PUBLISHER: Acute Market Reports | PRODUCT CODE: 1552363
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1552363
The veterinary orthopedic medicine market is estimated to grow at a CAGR of 8% from 2024 to 2032. Veterinary orthopedic medicine market refers to a specialized segment of veterinary healthcare focused on the diagnosis, treatment, and management of musculoskeletal disorders in animals. This market encompasses a wide range of products, services, and solutions aimed at improving the orthopedic health of animals, particularly pets like dogs and cats, as well as larger animals such as horses and livestock.
Increasing Pet Ownership and Awareness
The rise in pet ownership globally acts as a significant driver for the veterinary orthopedic medicine market. The American Pet Products Association (APPA) reported that pet ownership in the U.S. surged to an all-time high, with 67% of households owning a pet, which translates to about 85 million families. This upsurge reflects a broader global trend. Increased pet ownership directly correlates with the demand for pet healthcare services, including orthopedic care. As pet owners become more aware of their pets' health needs, there's a notable increase in seeking specialized treatments for conditions like arthritis, dysplasia, and ligament injuries. This heightened awareness is also fueled by the humanization of pets, where pets are increasingly treated as family members, leading to greater attention to their health and wellbeing.
Opportunity in Technological Advancements
Technological advancements present significant opportunities in veterinary orthopedics. Innovations like 3D printing have revolutionized the production of custom-made implants and prosthetics, allowing for more precise and tailored treatments. The integration of AI and machine learning in diagnostic procedures enhances the accuracy and speed of diagnosing orthopedic conditions. These technological strides not only improve treatment outcomes but also open up new markets and applications within veterinary medicine. The adoption of minimally invasive surgical techniques, which reduce recovery time and improve the overall welfare of the animal, is also on the rise. These advancements position the market for substantial growth and diversification.
High Cost of Treatments as a Restraint
Despite the growing demand, the high cost of veterinary orthopedic treatments and surgeries remains a significant restraint. Orthopedic procedures, being specialized and resource-intensive, often come with a hefty price tag. The cost factor is exacerbated in regions with limited access to veterinary care or where pet insurance is not widely available or affordable. For many pet owners, the high cost can be a deterrent, limiting the market's growth potential. This challenge is particularly pronounced in lower-income regions or countries with less developed veterinary infrastructure.
Shortage of Skilled Specialists as a Challenge
A major challenge facing the market is the shortage of skilled veterinary orthopedic specialists. Orthopedic treatments require a high level of expertise and training. However, there's a notable gap in the number of qualified professionals in this field. This shortage is more acute in certain regions, impacting the availability and accessibility of quality orthopedic care for animals. The lack of specialists not only restricts the market's growth but also impacts the quality of care provided. Addressing this challenge requires strategic focus on education, training, and incentivizing professionals to specialize in veterinary orthopedics.
On the other hand, when segmenting by application, the market is categorized into Osteoarthritis, Degenerative Joint Disease, Joint Inflammation/Pain, among other applications. Here, Osteoarthritis (OA) emerges as the segment with both the highest revenue and the highest CAGR. The prevalence of OA in pets, especially as they age, coupled with the chronic nature of the disease, necessitates ongoing treatment and management, thereby driving substantial market revenue. The increasing incidence of OA in pets, alongside advancements in diagnostic and treatment modalities, contribute to the segment's growth. Degenerative Joint Disease (DJD) and Joint Inflammation/Pain are also significant segments. DJD, closely related to OA, involves the deterioration of cartilage in joints and is common in older pets and certain breeds, ensuring steady demand for treatments. Joint Inflammation/Pain, encompassing a range of conditions that cause discomfort and mobility issues in animals, also sees significant investment in terms of research and development of new treatment options. However, these segments, while essential, trail behind OA in terms of market impact. Other applications, including innovative treatments and emerging therapies for various musculoskeletal disorders, contribute to the diversity and growth potential of the market, but they currently occupy a smaller fraction of the market share compared to the dominant OA segment.
