related issues and both the conditions result in adversely affecting the overall health of the pet, consequently leading to shorten lifespan. Thus, the increase incidents of obesity and arthritis increase the demand for veterinary orthopedic implants. For instance, As per Banfield Pet hospital in U.S, in 2017, 31 per 100 cases suffered from obesity and 450 per 10,000 suffered from arthritis in dogs’ .Further, 34 per 100 cases suffered from obesity and 90 per 10,000 suffered from arthritis in cats. Thus, the increase in health conditions affecting the bones of pets such as obesity and arthritis positively affect the growth of the veterinary orthopedic market. However, the high cost of orthopedic surgery inhibits the growth of veterinary orthopedic implants market.
Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Veterinary Orthopedic Implants Market”, By Product Type (Plates, Screws, Jigs, and Pins & Wires), By End User (Veterinary Hospitals and Veterinary Clinics), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029
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Key Market Insights from the report:
The global veterinary orthopedic implants market is anticipated to register a CAGR of 12.6% during the forecasted period. The market report has been segmented on the basis of product type, end user, and region.
Depending upon product type, the plates & screws segment is projected to grow at highest CAGR over the forecast period owing to high consumption of these veterinary plates & screws during veterinary orthopedic processes.
Depending upon end user, the veterinary hospitals & clinics segment is projected to grow at highest CAGR over the forecast period due to a rise in the number of private clinical practices.
By region, North America is estimated to be the leading market in the global veterinary orthopedic implants market. Rising number of households owing companion animals in the U.S. and growing healthcare expenditure on the companion animals is expected to propel growth of the veterinary orthopedic implants in this region.
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The prominent player operating in the global veterinary orthopedic implants market includes DePuy Synthes Vet, Scil animal care, B.Braun Vet Care, Veterinary Orthopedic Implants, KYON, IMEX Veterinary, Orthomed UK, Sophiatech, Ortho, and BioMedtrix.
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