Global Orthopedic Veterinary Implants Market to Reach $159.9 Million by 2026

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Mar 11, 2022, 10:10 ET

SAN FRANCISCO, March 11, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Orthopedic Veterinary Implants - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Orthopedic Veterinary Implants - FEB 2022 Report

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Edition: 9; Released: February 2022
Executive Pool: 383
Companies: 31 - Players covered include B. Braun Melsungen AG; BioMedtrix, LLC; BlueSAO®; Johnson & Johnson; STERIS Animal Health; IMEX Veterinary Inc.; Innoplant Medizintechnik GmbH; Integra LifeSciences Corporation; Jindal Medi Surge, Inc.; KYON AG; Mercury Orthopedics and Design, Inc.; New Generation Devices (NGD); Orthomed (UK) Ltd; Rita Leibinger GmbH & Co. KG; AmerisourceBergen Corporation; Veterinary Orthopedic Implants Inc and Others.
Coverage: All major geographies and key segments
Segments: Product Type (Veterinary Bone Plates; Screws; Pins, Wires & Staples; Other Product Types); End-Use (Veterinary Hospitals, Veterinary Clinics, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.

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ABSTRACT-

Global Orthopedic Veterinary Implants Market to Reach $159.9 Million by 2026
Veterinary orthopedic implants represent the medical devices used to treat various joints- and bones-related disorders in animals such as horses, cats, dogs, and bovine. Growth in the global market is supported by growing number of pet animals and companion animals such as service animals and horses, increasing expenditure on animal healthcare, and growing approvals granted for the veterinary orthopedic implants. Across the globe, pet owners spend huge amounts every year towards diagnosis and treatment of the diseases and injuries affecting their pets. This trend of increased spending on animal health is anticipated to boost growth. The increase in the number of animal racing competitions is also contributing to market expansion. Animal sports that are gaining popularity over brief periods lead to injuries that involve broken bones, and these mishaps or accidents require surgeries. Increasing rates of pet adoption, rise in the number of veterinary doctors, growing vigilance regarding animal health are some other factors boosting market growth. Initiatives such as 'One Health' with the goal of expanding interdisciplinary healthcare collaborations for animals and humans are expected to propel product innovation in the orthopedics implants market. Further, the veterinary orthopedic implant market is driven by the growing adoption of bioabsorbable implants in veterinary orthopedic surgeries due to the several benefits they offer. A surge in cases of osteoarthritis among animals is motivating key market players to focus on discovery of efficient treatment methods with improved research and development.

Amid the COVID-19 crisis, the global market for Orthopedic Veterinary Implants estimated at US$123.9 Million in the year 2022, is projected to reach a revised size of US$159.9 Million by 2026, growing at a CAGR of 5.7% over the analysis period. Veterinary Bone Plates, one of the segments analyzed in the report, is projected to grow at a 5.9% CAGR to reach US$67.1 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Screws segment is readjusted to a revised 5.4% CAGR for the next 7-year period. This segment currently accounts for a 25.6% share of the global Orthopedic Veterinary Implants market. An orthopedic bone plate is described as a type of internal fixation that is utilized in orthopedic surgeries to ensure that fractures are held in place, thus facilitating the bone healing process. Veterinary orthopedic screws are used to attach implants to bone, or for bone to bone fixation or to allow soft tissue fixation or anchorage. Stainless steel, titanium and bioabsorbable materials are used to make veterinary orthopedic screws.

The U.S. Market is Estimated at $40.6 Million in 2022, While China is Forecast to Reach $14.8 Million by 2026
The Orthopedic Veterinary Implants market in the U.S. is estimated at US$40.6 Million in the year 2022. The country currently accounts for a 32.79% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$14.8 Million in the year 2026 trailing a CAGR of 7.1% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.7% and 5.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.2% CAGR while Rest of European market (as defined in the study) will reach US$16 Million by the end of the analysis period. North America represents the leading regional market, owing to large and increasing number of households in the US with companion animals, as well as the growing healthcare expenditure on these companion animals. Europe is another leading market due to the presence of many veterinary facilities and the availability of new products in the region. Increasing pet ownerships in Asia-Pacific region boosts growth opportunities.

Pins, Wires & Staples Segment to Reach $35 Million by 2026
Pins and wires are commonly used orthopedic implants, especially in small animals. The low cost and limited need for equipment are some of the major advantages driving use of pins and wires in surgeries. In the global Pins, Wires & Staples segment, USA, Canada, Japan, China and Europe will drive the 6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$18.3 Million will reach a projected size of US$27.5 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.6 Million by the year 2026. More

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