According to a new report by Expert Market Research, ‘Global Veterinary Orthopedic Implants Market Report and Forecast 2020-2025’, the global veterinary orthopedic implants market was valued at approximately USD 271.78 million in 2019 and is expected to generate revenue of around USD 455.79 million by end of 2025, growing at a CAGR of around 7.68% between 2020 and 2025.
Competitive Landscape & Supplier Analysis:
- B. Braun Vet Care GmbH
- Everost Inc.
- BioMedtrix, LLC
- Veterinary Orthopedic Implants, Inc.
- Kyon AG
- B. Braun Vet Care GmbH
- Others
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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The veterinary orthopedic implants market is going to witness an upsurge in its business due to various driving factors; the chief factor being the increased number of companion animals including horses & service animals and pet animals. The rise in the animal racing competitions has also boosted the veterinary orthopedic implants market. Increasing animal healthcare expenditure has chiefly accelerated the veterinary orthopedic implants market. Over a period of time, there have been various advancements in the treatment methodology especially on the type of treatment given for veterinary orthopedic injuries. Increase in the number of veterinary doctors, upsurge in the vigilance about animal health, and the pet adoption rate has boosted the veterinary orthopedic implants market. However, high charges of pet care, the introduction of progressive veterinary orthopedic implants, and lack of veterinary practitioners may restrain the veterinary orthopedic implants market
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The global veterinary orthopedic implant market has been segmented based on product type, end-user, and region. In terms of product type, the global market has been classified into veterinary plates & screws, joint replacement implants, and others. The joint replacement implants segment has been further classified into hip replacement implants, knee replacement implants, and others. The veterinary plates & screws segment is anticipated to account for a leading share of the global market during the forecast period, owing to high consumption of these veterinary plates & screws during veterinary orthopedic processes. In terms of end-user, the global market has been bifurcated into veterinary hospitals & clinics and research institutes. The veterinary hospitals & clinics segment is expected to account for a significant share of the global market during the forecast period, due to a rise in the number of private clinical practices.
Note 1: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
Note 2: For a snapshot of the primary and secondary data of the market (2015-2025), along with business strategies and detailed market segmentation, please click on request sample report. The sample report shall be delivered to you within 24 hours.
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