Global Orthopedic Veterinary Implants Market: Overview
The global orthopedic veterinary implants market is relatively new and hence it is not a tightly regulated one. So far, FDA approvals are not needed for new products in the market. This has egged regional players to foray into the space with affordable implants. In fact, products manufactured by small scale companies, which are almost 10% to 15% cheaper than those produced by large, well-entrenched companies are seeing swift uptake in the global orthopedic veterinary implants market. Such a trend would likely have a positive impact on the market.
Being in its early stages, there is however a dearth of proper insurance policies covering major pet surgeries. With more insurance policies covering those, the global orthopedic veterinary impants market is predicted to rise.
Global Orthopedic Veterinary Implants Market: Key Trends
The number of pet owners is increasing by the day, particularly in the developed nations where people have higher spending capacity. The pet owners are also concerned about the proper care of their dogs and cats and are willing to fork out extra for their wellbeing. This is expected to have a direct positive boding on the global orthopedic veterinary implants market.
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The report finds that arthritis is commonplace is dogs these days and very often its treatment involves orthopedic veterinary implants. Apart from that, another factor boosting the global orthopedic veterinary implants market is the rising cases of obesity in cats owing to a sedentary lifestyle and overeating. Such cats are highly susceptible to various health conditions such as arthritis and bone fracture.
The various orthopedic veterinary implants available in the market are tibial plateau leveling osteotomy (TPLO) implants, total knee replacement, tibial tuberosity advancement (TTA), total elbow replacement (TER), and advanced locking plate system (ALPS). Among those, the TPLO accounts for a leading share in the global orthopedic veterinary implants market.
Going forward too, the segment is expected to retain its leading share. With respect to growth rate, on the other hand, the segment of TER is predicted to clock maximum CAGR of 10.3% between 2018 and 2026. The trauma fixation sub segment is predicted to stoke sales in the market primarily. The bone screws hold a substantial share in the market as well.
Global Orthopedic Veterinary Implants Market: Regional Outlook
From a geographical standpoint, North America at present accounts for a leading position in the global orthopedic veterinary implants market owing to the high disposable incomes of people particularly in the U.S. and Canada. Organization of sports and adventure programs for pets in the region, leading to frequent bone and other injuries, is one of the factors majorly fuelling the orthopedic veterinary implants market in North America.
In the near term, however, the Asia Pacific orthopedic veterinary implants is predicted to rise at the fastest CAGR because of the growing disposable incomes of people. China is at the forefront of leading the market in Asia Pacific because of the rising trend of owing pets in the region.
Global Orthopedic Veterinary Implants Market: Competitive Dynamics
Prominent participants in the global orthopedic veterinary implants market include KYON Pharma, Inc., Vet Implants, Everost Inc., Integra LifeSciences, and BioMedtrix, LLC.