A recent report by Grey2K USA suggests that more than 14,000 injuries were reported at Greyhound racing in the U.S. between 2008 and 2016. These injuries mainly included broken legs, crushed skulls, seizures, paralysis, and broken backs. According to the American Veterinary Medical Association (AVMA), the percent of dogs and cats owned by households is 36.5% and 30.4%, respectively.
While this clearly depicts the increasing need for medical services and treatment for pets, the demand for orthopedic veterinary implants is set to see remarkable rise in the near future. Increasing focus on pet health insurance is also identified as an important factor driving the market for orthopedic veterinary implants. The global orthopedic veterinary implants market will exhibit a robust CAGR of over 8% during the forecast period (2019 – 2029).
Key Takeaways - Orthopedic Veterinary Implants Market Study
- Accounting for over a fourth of market value shares, tibial plateau levelling osteotomy (TPLO) implants will remain the most preferred product type owing to their ability to stabilize the stifle joint after rupture of cranial cruciate ligament.
- Trauma fixations with the application of intramedullary nails, bone plates, and bone screws are extensively used for the treatment of bone fractures.
- Increased availability of veterinary practitioners, rise in surgical procedures, and heightened number of injuries in pets are factors expected to increase the number of visits to pet clinics and hospitals.
- North America is expected to be significant revenue generator in the orthopedic veterinary implants market owing to increase in number of surgical procedures arising from obesity-related diseases such as arthritis and sports-related dislocation of hips and bones.
- Significant product launches are boosting the orthopedic veterinary implants market growth.
- For instance, in October 2019, Veterinary Orthopedic Implants launched HyProtect antimicrobial coated implants.
Innovative product specifications and rise in pet care expenditure for surgical procedures are significantly favoring market growth and is expected to provide lucrative opportunities to manufacturers during the forecast period.
Strategic Partnerships - Winning Imperative for Market Participants
Manufacturers in emerging countries are focusing on strategic collaboration or alliance with regional players as well as local distributors to increase their footprint. For example, BioMedtrix collaborated with Laboratorios Macrimasa-Vet in January 2019 for distribution of its TPLO Curve, Universal Hip (including Micro & Nano Hip), I-Loc IM Fixator in Spain.
In March 2016, DePuy Synthes (part of the Johnson & Johnson) entered into an exclusive strategic alliance with Value Stream Partners, LLC to design, develop and implement programs for hip and knee replacements.
Know More About the Report
Persistence Market Research offers a unique perspective and actionable insights on orthopedic veterinary implants in its latest study, presenting historical demand assessment from 2014 – 2018 and projections from 2019 – 2029. The global orthopedic veterinary implants market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights on orthopedic veterinary implants market on basis of product type (total knee replacement, total hip replacement, trauma fixations, tibial tuberosity advancement implants, tibial plateau leveling osteotomy implants, advanced locking plate system, total elbow replacement), End User (veterinary hospitals, veterinary clinics) and across five major regions.
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