Canine Orthopedics Market To Grow Substantially At A CAGR Of 8.4% During 2022 To 2030Posted by rahul nikade on January 12th, 2023 Canine Orthopedics Industry Overview The global canine orthopedics market size was valued at USD 221.7 million in 2021 and is estimated to expand at a compound annual growth rate (CAGR) of 8.4% from 2022 to 2030. Growing pet dog ownership, adoption of dog insurance policies, initiatives by key market players, and the growing number of veterinary orthopedic surgeries are some of the key drivers of this market. According to the North American Pet Health Insurance Association (NAPHIA), the region had about 3.45 million insured pets in 2020. This number was notably higher than the 2.81 million insured pets insured in 2019. Gather more insights about the market drivers, restrains and growth of the Global Canine Orthopedics Market The COVID-19 pandemic adversely impacted the market for canine orthopedics. This was because of movement restrictions, postponed or cancellation of elective veterinary orthopedic surgeries, and reduced veterinary visits leading to low demand and sales. Harmony Veterinary Center based in the U.S., for instance, suspended all veterinary elective procedures in March 2020. It was among the several veterinary services providers to do so. As per April 2020 survey by AVMA, 98% of the respondents comprising veterinarians reported a reduction in client contact owing to the pandemic. About two-thirds of the respondents stated that they had postponed at least some surgical procedures. The surgery volume gradually recovered due to supportive initiatives and guidelines helping the resumption of veterinary surgeries. Overall the COVID-19 pandemic resulted in dampened sales growth for the market participants. However, the market is expected to bounce back in the coming years. Tightrope CCL is a veterinary orthopedic surgical approach for extracapsular stabilization of the canine CCL-deficient stifle joint using a minimally invasive procedure. The TightRope ligament method is a novel ligament replacement surgery for treating an uncertain CCL. Furthermore, over 200 knees have been tested, and the surgery has proven to be quite beneficial. In comparison to the TPLO or TTA, the TightRope CCL procedure is less invasive and more cost-effective, contributing to its increased adoption as a viable surgical technique in dogs. TightRope can be successfully performed in medium, big, and giant breed dogs. In addition, a MiniTightRope is also available for toy dogs and small breeds. Similar developments in technology and treatment procedures are estimated to drive the market for canine orthopedics. Strategic initiatives by key companies are contributing to the growth of the market for canine orthopedics. Vimian Group, based in Sweden, for example, owns a portfolio of companies including Indical Bioscience (Veterinary Diagnostics), VetFamily (Veterinary Services), Movora (Animal MedTech), and Nextmune (Veterinary Specialty Pharma). Vimian itself is owned by a Swedish investment company called Fidelio Capital. Movora, established in 2020, specializes in providing orthopedic implants to veterinarians and universities. Movora has strengthened its position in the veterinary orthopedics market through a series of mergers and acquisitions. These include BioMedtrix specializing in canine hip, knee, elbow, and trauma fields of orthopedics; KYON providing veterinary surgical instruments and implants; Veterinary Orthopedic Implants offering a wide portfolio of implants; and IMEX Veterinary Inc. Browse through Grand View Research's Animal Health Industry Research Reports.
Canine Orthopedics Market Segmentation Grand View Research has segmented the global canine orthopedics market on the basis of application, product, end-use, and region: Canine Orthopedics Product Outlook (Revenue, USD Million, 2017 - 2030)
Canine Orthopedics Application Outlook (Revenue, USD Million, 2017 - 2030)
Canine Orthopedics End-use Outlook (Revenue, USD Million, 2017 - 2030)
Canine Orthopedics Regional Outlook (Revenue, USD Million, 2017 - 2030)
Market Share Insights
Key Companies profiled: Some prominent players in the global canine orthopedics market include
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