The global veterinary orthopedics market size is expected to reach USD 752.96 million by 2026
NEW YORK, June 17, 2019 /PRNewswire/ -- Veterinary Orthopedics Market Size, Share & Trends Analysis Report By Product (Instruments, Implants), By Application (Total Knee Replacement, Trauma Fixation), By End Use, And Segment Forecasts, 2019 - 2026
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The global veterinary orthopedics market size is expected to reach USD 752.96 million by 2026. It is projected to register a CAGR of 8.4% during the forecast period. Growing incidence of pet obesity and arthritis is expected to drive the growth. Moreover, increasing number of veterinary practitioners coupled with rapid technological advancements in veterinary devices are the major factors driving the market. Moreover, high prevalence of pet obesity increases the risk of osteoarthritis, which is expected to propel the market growth in near future.
Moreover, increasing number of veterinary hospitals and surgical procedures are further fueling the veterinary orthopedics market. According to the AAPA report, in U.S. around 20.8 million dogs went through surgery in 2016 and among them 5.8 million had very painful surgeries. The aforementioned reasons are expected to further boost the market growth. For instance, in July 2018, B. Braun Vet Care entered into an agreement with CP Medical to market B. Braun's veterinary infusion therapy product in U.S. and Canada.
North America held the dominant market share in 2018, due to the favorable insurance policies and new product developments. For instance, In December 2015, Universal Medical Systems, Inc. introduced Computed Tomography (CT) system in partnership with Equine 4DDI which is used for whole-body scans of moving and standing horses.
Further key findings from the report suggest:
• Increasing prevalence of osteoarthritis is anticipated to create growth opportunities in the veterinary orthopedics market
• Implants segment is projected to hold the largest market share over the forecast period, owing to its increased demand
• Plate segment is expected to exhibit lucrative growth, owing to multipurpose use of the product during surgeries
• The others segment which includes TPLO and TTA implants, held the largest revenue share in 2018. These surgical procedures have proved to be effective, where other alternative methods have failed
• Asia Pacific is anticipated to witness lucrative growth due to rising pet adoption coupled with growing economy, especially in Japan and India
• Some of the key companies are Veterinary orthopedic implants; B. Braun Vet Care GmbH; KYON Pharma Inc.; and Surgical holdings, among others
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