VETERINARY ORTHOPEDICS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
Global veterinary orthopedics market is estimated to be valued at USD 625.1 Mn in 2024 and is expected to reach USD 1,109.1 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 8.54% from 2024 to 2031.The global veterinary orthopedics market is projected to grow at a steady pace in the coming years. Veterinary orthopedics involves the diagnosis and treatment of injuries and disorders affecting the musculoskeletal system of animals. It addresses conditions such as fractures, ligament tears, arthritis, spinal problems, and others. With the rising rates of pet adoption and companion animal ownership, focus on pet health and wellbeing has increased tremendously. This has propelled the demand for various veterinary services including orthopedic care for pets. Furthermore, growing awareness among pet owners about advanced veterinary treatment options and customized implants and devices is boosting the veterinary orthopedics market growth. However, the high costs associated may limit market growth to some extent. Increasing pet healthcare expenditure and technological advancements in veterinary orthopedic surgeries and devices will be the key factors shaping this market.
Market Dynamics:
Global veterinary orthopedics market is witnessing robust growth driven by the increasing pet population, rising pet care expenditure, and technological advances. In January 2024, according to Forbes Media LLC., around 67.9 million American families own pets and 32% of the U.S. households own dogs. Surging pet adoption during the pandemic has further spiked the demand for veterinary services. However, high costs associated with orthopedic surgeries, implants, and veterinary care pose a major challenge to market growth. Moreover, lack of pet health insurance penetration in emerging nations restricts the affordability of specialized orthopedic treatments. Growing consumer awareness about advanced treatment options presents significant opportunities. Manufacturers are introducing low-cost and customized implants as well as 3D printed implants to expand access to orthopedic care. Significant developments in veterinary material science, robotics-assisted surgeries, minimally invasive procedures, and imaging are bringing transformative changes. These advancements are allowing vets to achieve better clinical outcomes, faster recovery times, and lower risks of post-operative infections which will fuel the veterinary orthopedics demand going ahead.
Key Features of the Study:
- This report provides in-depth analysis of the global veterinary orthopedics market, and provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global veterinary orthopedics market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include DePuy Synthes (Johnson & Johnson), IMEX Veterinary, Inc., BioMedtrix, Vetbone, Braun Holding GmbH & Co. KG, Veterinary Orthopedic Implants, Inc., Kyon Pharma, ORTHOpets, Stryker Corporation, B.Braun Melsungen AG, VET-IMPLANTS, Vet-Tech, Inc., Arthrex, Inc., JORVET, and Medtronic
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The global veterinary orthopedics market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global veterinary orthopedics market
Market Segmentation
Market Segmentation
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