The veterinary orthopedic implants market has transformed the veterinary orthopedic care landscape with the introduction of surgical implants to treat musculoskeletal injuries and disorders in companion animals. Veterinary orthopedic implants include plates, screws, pins/wires, rods, and prosthetic joints that restore joint function and mobility post-surgery. Veterinary orthopedic implants provide stability to injured bone and soft tissues during healing, allowing animals to return to normal movement more quickly. The growing animal healthcare expenditure and rising pet adoption in developed markets have boosted the demand for veterinary orthopedic implant procedures in companion animals.
The Global Veterinary Orthopedic Implants Market is estimated to be valued at US$ 341.57 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in The Veterinary Orthopedic Implants are IBM Corporation, Hewlett Packard Enterprise, Infosys Limited, Wipro Limited, Capgemini SE, Cognizant Technology Solutions Corporation, TATA Consultancy Services Limited, Deloitte Touche Tohmatsu Limited, Accenture plc, PAREXEL International Corporation, PwC International Limited, IQVIA Holdings Inc., Tata Technologies Limited, Computer Sciences Corporation (CSC), Eurofins Scientific SE.
Key players: The increasing pet adoption and rising per capita animal healthcare expenditure are creating lucrative opportunities for key players in the veterinary orthopedic implants market. The growing demand for minimally invasive surgery and innovative implant technologies is encouraging major players to develop advanced solutions to gain market share.
Growing demand: The demand for veterinary orthopedic implants is growing globally due to factors such as the rising number of sports and working dogs suffering from orthopedic injuries and accidents. Convenience, safety, and efficacy offered by veterinary orthopedic surgery over casting and bandaging are driving the adoption of surgical implants.
Global expansion: Leading implant manufacturers are expanding their global footprint by collaborating with veterinary care providers and distributors in emerging countries. Advancements in design, materials, sterilization, and packaging have enabled global supply and installation of veterinary orthopedic implants across regions.
Market key trends: 3D printing of customized implants is gaining popularity to address complex fractures and deformities in animal joints. Bioabsorbable implants are an emerging trend reducing postoperative complications. Artificial intelligence and robotics are assisting surgeons in precise implantation during minimally invasive procedures. Such innovations are expected to make veterinary orthopedic surgery widely accessible over the forecast period.
Porter’s Analysis
Threat of new entrants: The veterinary orthopedic implants market requires heavy investments towards R&D to develop innovative products. Established players already have strong brand presence which makes difficult for new players to enter the market.
Bargaining power of buyers: Buyers have moderate bargaining power in this market as there are many established players offering similar products. However, specialty veterinary implants provide less bargaining power to buyers.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute raw materials and components. Established players can easily shift to alternate suppliers if one supplier demands high prices.
Threat of new substitutes: Threat of substitution is low as veterinary orthopedic implants have few close substitutes that can offer similar results in short term.
Competitive rivalry: The market is highly competitive due to presence of many global and domestic players offering comparable product range. Players focus on product development and innovation to gain higher market share.
Geographical regions with highest market share: North America dominates the global veterinary orthopedic implants market in terms of value, owing to advance veterinary healthcare infrastructure, rising companion animal ownership and increasing per capita animal healthcare expenditure.
Fastest growing region: Asia Pacific region is expected to witness highest growth during the forecast period. Factors such as rising awareness about pet healthcare, growing per capita animal healthcare expenditure, and increasing number of veterinary practitioners will support market growth in Asia Pacific.
