The global veterinary prosthetics and orthotics market size was valued at USD 31.5 billion in 2021. It is expected to reach USD 68.98 billion by 2030, growing at a CAGR of 9.10% during the forecast period (2022–2030). The use of veterinary orthotics and prosthetic devices for injured animals is becoming increasingly common. An animal that has been injured can have an orthotic, which is a medical device attached to its body to provide support, align, position, immobilize, prevent or correct deformity, assist weak muscles, or improve functions. Prosthetics are defined as medical devices that are used to compensate for a missing or amputated leg segment.
It is an artificial device that assists in replacing lost or missing body parts due to disease, trauma, or congenital conditions. The type of orthopedic prostheses that the animal requires is determined by the specific functional requirements of the animal as well as its appearance. The primary goals of animal ortho-prosthetics are to alleviate discomfort, support injured areas of the body, correct the shape of a specific body part, and provide comfort. These products help patients recover from severe injuries like dislocations, fractures, or other serious accidents.
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Growing Number of Companion Animals to Drive Market
It is anticipated that the number of initiatives undertaken by the public and private sectors to promote animal health will drive market growth. Several organizations carry out such collaborative efforts as the One Health Initiative. This category includes organizations such as the World Organization for Animal Health, Food and Agriculture Organization, WHO, and the American Veterinary Medical Association. The mission is to protect public health by focusing on zoonotic pathogen prevention and control. It is carried out by implementing appropriate policies at all levels.
Growing Number of Veterinary Orthopaedic Surgeries to Boost Market Progress
The demand for orthotic devices is being driven in part by an aging population that is more likely to suffer from osteoarthritis, osteoporosis, and other body ailments, an increased prevalence of bone injuries, and an increase in injuries sustained as a result of participation in sports. The use of orthotic devices will become increasingly commonplace worldwide as more people look for non-invasive alternatives to surgical deformity repair and pain management. In addition, the developments that have been made in the market for prosthetics and orthotics have made it possible to reduce the cost of orthotic devices and increase their availability. As a result, the growth of the prosthetics and orthotics market during the forecast period is driven partly by the increasing demand for orthotic devices. The market will be driven by various factors, including the growing demand for surgical procedures.
Lack of Consumer Awareness to Hinder Market Growth
People living in underdeveloped and developing regions know very little about the orthopedic prosthetic devices available. These devices are utilized to alleviate the pain felt throughout the body. Those who suffer from orthopedic conditions are candidates for using orthopedic prosthetic devices. Consequently, the lack of consumer awareness is a factor that will act as a restraint on the expansion of the prosthetics and orthotics market during the period covered by the forecast.
Growing Proportion of Older Adults in the Population to Spur Market Opportunities
The rising number of older adults living in different parts of the world is one of the primary factors driving the demand for prosthetics and orthotics. According to projections made by the United Nations, the population of people aged 60 and older across the globe is expected to reach 2.1 billion by the year 2050. Because people over 60 are at a greater risk of developing conditions such as osteoporosis and osteopenia, there is a rising demand for orthopedic solutions. Therefore, during the forecast period, opportunities for growth in the market for prosthetics and orthotics are being created by the increasing population of older adults.
The global veterinary prosthetics and orthotics market has been divided into product type, animal type, and end-user.
Based on product type, the global market will be divided into braces and prosthetics.
The prosthetics segment in the global veterinary prosthetics and orthotics market is anticipated to grow at the most rapid rate during the period covered by the forecast. The increasing adoption of prosthetics and the affordability of prosthetics will drive the market. The introduction of technologically advanced products that cater to an animal's individual needs, such as custom-made orthotic braces and pelvic and thoracic prosthetics, will drive the global ortho-prosthetics market during the forecast period.
Based on the animal type, the global market can be divided into two main types: companion animals and livestock animals.
The companion animals segment will lead the veterinary prosthetics and orthotics. It is anticipated that developing new technologically advanced products that cater to an animal's individual needs, such as custom-made orthotic braces and pelvic and thoracic prosthetics, will drive the global ortho-prosthetics market during the forecast period.
Based on the end-user, the global market can be divided into veterinary hospitals and clinics, rehabilitation centers, and veterinary prosthetic clinics.
The global veterinary prosthetics and orthotics market is segmented into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.
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North America is leading the global veterinary prosthetics and orthotics market during the forecast period. Because of the significant emphasis placed on animal health care and the widespread use of veterinary products. The presence of several important players in the region contributes to the overall growth of that region's market.
Europe will record significant growth in the veterinary prosthetics and orthotics market. It is one of the most lucrative markets for animal ortho-prosthetics due to the region's high adoption of veterinary products to ensure the health of the area's rapidly growing livestock animal population.