People are willing to spend more on the health of their pets which is strengthening the demand for products used for health and well-being of the animals.
New York, NY -- (SBWIRE) -- 12/19/2016 -- Orthopedic implants are used to treat various orthopedic conditions like healing broken bones and joints. With growing number of people owing a companion animals the demand for veterinary market is growing rapidly. People are willing to spend more on the health of their pets which is strengthening the demand for products used for health and well-being of the animals. Pet animals like dogs and cats usually suffer from fractures due to vehicular trauma, fights and sport injuries. Even though injuries in animals heal quickly, in case of broken bones orthopedic surgeries are required for healing the bones. Depending on the type of fracture vets decide on the treatment type and implants. With growing approvals for the orthopedic implants for animals the veterinary orthopedic implants market is expected to witness attractive opportunities over the forecast period.
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With growing number of companion animals the demand for veterinary orthopedic implants is expected to grow rapidly. According to the American Pet Product Association (APPA) nearly 63% of the U.S. households had a companion animals in 2012. The population of companion animals like cats and dogs has witness a rapid increase in the past decade moreover the willingness of the owners to spend on the health of their pets is expected to drive revenue growth of the veterinary orthopedic implants market over the forecast period. Growing fame of the animal sports like horse racing, greyhound racing, rodeos and illegitimate sports like dog fighting and bull fighting is expected to increase the number of cases of orthopedic injuries in animals and in turn propel demand for orthopedic implants. Initiatives like 'One Health' aimed towards expanding interdisciplinary collaborations in healthcare for humans and animals is expected to drive product innovation. However the high cost of surgeries may hamper demand for veterinary orthopedic implants in under developed and emerging economies.
In overall, the global veterinary orthopedic implants market is expected to witness health growth in CAGR over the forecast period owing to increased spending on the health of companion animals and rise in the number of companion animals globally.
Geographically the global veterinary orthopedic implants market is segmented into five key regions: North America, Latin America, Europe, Asia – Pacific (APAC) and Middle East and Africa (MEA). North America is estimated to be the leading market in the global veterinary orthopedic implants market. Rising number of households owing companion animals in the U.S. and growing healthcare expenditure on the companion animals is expected to propel growth of the veterinary orthopedic implants in this region. Europe is estimated to be the second most lucrative market for the veterinary orthopedic implants manufacturers. Presence of several veterinary facilities and availability of new products is expected to drive market growth of veterinary orthopedic implants in Europe. Asia Pacific is expected to witness high growth in the veterinary orthopedic implants market owing to growing number of veterinary hospitals and clinics. Latin America and MEA regions are also expected to witness high revenue growth over the forecast period owing to growing public expenditure in veterinary hospitals aimed towards affordable healthcare for farm animals.
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Some players in the global veterinary orthopedic implants market are MWI Veterinary Supply Co., DePuy Synthes, GPC Medical Ltd., Rita Leibinger GmbH & Co. KG, B. Braun Vet Care GmbH and others.