In the geographic segmentation of the veterinary orthopedic medicine market, different regions exhibit varying trends, growth potentials, and market shares. North America stands out for having the highest revenue percentage, a status attributed to its advanced veterinary healthcare infrastructure, high pet ownership rates, and robust expenditure on pet care. In 2023, the market in this region demonstrated a substantial revenue generation, reflecting the high demand for orthopedic treatments and the presence of key market players. However, when considering the Compound Annual Growth Rate (CAGR), Asia-Pacific is expected to lead from 2024 to 2032. This forecasted growth is driven by increasing pet ownership in emerging economies, growing awareness of animal health, and expanding veterinary healthcare facilities. Europe, with its well-established veterinary healthcare systems and high standards of animal care, also holds a significant market share, while regions like Latin America and the Middle East & Africa, though smaller in market size, are expected to show gradual growth due to increasing investments in animal health.
In terms of competitive trends and key strategies in the market, there's a dynamic interplay among top players, each employing distinct approaches to strengthen their market positions. Companies like Zoetis, Dechra Pharmaceuticals, and Elanco have been prominent in 2023, generating substantial revenues through their diversified product portfolios that include innovative pharmaceuticals and biologics. These companies have focused on strategic acquisitions, research and development, and expanding their global footprint to reinforce their market dominance. For instance, Zoetis' acquisition strategy has allowed it to expand its product range and enter new markets. Moving forward, from 2024 to 2032, these companies are expected to continue their growth trajectory by investing in advanced technologies like AI and 3D printing for personalized treatments and diagnostics. Additionally, emerging players in the market are anticipated to introduce disruptive innovations, particularly in biologics and regenerative therapies, challenging the traditional market dynamics. Collaborations between industry players and academic institutions are also expected to be a key strategy, fostering innovation and research in veterinary orthopedics. The market is poised for a competitive landscape where continuous innovation, strategic partnerships, and a focus on expanding market reach will be critical for maintaining and enhancing market positions.
Historical & Forecast Period
This study report represents an analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends & technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. The key data points that enable the estimation of Veterinary Orthopedic Medicine market are as follows:
Research and development budgets of manufacturers and government spending
Revenues of key companies in the market segment
Number of end users & consumption volume, price, and value.
Geographical revenues generated by countries considered in the report
Micro and macro environment factors that are currently influencing the Veterinary Orthopedic Medicine market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top-down and bottom-up approach for validation of market estimation assures logical, methodical, and mathematical consistency of the quantitative data.
Market Segmentation
Product
Animal Type
Application
Route of Administration
End-Use
Region Segment (2022-2032; US$ Million)
North America
U.S.
Canada
Rest of North America
UK and European Union
UK
Germany
Spain
Italy
France
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
GCC
Africa
Rest of Middle East and Africa
Key questions answered in this report
What are the key micro and macro environmental factors that are impacting the growth of Veterinary Orthopedic Medicine market?
What are the key investment pockets concerning product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2032.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Veterinary Orthopedic Medicine market?
