Veterinary Orthotics-Prosthetics Market Regional Analysis:
North American Market Insights
North America industry is expected to dominate majority revenue share of 40% by 2035. The growth of the market can be attributed majorly to the rising disposable income, increased accessibility to animal treatment modalities, an increase in the use of veterinary products, and growing pet adoption in the region. According to the data released by the Bureau of Economic Analysis, in the United States, personal income and disposable personal income (DPI) have increased by USD 107.2 billion and USD 89.7 billion respectively by March 2022. Furthermore, the rise in the number of companion animals in the region backed by the increasing number of veterinary hospitals is also anticipated to hike the market growth over the forecast period. As of 2018, nearly 38% of households in the United States owned dogs, around 25% owns cats, and approximately 0.6% owned horses while the veterinary visit per house is expected to be around by dog’s owner (2%), cats owner (2%), and by horse owners (1%). Additionally, the number of veterinary practices in the region is expected to be around 30,000 currently. Hence, all these factors are anticipated to enlarge the market size over the forecast period.
APAC Market Insights
Furthermore, due to an increase in pet adoption and consumer spending on veterinary treatment, Asia Pacific is predicted to have profitable growth during the projection period. Additionally, developing nations such as China and India are experiencing rapid economic growth, which has increased disposable income, particularly among middle-class households, which has fueled demand for expensive pets such as horses, dogs, and cats, among other things. This has boosted industry growth in the region and at least two decades ago when this study was conducted (2002).
