PUBLISHER: The Business Research Company | PRODUCT CODE: 1526857
PUBLISHER: The Business Research Company | PRODUCT CODE: 1526857
Veterinary orthopedic medicine constitutes a distinct discipline within veterinary practice, concentrating on the identification, management, and prevention of musculoskeletal disorders and injuries in animals. This field encompasses a spectrum of conditions, including fractures, arthritis, congenital abnormalities, and soft tissue injuries, and entails diverse treatment modalities such as surgical procedures, physical therapy, and rehabilitation, all aimed at reinstating mobility and function in animals.
The primary products of veterinary orthopedic medicine include biologics, viscosupplements, and pharmaceuticals. Biologics are derived from living cells or organisms and are utilized to treat diseases or injuries in various animal species such as dogs, cats, horses, cattle, pigs, and others. These products find multiple applications, including the management of osteoarthritis, degenerative joint disease, joint inflammation or pain, and more, and are employed by veterinary hospitals, clinics, and other end-users.
The veterinary orthopedic medicine market research report is one of a series of new reports from The Business Research Company that provides veterinary orthopedic medicine market statistics, including veterinary orthopedic medicine industry global market size, regional shares, competitors with veterinary orthopedic medicine market share, detailed veterinary orthopedic medicine market segments, market trends, and opportunities, and any further data you may need to thrive in the veterinary orthopedic medicine industry. This veterinary orthopedic medicine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The veterinary orthopedic medicine market size has grown strongly in recent years. It will grow from $3.38 billion in 2023 to $3.69 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to telemedicine integration, emergence of regenerative medicine, rise in the adoption of viscosupplementation products, increasing number of veterinary orthopedic specialists, and improving animal health awareness.
The veterinary orthopedic medicine market size is expected to see strong growth in the next few years. It will grow to $5.26 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The anticipated expansion during the forecast period can be credited to the increasing incidence of osteoarthritis, greater uptake of pet insurance, elevated rates of obesity among companion animals, growing ownership of pets, and increased expenditure on pets. Key trends expected in the forecast period encompass the utilization of hybrid implants, advancements in materials, the emergence of regenerative medicine, the integration of 3D imaging, and the utilization of computerized tomography (CT).
The surge in occurrences of pet orthopedic ailments is anticipated to drive the expansion of the veterinary orthopedic medicine market in the foreseeable future. Pet orthopedic diseases denote conditions impacting the musculoskeletal system of companion animals, predominantly dogs and cats. The escalation in instances of pet orthopedic diseases can be attributed to various factors including breed predispositions, escalating rates of obesity, and environmental factors such as insufficient exercise and suboptimal nutrition. Veterinary orthopedic medicine assumes a pivotal role in the diagnosis, treatment, and management of orthopedic ailments in pets, aiding in pain relief, enhancing mobility, and enhancing overall quality of life. For instance, as per the National Institute of Health's July 2021 data, osteoarthritis afflicted roughly 20% of all adult dogs and more than 90% of dogs aged over five years in North America. Hence, the mounting occurrence of pet orthopedic diseases is propelling the expansion of the veterinary orthopedic medicine market.
Leading companies in the veterinary orthopedic medicine market prioritize the development of innovative solutions, such as anatomically shaped casts, aimed at eradicating pressure sores and enhancing the quality of care for pets with fractures. Anatomically shaped casts are specialized orthopedic devices crafted to conform to the natural contours of an animal's body, delivering efficient immobilization and support for healing fractures, sprains, or other orthopedic injuries. For example, in November 2021, OrthoPets Veterinary, a US-based manufacturer of veterinary orthotic and prosthetic (VOP) devices, introduced a novel range of biodegradable anatomically-shaped casts designed to eliminate pressure sores and elevate the standard of care for pets with fractures. These anatomically shaped splints cater to various casting treatments, ranging from full leg casts to injuries of the paw or toe, presenting a contemporary and effective alternative to conventional casting methods. These anatomically shaped casts signify a significant advancement in veterinary orthopedic medicine, providing a safer, more comfortable, and more efficient solution for addressing animal fractures and injuries.
In December 2021, Movora, a veterinary MedTech company headquartered in the US, purchased IMEX Veterinary Inc. for an undisclosed sum. This acquisition enabled Movora to venture into a novel niche sector in surgical products and broaden its product range. IMEX Veterinary, Inc., based in China, specializes in the production of veterinary orthopedic products.
Major companies operating in the veterinary orthopedic medicine market are AmerisourceBergen Corporation, Johnson & Johnson, EVEROST INC, Zoetis Inc., Elanco Animal Health, Integra lifesciences, Ceva Sante Animale, Virbac SA, STERIS Animal Health, Merck Animal Health (Merck & Co. Inc.), Veterinary Orthopedic Implants, American Regent, Bimeda U.S., B. Braun Melsungen AG, Coveto SA, Biogenesis Bago, Vetoquinol S.A., Avante Animal Health, Hyalogic LLC, Hester Biosciences, Petline Sa, Sklar Instruments, GerMedUSA, RWD Life Science, Orthomed (UK) Ltd, BioMedtrix LLC, IMEX Veterinary Inc.
North America was the largest region in the veterinary orthopedic medicine market in 2023. The regions covered in the veterinary orthopedic medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the veterinary orthopedic medicine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The veterinary orthopedic medicine market includes revenues earned by entities by providing services such as diagnosing, treating, and preventing musculoskeletal disorders and injuries in animals. The market value includes the value of related goods sold by the service provider or included within the service offering. The veterinary orthopedic medicine market also includes sales of external fixation devices, intramedullary devices, and joint implants. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Veterinary Orthopedic Medicine Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on veterinary orthopedic medicine market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for veterinary orthopedic medicine ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The veterinary orthopedic medicine market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.