Increasing Obesity in Pets Pushing Prevalence of Joint-Related Disorders
According to the Association for PET Obesity Prevention (APOP), in 2018, an estimated 60 percent of cats and 56 percent of dogs in the United States were overweight or obese. Previous studies by APOP have suggested that 25% of overweight dogs develop severe joint problems. Obesity is the leading cause of joint-related disorders in pets. This may develop arthritis and pain associated with hip dysplasia. These represents a lucrative opportunity for manufacturers of orthopedic veterinary implants.
Veterinary Care Garnering Notable Investments
Pets as companion animals are considered as essential part of a family. Hence, pet owners are ready to spend money for their betterment. According to the American Pet Products Association statistics, the U.S. pet industry expenditure stood at US$ 72.6 Bn in 2018 and is estimated to reach US$ 75.4 Bn in 2019, which represents an increase of 4%. The expenditure on routine vet clinics by owners of cat and dog accounted for US$ 372 Mn in 2018 - 2019. On the other hand, expenditure on surgical vet clinics by owners of cat and dog accounted for US$ 640 Mn. The increasing expenditure on pets for their better health is likely to boost market growth.
Government Regulations Encouraging Veterinary Care Spending
In 2015, U.K. government issued a regulation regarding compulsory microchipping of dogs to subject them with safety measures. Currently, 92% of dogs in the U.K. have been implanted with microchip. Meanwhile, U.K. government is also planning the implementation of microchip for pet cats. These developments in the U.K. are expected to inspire governments in other countries for implanting such microchips to assess overall health of pets annually. Scotland’s first fixed-price fix tibial plateau-levelling osteotomy (TPLO) implants service by Roundhouse Veterinary Hospital for rehabilitation and recovery have transformed access to advanced surgery for dogs across Scotland at an affordable cost.
Asian Markets Thriving on Back of Rising Annual Spending on Pets
North America holds significant market share in the orthopedic veterinary implants market with more than 1/3rd of the total revenue generated from the region. On the other hand, Asia Pacific represents lucrative opportunity in the orthopedic veterinary implants market and is expected to gain 1/5th of revenue share by the end of 2029. Regional disparities in the orthopedic veterinary implants market exist owing to rate of adoption of pets, annual spending on pet care, and insurance coverage compliances across different regions.
Increasing Focus on Product Launches to Gain Competitive Advantage
The orthopedic veterinary implants market is slightly fragmented in nature. DePuy Synthes, Vet Implants, scil animal care company GmbH with global presence are leading the orthopedic veterinary implants market. Leading players of the orthopedic veterinary implants market are emphasizing stronger product portfolios by launching new product line-ups regularly.
In October 2019, DePuy Synthes, a Johnson & Johnson company, launched CONDUIT interbody platform with EIT cellular titanium technology to increase product portfolio and gain edge over available products in the orthopedic veterinary implants market.
The growth of the orthopedic veterinary implants market is mainly attributed to increasing number of pets suffering from bone fractures, road accidents, and sports-related injuries. Rising expenditure on veterinary care and compliances for enhanced safety of domestic pets are benefiting key market players in the orthopedic veterinary implants market. The commercial success of orthopedic veterinary implants is dependent on availability of implants, which satisfy the unmet needs of pets requiring surgical procedures for recovery and rehabilitation.
Orthopedic Veterinary Implants Market - Scope of the Report
Persistence Market Research (PMR) recently published a market study on the global market for orthopedic veterinary implants. The study provides detailed assessment on the key market dynamics, including drivers, trends, opportunities restraints, and detailed information about the orthopedic veterinary implants market structure. The market study presents exclusive information about how the orthopedic veterinary implants market will grow during the forecast period of 2019 - 2029.
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market, and compounded annual growth rate (CAGR) are explained in PMR’s study in a comprehensive manner. This information can help readers understand the quantitative growth prospects of the orthopedic veterinary implants market during the forecast period.
The study is relevant for stakeholders in the orthopedic veterinary implants market, including orthopedic veterinary implants manufacturers, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Stakeholders in the orthopedic veterinary implants market, investors, industry experts, researchers, and journalists, as well as business researchers can leverage the information and data presented in PMR’s study.
The study also includes statistics as well as facts related to macro as well as microeconomic factors that are impacting developments in the market. It also offers actionable insights based on the future trends in the orthopedic veterinary implants market. Furthermore, small businesses and new entrants in the orthopedic veterinary implants market too can make use of the information presented in this study, based on which, they can make appropriate business decisions to gain momentum in the market.
Key Segments of the Orthopedic Veterinary Implants Market
PMR’s study on the orthopedic veterinary implants market offers information divided into four important segments - drug class, disease indication, distribution channel, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
Key Questions Answered in PMR’s Orthopedic Veterinary Implants Market Report
Orthopedic Veterinary Implants Market: Research Methodology
In PMR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the orthopedic veterinary implants market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure accuracy and reliability of conclusions.
Secondary resources referred to analysts during the production of the orthopedic veterinary implants market study include statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary resources and secondary resources acts as a validation from companies in the orthopedic veterinary implants market, and makes PMR’s projection on the growth prospects of the orthopedic veterinary implants market more accurate and reliable.