Veterinary Prosthetics & Orthotics Market Anticipated Forecast 2030 In Key Regions

Posted on 2023-06-07 by researchinsights in Internet & Online // 0 Comments

Veterinary Prosthetics & Orthotics Industry Overview

The veterinary prosthetics & orthotics market size was valued at USD 32.3 million in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 8.9% from 2022 to 2030.

The growing number of companion animals, adoption of dog insurance policies, initiatives by key market players, and a 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 pets insured in 2019.

Gather more insights about the market drivers, restrains and growth of the Global Veterinary Prosthetics & Orthotics Market

The COVID-19 pandemic adversely impacted the market. This was due to 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, the market however is expected to bounce back in coming years.

The market is predicted to rise due to factors such as the increased prevalence of obesity and the growing pet population. According to the American Pet Products Association’s (APPA) 2019-2020 National Pet Owners Survey, 67 percent of households, or about 85 million families, in the U.S. own a pet. According to the Chinese Pet Industry Paper, more than 99.15 million dogs and cats were kept as pets in China’s cities in 2020. Furthermore, there has been a large increase in the worldwide animal population, which is expected to push the market studied in the future. For instance, in Mexico, there were about 7.9 million cows and calves in 2019, which indicated an increase of more than 7.7 million compared to 2018, as per a report published by the United States Department of Agriculture (Global Agricultural Information, 2019).

Increasing numbers of veterinary hospitals, clinics, and rehabilitation centers offering orthotics & prosthetics products for veterinary animals are anticipated to propel the market growth. Furthermore, pets are owned by an estimated 85 million European households. During the predicted period, the trend is expected to continue to grow. According to the 2019-2020 national pet owners survey conducted by the American Pet Products Association, around 1.6 million households in the U.S. had horses. Dog and cat owners were also the most numerous in the country. As per data published by Der Deutsche Heimtiermarkt 2018, around 15 million cats live in German households, making them the country’s most popular pet. Additionally, 59 % of those who do not already own a pet say they plan to do so shortly. Hence, increasing pet ownership will further drive market growth as people are more concerned about their pet’s health.

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