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HEALTHCARE & PHARMACEUTICAL

Veterinary Orthotics-Prosthetics Market Analysis by Product Type (Orthotics, Hip Braces, Stifle Braces, Carpal/Tarsal Braces, Contracture Bracing, Deformity Braces, Prosthetics, and Others); by Animal Type (Canine, Feline, and Others); and by End-User (Veterinary Hospitals, Prosthetics Clinics, Rehabilitation Centers, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • Handicappedpets, Inc. launched a new line of custom orthosis and leg braces created by using the same medical-grade materials used in the human field of orthotics and prosthetics. The durable braces help pets remain active and bear weight sooner.
  • Animal Ortho Care (AOC) has launched a new orthopedic support line for dogs, the EMbrace, designed to treat carpal, knee, hock, and paw problems. These bracing products are incredible and projected to use as orthopedic stabilization supports.

Global Veterinary Orthotics-Prosthetics Market Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~10%

Base Year Market Size (2022)

 ~ USD 61 Million

Forecast Year Market Size (2033)

~ USD 160 Million

The global veterinary orthotics-prosthetics market is estimated to garner a revenue of USD 160 Million by the end of 2033 by growing at a CAGR of ~10% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 61 Million in the year 2022. The growth of the market is primarily attributed to the growing count of injured animals in road accidents, and falls. For instance, every year, an anticipated 1 million to 2.5 million accidents between motor vehicles and large animals such as deer happen in the United States. Wildlife-vehicle accidents account for nearly 21% of reported accidents in rural states such as Wyoming.

Veterinary-Orthotics-Prosthetics-Market-SizeGet more information on this report: Request Sample PDF

Veterinary orthotics-prosthetics are devices that are attached to an injured animal's body to provide support, align, position, immobilize, aid weak muscles, or improve functions. Furthermore, the use of veterinary orthotics-prosthetics is increasing as they are used to reimburse for a missing or surgically removed leg segment. The growing animal population, and the increasing veterinary hospitals are influencing the growth of the global veterinary orthotics-prosthetics market over the forecast period. It was observed that, in India, there were close to 12,050 veterinary hospitals and polyclinics during the fiscal year 2021. Approximately 66,000 veterinary institutions were evident across the nation that year, in addition to numerous aid centers and dispensaries.

Global Veterinary Orthotics-Prosthetics Market: Growth Drivers and Challenges

Growth Drivers

  • Increasing Number of Livestock - Domesticated terrestrial animals that are raised for a variety of goods and services such as locomotion, meat, milk, eggs, hides, fibers, and feathers are instances of livestock. The phrase livestock systems encompass all aspects of livestock resource supply and use, including livestock distribution and abundance, the various production systems in which they are raised, and projections of consumption and output now and in the future. The globally increasing number of livestock requires good care, and treatment of animals. Therefore, the mounting number of livestock is fueling up the growth of the global veterinary orthotics-prosthetics market over the forecast period. For instance, in December 2021, the count of livestock in Europe had reached approximately 143 million pigs, 75 million bovine animals, 61 million sheep, and 12 million goats.
  • Upsurge in Pet Adoption - It has been observed that nearly 17.6 million households worldwide are anticipated to own pets by the end of 2022.
  • Spike in Obesity or Overweight Issue in Animals - A clinical survey conducted in 2018 found that nearly 56% of dogs and 58.7% of cats were clinically overweight, indicating that an estimated 51 million dogs and 55 million cats were overweight or obese.
  • Worldwide Increase in Pet Insurance – According to a report, at the end of 2021, the total number of pets insured in the United States was nearly 3.8 million, that denotes a 29% increase from the year 2020.
  • Growing Per Capita Income – According to the data provide by the World Bank, compared to 2019, the global annual per capita income increased by 4.8% in 2021, while it was only boosted by 1.5% in 2019.

Challenges

  • Lack of Support from the Government and Non-Profit Organizations
  • Lack of Awareness About the Accessibility of Veterinary Orthotics-Prosthetics
  • Lack of Trained Veterinary Professionals

The global veterinary orthotics-prosthetics market is segmented and analyzed for demand and supply by animal type into canine, feline, and others. Out of these segments, the canine segment is projected to capture the largest market size over the forecast period owing to the people’s concern to provide better healthcare to their pets, worldwide growing pet ownership, and growing expenditure on pets. For instance, according to a survey conducted in 2021-2022, around 68 million households in the United States own a dog.

Major Macro-Economic Indicators Impacting the Market Growth

Global-Healthcare-Expenditure

According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.

Global Veterinary Orthotics-Prosthetics Market Regional Synopsis

Regionally, the global veterinary orthotics-prosthetics market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2033 backed by the increased accessibility to animal treatment modalities, huge increase in the use of veterinary products, rising disposable income, and growing pet adoption in the region. According to the data released by the Bureau of Economic Analysis, in the United States, the personal income and disposable personal income (DPI) has increased USD 107.2 billion and USD 89.7 billion respectively by March 2022.

Veterinary-Orthotics-Prosthetics-Market

The global veterinary orthotics-prosthetics market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global veterinary orthotics-prosthetics market includes the following segments:

By Product Type

  • Orthotics
  • Hip Braces
  • Stifle Braces
  • Carpal/Tarsal Braces
  • Contracture Bracing
  • Deformity Braces
  • Prosthetics
  • Others

By Animal Type

  • Canine
  • Feline
  • Others

By End-User

  • Veterinary Hospitals
  • Prosthetics Clinics
  • Rehabilitation Centers
  • Others
 
Top Featured Companies Dominating the Global Veterinary Orthotics-Prosthetics Market
  • Petsthetics LLC
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Anchor Orthotics & Prosthetics
  • Animal Ortho Care (AOC)
  • K-9 Orthotics & Prosthetics Inc.
  • OrthoPets LLC.
  • Doggon Wheels
  • J.G. McGinness Prosthetics & Orthotics, Inc.
  • Movora
  • B. Braun Vet Care GmbH
  • Handicappedpets, Inc.

 

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