Which is the largest regional market for Veterinary Orthopedic Medicine market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving Veterinary Orthopedic Medicine market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Veterinary Orthopedic Medicine market worldwide?
TABLE 3 Global Veterinary Orthopedic Medicine Market By Pharmaceuticals, 2022-2032, USD (Million)
TABLE 4 Global Veterinary Orthopedic Medicine Market By Animal Type, 2022-2032, USD (Million)
TABLE 8 Global Veterinary Orthopedic Medicine Market By End-Use, 2022-2032, USD (Million)
TABLE 11 North America Veterinary Orthopedic Medicine Market By Pharmaceuticals, 2022-2032, USD (Million)
TABLE 12 North America Veterinary Orthopedic Medicine Market By Animal Type, 2022-2032, USD (Million)
TABLE 16 North America Veterinary Orthopedic Medicine Market By End-Use, 2022-2032, USD (Million)
TABLE 19 U.S. Veterinary Orthopedic Medicine Market By Pharmaceuticals, 2022-2032, USD (Million)
TABLE 20 U.S. Veterinary Orthopedic Medicine Market By Animal Type, 2022-2032, USD (Million)
TABLE 24 U.S. Veterinary Orthopedic Medicine Market By End-Use, 2022-2032, USD (Million)
TABLE 27 Canada Veterinary Orthopedic Medicine Market By Pharmaceuticals, 2022-2032, USD (Million)
TABLE 28 Canada Veterinary Orthopedic Medicine Market By Animal Type, 2022-2032, USD (Million)
TABLE 32 Canada Veterinary Orthopedic Medicine Market By End-Use, 2022-2032, USD (Million)
TABLE 35 Rest of North America Veterinary Orthopedic Medicine Market By Pharmaceuticals, 2022-2032, USD (Million)
TABLE 36 Rest of North America Veterinary Orthopedic Medicine Market By Animal Type, 2022-2032, USD (Million)
TABLE 40 Rest of North America Veterinary Orthopedic Medicine Market By End-Use, 2022-2032, USD (Million)
TABLE 43 UK and European Union Veterinary Orthopedic Medicine Market By Pharmaceuticals, 2022-2032, USD (Million)
TABLE 44 UK and European Union Veterinary Orthopedic Medicine Market By Animal Type, 2022-2032, USD (Million)
TABLE 48 UK and European Union Veterinary Orthopedic Medicine Market By End-Use, 2022-2032, USD (Million)
TABLE 51 UK Veterinary Orthopedic Medicine Market By Pharmaceuticals, 2022-2032, USD (Million)
TABLE 52 UK Veterinary Orthopedic Medicine Market By Animal Type, 2022-2032, USD (Million)
TABLE 56 UK Veterinary Orthopedic Medicine Market By End-Use, 2022-2032, USD (Million)
TABLE 59 Germany Veterinary Orthopedic Medicine Market By Pharmaceuticals, 2022-2032, USD (Million)
TABLE 60 Germany Veterinary Orthopedic Medicine Market By Animal Type, 2022-2032, USD (Million)
TABLE 64 Germany Veterinary Orthopedic Medicine Market By End-Use, 2022-2032, USD (Million)
TABLE 67 Spain Veterinary Orthopedic Medicine Market By Pharmaceuticals, 2022-2032, USD (Million)
TABLE 68 Spain Veterinary Orthopedic Medicine Market By Animal Type, 2022-2032, USD (Million)
TABLE 72 Spain Veterinary Orthopedic Medicine Market By End-Use, 2022-2032, USD (Million)
TABLE 75 Italy Veterinary Orthopedic Medicine Market By Pharmaceuticals, 2022-2032, USD (Million)
TABLE 76 Italy Veterinary Orthopedic Medicine Market By Animal Type, 2022-2032, USD (Million)
TABLE 80 Italy Veterinary Orthopedic Medicine Market By End-Use, 2022-2032, USD (Million)
TABLE 83 France Veterinary Orthopedic Medicine Market By Pharmaceuticals, 2022-2032, USD (Million)
TABLE 84 France Veterinary Orthopedic Medicine Market By Animal Type, 2022-2032, USD (Million)
TABLE 88 France Veterinary Orthopedic Medicine Market By End-Use, 2022-2032, USD (Million)
TABLE 91 Rest of Europe Veterinary Orthopedic Medicine Market By Pharmaceuticals, 2022-2032, USD (Million)
TABLE 92 Rest of Europe Veterinary Orthopedic Medicine Market By Animal Type, 2022-2032, USD (Million)
TABLE 96 Rest of Europe Veterinary Orthopedic Medicine Market By End-Use, 2022-2032, USD (Million)
TABLE 99 Asia Veterinary Orthopedic Medicine Market By Pharmaceuticals, 2022-2032, USD (Million)
TABLE 100 Asia Veterinary Orthopedic Medicine Market By Animal Type, 2022-2032, USD (Million)
TABLE 104 Asia Veterinary Orthopedic Medicine Market By End-Use, 2022-2032, USD (Million)
