- Compound Annual Growth Rate of veterinary orthopedic implant market to be 7.1 % from 2018 to 2026
- Emotional and physical health benefits of pet ownership, driving demand for adoption, propelling growth in market
ALBANY, New York, March 17, 2020 /PRNewswire/ -- In the veterinary orthopedic implant market, robust growth is forecasted owing to multiple factors. A prominent reason supporting this growth is an increase in pet ownership. Besides, as pet role expands from playthings to companions, their health is gaining prominence.
As per Transparency Market Research, "From 2018 to 2026, the global veterinary orthopedic implants market will chart growth at 7.1%, compounded annually, pushing the market worth up to USD 0.16 bn. by the end of the stated period. Increase in adoption of companion animals is fueling growth in the market in a major way."
Key Drivers of Growth in the Global Veterinary Orthopedic Implant Market
Growth in global veterinary orthopedic implant market is an outcome of an interplay between a number of trends and drivers, notes Transparency Market Research. A synopsis is provided below:
Increase in incidence of pet obesity is leading to multiple health issues, driving demand for orthopedic implants and pain rehabilitation
Osteoarthritis in pets is on an upward rise; studies suggest obesity might have a role to play
Growing awareness regarding osteoarthritis in pets will underscore growth in the market over the forecast period
Significant surge in pet ownership will help global veterinary orthopedic implant market chart a higher growth trajectory
Key Impediments in Growth of Global Veterinary Orthopedic Implant Market
Despite positive projections, certain restrains would hamper growth in the global veterinary orthopedic implant market. As per Transparency Market Research, high cost of surgeries is a notable one. It would impact market penetration, particularly in emerging economies.
Regional Analysis of Global Veterinary Orthopedic Implant Market
Growing expenditure on pet healthcare, and increasing number of pet owners to help North America be a prominent regional market
Increase in Research and Development activities, and growth in number of veterinarians to propel growth in European region
Asia Pacific (APAC) to witness high CAGR owing to rapidly growing trend of pet adoption and increase in livestock population
Analyze veterinary orthopedic implant market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Competitive Landscape of Global Veterinary Orthopedic Implant Market
Analysis of Vendor Landscape of global veterinary orthopedic implant market by Transparency Market Research carries a comprehensive profiling of key players
Key players in the global veterinary orthopedic implant market include B. Braun Melsungen AG, Johnson & Johnson, Veterinary Orthopedic Implants, Inc., BioMedtrix, LLC, KYON Veterinary Surgical Products, IMEX Veterinary, Inc., Orthomed (UK) Ltd, and Securos Surgical
As per study, synergistic alliances to be key strategic manoeuvre to garner larger market share and better foothold over the forecast period
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