Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global Veterinary Orthopedic Implants Market, by Implants Type (Total Knee Replacement (TKR) Implants, Total Hip Replacement (THR) Implants, Total Elbow Replacement (TER) Implants, Tibial Tuberosity Advancement (TTA) Implants, Tibial Plateau Leveling Osteotomy (TPLO) Implants, Advanced Locking Plate System (ALPS), and Trauma Fixations (Plates, Screws, Wires, and Others)), by Animal Type (Dogs, Cats, and Others), By End User (Veterinary Hospitals and Veterinary Clinics), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated valued at US$ 250.9 Mn in 2018, and is estimated to exhibit a CAGR of 7.8% over the forecast period (2018-2026).
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The rising number of launches of novel implants, increasing trend of petting animals, and rising awareness among people about animal health are the factors that are expected to drive the global veterinary orthopedic implants market growth over the forecast period. For instance, in June 2018, Veterinary Orthopedic Implants, Inc., a veterinary medical device company introduced its new the Elite TPLO plate. This ideal locking TPLO plate is anatomically contoured to match the proximal tibial surface. New Elite TPLO plate is available in different sizes including: 1.5, 2.0, 2.4, 2.7, 3.5S, 3.5, 3.5B, and 3.5 JUMBO.
Furthermore, increasing trend of petting animals such as dogs and cats in key regions and high obesity rates in dogs and cats are expected to lead to various orthopedic in them, which is further expected to drive the market growth over the forecast period. For instance, according to report by the Pet food Manufacturers Association’s Pet Data Report, 2017, in the U.K., 8.5 million dogs, 8 million cats, 500,000 guinea pigs, and 300,000 horses and ponies were pet owned, with over 29% houses recording two dogs. Moreover, according to the Association for Pet Obesity Prevention (APOP), 54% of dogs and 59% of cats in the U.S. suffered from overweight or obesity in 2016. Hence, increasing obesity in animals is expected to increase risk of orthopedic diseases in them, which in turn is expected to drive demand for implants and drive veterinary orthopedic implants market growth over the forecast period.
Browse 31 Market Data Tables and 30 Figures spread through 142 Pages and in-depth TOC on Global Veterinary Orthopedic Implants Market by Implants Type (Total Knee Replacement (TKR) Implants, Total Hip Replacement (THR) Implants, Total Elbow Replacement (TER) Implants, Tibial Tuberosity Advancement (TTA) Implants, Tibial Plateau Leveling Osteotomy (TPLO) Implants, Advanced Locking Plate System (ALPS), and Trauma Fixations (Plates, Screws, Wires, and Others)), by Animal Type (Dogs, Cats, and Others), By End User (Veterinary Hospitals and Veterinary Clinics), and by Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) – Global Forecast to 2026
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Additionally, factors such as increasing insurance coverage for pets and rising awareness in key regions to maintain pet healthy are expected to drive the global veterinary orthopedic implants market growth over the forecast period. For instance, according to the North American Pet Health Insurance Association (NAPHIA) reports, in 2015, pet health insurance sector generated premiums of US$ 774 million, which was 17.2% higher than that recorded in 2014. In 2015, 1.6 million pets were insured, which is 12.0% higher than that recorded in 2014. Moreover, according to the American Pet Products Association (APPA), in 2017, US$ 69.36 billion was spent on pets in the U.S., which is an increment by US$ 40 billion from 2001. The major spending sectors for pet owners are food and vet care, which is US$ 30 billion and US$ 17 billion respectively.
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Key Takeaways of the Veterinary Orthopedic Implants Market:
- The global veterinary orthopedic implants market is expected to exhibit a CAGR of 7.8% over the forecast period (2018-2026), attributed to rising launches of novel implants, increasing trend of petting animals, and rising awareness about animal health among populace
- Among regions, North America is expected to witness significant growth over the forecast period, attributed to presence of trained veterinary professionals in the region. For instance, according to the American Veterinary Medical Foundation (AVMF) statistics, in 2017, over 110,000 veterinary professionals were recorded in the U.S.
- However, low awareness, high price of implants, and low availability of veterinary professionals in some of the emerging economies such as Africa, India, and China are the factors that are expected to hamper the global veterinary orthopedic implants market growth over the forecast period
- Key players operating in the global veterinary orthopedic implants market include Kyon Pharma, Inc., Veterinary Orthopaedics., Narang Medical Limited, BioMedtrix, LLC, Orthomed (UK) Ltd, DePuy Synthes (a subsidiary of Johnson & Johnson), Veterinary Instrumentation, Ltd., Veterinary Orthopedic Implants Inc., Medicatechvet, Microsurgery Instruments, Inc., B. Braun Melsungen AG, Königsee Implantate GmbH, Everost Inc., Integra LifeSciences, Intrauma S.p.A., Ortho Max Manufacturing Company Pvt. Ltd., and RITA LEIBINGER MEDICAL GmbH & Co. KG
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