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As per Future Market Insights’ latest analysis, the global veterinary orthopedic market value is estimated to increase from USD 637.81 million in 2024 to USD 956.92 million by 2034. Global sales are set to surge at 4.1% CAGR over the assessment period.
Multiple factors are stimulating growth of the veterinary orthopedic industry. These include increasing pet adoption, high spending on pet care, a rise in animal orthopedic disorders, and a focus on innovative product launches.
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In recent years, pet adoption has sharply risen, especially in nations like the United States, Germany, China, and the United Kingdom. According to the Health for Animals, around 70% of United States households owned a pet in 2021. This will continue to propel demand for veterinary orthopedic products.
Pet owners increasingly spend huge amounts on pet care as they consider them part of their family. This pet humanization trend will play a key role in facilitating growth of the animal orthopedic industry through 2034.
Growing pet ownership also creates a need for veterinary hospitals to provide better care to the pets. The number of veterinary hospitals is growing across all geographical regions, generating substantial demand for orthopedic instruments and implants.
Major players in the market are channeling their investments into research and development of novel veterinary orthopedic products. Moreover, the key market players are inclined to adopt growth strategies such as product launches and collaboration, among others, to suffice the growing demand for veterinary orthopedics.
Challenges include high costs and regulatory hurdles. Opportunities lie in emerging markets, and AI integration. The need to efficiently meet the requirements of various veterinary facilities while ensuring the supply of advanced orthopedic veterinary implants will also benefit the market.
Key Takeaways from the Market Study:
“Increasing pet expenditure, rise in orthopedic diseases in pets, and technological advances in veterinary orthopedic products are some key factors boosting growth to the market,” says a lead analyst of Future Market Insights (FMI).
Who is Winning?
Upgrading product portfolio by launching advanced implants and instruments is a key strategy of leading companies in the market. Moving forward, inorganic strategies such as acquisition, collaboration, and others provide key market players with opportunities for business growth.
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