TABLE 107 China Veterinary Orthopedic Medicine Market By Pharmaceuticals, 2022-2032, USD (Million)
TABLE 108 China Veterinary Orthopedic Medicine Market By Animal Type, 2022-2032, USD (Million)
TABLE 112 China Veterinary Orthopedic Medicine Market By End-Use, 2022-2032, USD (Million)
TABLE 115 Japan Veterinary Orthopedic Medicine Market By Pharmaceuticals, 2022-2032, USD (Million)
TABLE 116 Japan Veterinary Orthopedic Medicine Market By Animal Type, 2022-2032, USD (Million)
TABLE 120 Japan Veterinary Orthopedic Medicine Market By End-Use, 2022-2032, USD (Million)
TABLE 123 India Veterinary Orthopedic Medicine Market By Pharmaceuticals, 2022-2032, USD (Million)
TABLE 124 India Veterinary Orthopedic Medicine Market By Animal Type, 2022-2032, USD (Million)
TABLE 128 India Veterinary Orthopedic Medicine Market By End-Use, 2022-2032, USD (Million)
TABLE 131 Australia Veterinary Orthopedic Medicine Market By Pharmaceuticals, 2022-2032, USD (Million)
TABLE 132 Australia Veterinary Orthopedic Medicine Market By Animal Type, 2022-2032, USD (Million)
TABLE 136 Australia Veterinary Orthopedic Medicine Market By End-Use, 2022-2032, USD (Million)
TABLE 139 South Korea Veterinary Orthopedic Medicine Market By Pharmaceuticals, 2022-2032, USD (Million)
TABLE 140 South Korea Veterinary Orthopedic Medicine Market By Animal Type, 2022-2032, USD (Million)
TABLE 144 South Korea Veterinary Orthopedic Medicine Market By End-Use, 2022-2032, USD (Million)
TABLE 147 Latin America Veterinary Orthopedic Medicine Market By Pharmaceuticals, 2022-2032, USD (Million)
TABLE 148 Latin America Veterinary Orthopedic Medicine Market By Animal Type, 2022-2032, USD (Million)
TABLE 152 Latin America Veterinary Orthopedic Medicine Market By End-Use, 2022-2032, USD (Million)
TABLE 155 Brazil Veterinary Orthopedic Medicine Market By Pharmaceuticals, 2022-2032, USD (Million)
TABLE 156 Brazil Veterinary Orthopedic Medicine Market By Animal Type, 2022-2032, USD (Million)
TABLE 160 Brazil Veterinary Orthopedic Medicine Market By End-Use, 2022-2032, USD (Million)
TABLE 163 Mexico Veterinary Orthopedic Medicine Market By Pharmaceuticals, 2022-2032, USD (Million)
TABLE 164 Mexico Veterinary Orthopedic Medicine Market By Animal Type, 2022-2032, USD (Million)
TABLE 168 Mexico Veterinary Orthopedic Medicine Market By End-Use, 2022-2032, USD (Million)
TABLE 171 Rest of Latin America Veterinary Orthopedic Medicine Market By Pharmaceuticals, 2022-2032, USD (Million)
TABLE 172 Rest of Latin America Veterinary Orthopedic Medicine Market By Animal Type, 2022-2032, USD (Million)
TABLE 176 Rest of Latin America Veterinary Orthopedic Medicine Market By End-Use, 2022-2032, USD (Million)
TABLE 179 Middle East and Africa Veterinary Orthopedic Medicine Market By Pharmaceuticals, 2022-2032, USD (Million)
TABLE 180 Middle East and Africa Veterinary Orthopedic Medicine Market By Animal Type, 2022-2032, USD (Million)
TABLE 184 Middle East and Africa Veterinary Orthopedic Medicine Market By End-Use, 2022-2032, USD (Million)
TABLE 187 GCC Veterinary Orthopedic Medicine Market By Pharmaceuticals, 2022-2032, USD (Million)
TABLE 188 GCC Veterinary Orthopedic Medicine Market By Animal Type, 2022-2032, USD (Million)
TABLE 192 GCC Veterinary Orthopedic Medicine Market By End-Use, 2022-2032, USD (Million)
TABLE 195 Africa Veterinary Orthopedic Medicine Market By Pharmaceuticals, 2022-2032, USD (Million)
TABLE 196 Africa Veterinary Orthopedic Medicine Market By Animal Type, 2022-2032, USD (Million)
TABLE 200 Africa Veterinary Orthopedic Medicine Market By End-Use, 2022-2032, USD (Million)
TABLE 203 Rest of Middle East and Africa Veterinary Orthopedic Medicine Market By Pharmaceuticals, 2022-2032, USD (Million)
TABLE 204 Rest of Middle East and Africa Veterinary Orthopedic Medicine Market By Animal Type, 2022-2032, USD (Million)
TABLE 208 Rest of Middle East and Africa Veterinary Orthopedic Medicine Market By End-Use, 2022-2032, USD (Million)
FIG. 12Market Positioning of Key Veterinary Orthopedic Medicine Market Players, 2023
FIG. 13Global Veterinary Orthopedic Medicine Market - Tier Analysis - Percentage of Revenues by Tier Level, 2023 Versus 2032