Veterinary Orthopedic Treatment Market to Reach $153,612 Million by 2025
Pune, Maharashtra, India, December 15 2020 (Wiredrelease) Allied Analytics –: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.
According to a new report published by Allied Market Research, titled, Veterinary Orthopedic Treatment Market by Procedure and Animal Type: Global Opportunity Analysis and Industry Forecast, 2018-2025,” the global 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.
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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.
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.
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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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