Veterinary orthopedic treatment has gained a substantial market share in
the recent years, due to rise in ownership of companion animals and increase in
animal healthcare expenditure. Increase in number of cases of obesity in pets
boosts the market growth. Furthermore, advancements in therapeutic and
diagnostic products are anticipated to fuel the market growth in the near
future.
Veterinary Orthopedic Treatment
Market was valued at $94,708
million in 2017 and is projected to reach $153,612 million at a CAGR of 6.2%
from 2018 to 2025.
Orthopedic condition affects the bones,
joints, or muscles in animals and leads to lameness, restricted mobility,
instability, abnormal movements, and others. Veterinary orthopedic conditions,
such as hip dysplasia, cruciate ligament tear, and others are treated with the
help of specific drugs employed for pain management and surgeries. The
treatment procedure also involves the use of various devices.
Increasing ownership of companion animals,
augmenting demand for pet insurance, spurring animal healthcare expenditure,
and rising cases of obesity in pets are the factors that drive the growth of
the global veterinary orthopedic treatment market. However, high cost of
surgeries and lack of animal health awareness hamper the market growth.
Conversely, advancement in therapeutic and diagnostic products and no
requirement of government approvals for veterinary devices provide lucrative
growth opportunities for the key players.
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The elbow dysplasia segment accounted for the
largest share in 2017, owing to increase in ownership of companion animals, and
rise in cases of accidental trauma in pets. Furthermore, the bone fractures
segment is expected to grow at the highest CAGR from 2018 to 2025 and is
anticipated to continue its dominance during the forecast period.
On the basis of animal type dog segment
accounted for the largest share in 2017, owing to increase in ownership of dogs
as pets globally. Furthermore, the cat segment is expected to grow at the
highest CAGR from 2018 to 2025.
Based on region, North America occupied the
largest share in 2017 and is expected to provide lucrative market opportunities
during the forecast period.
Key findings of
the Veterinary Orthopedic Treatment Market:
·
The elbow dysplasia segment accounted for more than one-fourth
share of the global veterinary orthopedic treatment market in 2017.
·
The cat segment is expected to grow at highest CAGR of 7.5% from
2017 to 2025.
·
The dog segment accounted for more than three-fourths share of
the global veterinary orthopedic treatment market in 2017.
·
North America accounted for one-third share of the global market
in 2017.
·
LAMEA is expected to provide lucrative market growth
opportunities from 2017 to 2025.
North America was the leading revenue
contributor to the global veterinary orthopedic treatment market in 2017 and is
expected to dominate the market during the forecast period. This is attributed
to increase in obesity among pets in this region. However, Asia-Pacific is expected
to grow at the highest CAGR of 6.8% during the study period, due to rise in
ownership of companion animals in countries such as China and Australia.
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