PORTLAND, Oregon, October 15, 2018 /PRNewswire/ --
Rise in animal healthcare expenditure and technological developments in therapeutics and diagnostic products are expected to boost the growth of the global veterinary orthopedics treatment market
Allied Market Research recently published a report, titled, "Veterinary Orthopedic Treatment Market by Procedure (Cruciate Ligament Tear, Patellar Luxation, Hip Dysplasia, Elbow Dysplasia, Bone Fracture, and Osteoarthritis Management), and Animal Type (Dog, Cat, and Other Animal Types): Global Opportunity Analysis and Industry Forecast, 2018-2025. The report offers a thorough analysis of the global veterinary orthopedics treatment market by studying the market landscape; drivers, restraints, & opportunities; key investment pockets; market segmentation; and business performances of key players. According to the report, the global veterinary orthopedics treatment market was pegged at $94.71 billion in 2017 and is estimated to reach $153.61 billion by 2025, registering a CAGR of 6.2% from 2018 to 2025.
Factors such as increase in ownership of companion animals worldwide and rise in the number of obesity cases in pets, which in turn spikes animal healthcare expenditure, drive the growth of the global veterinary orthopedics treatment market. However, high cost of surgeries and lack of awareness regarding animal health hamper the market growth. On the contrary, recent advancements in therapeutics and diagnostic products and no obligation for government approvals for veterinary devices are expected to create lucrative opportunities for the market players in the near future.
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Elbow dysplasia segment to retain lion's share through 2025
The elbow dysplasia segment held the largest share in the market in 2017, contributing about 25% of the total market revenue. This is attributed to the rise in cases of accidental trauma among pets. However, bone fractures segment is expected to register the fastest CAGR of 7.7% during the forecast period, owing to increase in prevalence of arthritis that could lead to fractures in pets. On the other hand, segments such as cruciate ligament tear, patellar luxation, hip dysplasia, and osteoarthritis management have been comprehensively analyzed in the report.
Veterinary orthopedics treatment for cats to witness high demand by 2025
Rise in ownership of cats and increase in animal obesity that could lead to pre-existing orthopedic conditions would enable the veterinary orthopedics treatment for cats segment to grow at the fastest CAGR of 7.5 % through 2025. However, the revenue generated by the veterinary orthopedics treatment for dogs segment would contribute more than three-fourths share of the market through 2025.
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Asia-Pacific region in traction
Asia-pacific region is expected to register the fastest CAGR of 6.8% during the study period, owing to several factors including rise in prevalence of obesity among companion animals and increase in disposable income in developing countries such as India and China. However, in 2017, North America was the largest contributor to the market, accounting for more than one-third share. The other regions analyzed in the report are Europe and Latin America, Middle East, and Africa.
Major market players
The leading market players in the report are Adobe Animal Hospital, Boca Park Animal Hospital, Goddard Veterinary Group, Northwest Veterinary Specialists, School of Veterinary Medicine (University of Pennsylvania), Allandale Veterinary Hospital, Broadleys Veterinary Hospital, Mars Incorporated, The Animal Medical Center, and Upper Canada Animal Hospital.
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