NEW YORK, May 23, 2018 /PRNewswire/ --
Growing Prevalence of Arthritis among Dogs to Bolster Growth of Orthopedic Veterinary Implants Market
Arthritis is a common disorder which has been recently seen spreading its roots dogs. At present, this diseases is treated with the help of orthopedic veterinary implants. The global orthopedic veterinary implants market has witnessed a substantial surge in the last couple years owing to the rise in pet adoption and their orthopedic surgeries.
Majority of the population, especially in the developed regions, own pets such as cats or dogs. They are also inclined towards extra care of these pets and extra expenditure related to it. This had a direct impact on the overall growth of orthopedic veterinary implants which are brought into use with for surgeries such as TPLO, TTA, ALPS, and TKR, among others.
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According to a new study unveiled by Persistence Market Research (PMR), titled Orthopedic Veterinary Implants Market Global Industry Analysis (2013-2017) and Forecast (2018-2026), the market is expected to an impressive growth in the foreseen future. The global orthopedic veterinary implants market is projected to reach a market value of over US$ 3,500 Mn by the end of 2026, exhibiting at a CAGR of 9.0% during the forecast period.
According to the market forecast, North America holds the highest market share in the region. However, Asia Pacific is projected to grow at a higher CAGR than any other region during the forecast period. Latin America is also anticipated to show similar lucrative opportunities in the near future and stay in a strong competition with Latin America. The U.K. and Germany are highlighted to be the ruling markets globally.
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Obese Pets Prone to Injuries to Trigger Demand for Orthopedic Veterinary Implants
Obesity among pets can be a result of improper pet lifestyle that have been adopted by the pet owners and the type of food intake. The obese pets are more prone to health issues, especially bone fractures and arthritis. With the increase in pet ownership, awareness related to veterinary healthcare has also increased.
The awareness programs conducted for veterinary care helps to build an understanding towards the need of pets' in terms of healthcare, which automatically shifts their focus them towards intensive surgeries like orthopedic implants. Along with the growing awareness about a pet's healthcare, pet owners are also spending much more on their treatments. This can be a result of increasing spending power and overall development of the emerging regions.
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Absence of Regulations and FDA Approvals to Result in Mushrooming of Local Players
The market has come into existence not much long ago, thereby, there is an absence of regulations and FDA approvals for various implants. The current market scenario depicts budding regional players who are manufacturing low cost implants and making them readily available in the market. Many small-scale companies are engaged in manufacturing of orthopedic veterinary implants at 10% to 15% lower prices as compared to those offered by major players in developing economies. Emergence of low-cost orthopedic veterinary implants is expected to boost the overall sale of these products in developing economies. These small scale manufacturers have also intensified the competition in the global market, which is currently dominated by players like Integra LifeSciences and B. Braun Melsungen AG.
The market will further witness innovative strategies adopted by regional players that are looking for opportunities to expand their market.
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