May 22, 2024

Veterinary Orthopedic Implants Market is driven by Increasing Pet Care Expenditure

Veterinary orthopedic implants are medical devices that are surgically implanted in animals to repair musculoskeletal injuries or illnesses. They allow fracture fixation by replacing or stabilizing damaged bone and providing structural support. Increase in lifestyle diseases and accidents among pets has resulted in higher demand for orthopedic surgeries. Bone screws, plates, pins/wires, and cages/meshes are commonly implanted in dogs, cats, horses, and other livestock to treat conditions like osteoarthritis, bone fractures, lameness, and joint replacement. These implants provide stability, aid bone healing, and restore mobility by replacing or repairing defective joints.

The global veterinary orthopedic implants market is estimated to be valued at US$ 341.57 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

3D printing technology is gaining popularity for custom implants. It allows creating patient-specific, accurate implants by scanning the defect site before surgery. This improves implant fit and postoperative outcomes. Leading manufacturers like DePuy Synthes are developing 3D printed screws, plates, and bone grafts for veterinary use.

Another notable trend is the surge in stem cell therapy as an alternative or adjunct to implants. Mesenchymal stem cells from adipose tissue or bone marrow regenerate cartilage and accelerate fracture healing. When combined with implants, they enhance tissue integration and remodeling around the device. This novel regenerative approach could potentially replace some implant procedures in the coming years.

Porter’s Analysis

Threat of new entrants: The veterinary orthopedic implants market is moderately difficult for new players to enter due to high initial investments in R&D and manufacturing processes.

Bargaining power of buyers: Veterinarians and pet owners have moderate bargaining power as there are several established players offering a variety of veterinary orthopedic implants.

Bargaining power of suppliers: Key raw material suppliers have low to moderate bargaining power due to availability of substitute materials and inputs from multiple suppliers.

Threat of new substitutes: Alternatives such as tissue repair patches and bone cements offer some threat but implants are still preferred for fractures and bone defects surgeries.

Competitive rivalry: The market is competitive with players focusing on product development and innovation.

Key Takeaways

The Global Veterinary Orthopedic Implants Market Share is expected to witness high growth.

Regional analysis: The North America region dominates the veterinary orthopedic implants market due to increasing pet adoption and expenditure on pet healthcare in the US and Canada. The Asia Pacific region is expected to witness fastest growth during the forecast period due to growing pet population, rising veterinary healthcare spending, and establishment of manufacturing facilities by global players in China, India.

Key players operating in the veterinary orthopedic implants market are IBM Corporation, Hewlett Packard Enterprise, Infosys Limited, Wipro Limited, Capgemini SE. IBM offers innovative 3D printed veterinary implants through its Watson health platform. Hewlett Packard provides end-to-end digital x-ray systems used for implant placement surgeries. Infosys supports top implant manufacturers through custom ERP solutions.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it