According to the latest report published by Future Market Insights (FMI), the veterinary orthotics-prosthetics market size is predicted to surpass USD 66.5 million in 2023. The veterinary orthotics-prosthetics market is projected to reach USD 164.2 million in 2033 and is anticipated to thrive at a CAGR of 9.5% during the forecast period.
The demand for veterinary orthotics-prosthetics devices is increasing because of increasing cases of injured animals. The device is attached to the body of an injured animal to provide support, align, position, immobilize, assist weak muscles, or improve functions. Moreover, the application of veterinary orthotics-prosthetics is rising as it is used to compensate for a missing or amputated leg segment.
| Attributes | Details |
|---|---|
| Veterinary Orthotics - Prosthetics Market Share (2022) | USD 61.3 million |
| Veterinary Orthotics - Prosthetics Market Share (2023) | USD 66.5 million |
| Veterinary Orthotics - Prosthetics Market Share (2033) | USD 164.2 million |
| Veterinary Orthotics - Prosthetics Market Share (2023 to 2033) | 9.5% |
The best part about making use of veterinary orthotics-prosthetics is that it is not mandatory to amputate an entire leg when the only lower body is injured. Partial amputation is sufficient in many cases and is likely to upsurge the sales of veterinary orthotics-prosthetics during the forecast period.
The growing pet insurance and key players’ initiatives are the prominent factors that might increase the usage of veterinary prosthetics. Moreover, based on a study conducted by Future Market Insights, it was found that the pet care market is expected to rise at a CAGR of 6.3% during the forecast period.
The rising number of animal hospitals, rehabilitation centers, veterinary orthotics-prosthetics instruments, and clinics, coupled with the growth of the pet care market, is expected to surge the veterinary orthotics-prosthetics market share.
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The veterinary orthotics-prosthetics market is growing due to the rising awareness about the treatment options available to rehabilitate animals. Further, canine rehabilitation has made advancements in modern veterinary medicine with the advent of various research institutions, which might increase the demand for veterinary orthotics prosthetics.
The market might also see growth because of increasing innovations in prosthetic device technology, customization in prosthetic devices, and consolidation of the global veterinary orthotics-prosthetics market.
What are the Key Restraints for the Orthotics-Prosthetics Market?
At present, North America holds a leading position in the veterinary orthotics-prosthetics market. North America captured a global market share of 41.5% in 2022. The market is anticipated to expand during the forecast period.
The key driving factors which have driven the growth of the veterinary orthotics-prosthetics market are fast-paced services and the fulfillment of customer requirements from the manufacturers of orthotics-prosthetics products. Apart from that, the availability of the maximum number of pet day care services in the region is anticipated to surge the demand for veterinary orthotics-prosthetics.
As per North American Pet Health Insurance Association reports, the region had nearly 3.4 million pet insurance policies recently in 2022. It is a high number as compared to other regions which indicates a huge market for veterinary orthotics-prosthetics.
The Europe region stood next to North America’s market in the veterinary orthotics-prosthetics market and acquired a market share of 29.7% in 2022. Further, the market size is anticipated to expand during the forecast period.
Europe shows remarkable growth in the veterinary orthotics-prosthetics market at a significant pace and has shown the emergence of many regional players. Moreover, increasing awareness regarding animal care, rehabilitation services and rapid development of the healthcare infrastructure across the region is likely to grow the market.
Higher awareness regarding the availability of such products and the presence of skilled professionals as well is expected to increase the sales of veterinary orthotics-prosthetics in the region.
The veterinary orthotics-prosthetics start-ups are using advanced and unique techniques to come up with innovative products which help to boost the market. Also, the start-ups are innovating suitable devices which can fit perfectly and smoothly to the animals with care and protection. The manufacturing companies are making such devices to improve movement, correct deformity and support the pet.
One of the Indonesian-based start-ups named Petskita provides proper hospitality to pets. The company gives various services, including pet insurance, pet hygiene, pet training, and others. The company records all the pet history records with its ‘MY PET ID.
The veterinary orthotics-prosthetics market is consolidated by key players all around the region. Moreover, the prominent players are fixing their focus in the search for new ideas and tactics which can help them to achieve their goal in the veterinary orthotics-prosthetics market. They adopt various marketing strategies to grab the lion’s share in the market through mergers, acquisitions, partnerships, and product launches.
Recent Developments in the Veterinary Orthotics-Prosthetics Market:
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| Attributes | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value |
| Key Regions Covered | North America; Latin America; Europe; Asia Pacific; The Middle East & Africa (MEA) |
| Key Countries Covered | The United States, Canada, Germany, The United Kingdom, Nordic, Russia, BENELUX, Poland, France, Spain, Italy, Czech Republic, Hungary, Rest of EMEAI, Brazil, Peru, Argentina, Mexico, South Africa, Northern Africa, GCC Countries, China, Japan, South Korea, India, ASIAN, Thailand, Malaysia, Indonesia, Australia, New Zealand, Others |
| Key Segments Covered |
Product Type, End-user, Region |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Trend Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The market is estimated to secure a valuation of USD 66.5 million in 2023.
The market is forecast to register a CAGR of 9.5% through 2033.
The market valuation in 2022 was USD 61.3 million.
The growing pet insurance and key players’ initiatives are the top trends.
The global market size is to reach USD 164.2 million by 2033.
| Estimated Size, 2024 | USD 9,433.9 million |
|---|---|
| Projected Size, 2034 | USD 15,632.4 million |
| Value-based CAGR (2024 to 2034) | 5.2% |
| Market Size (2024) | USD 13,140.6 million |
|---|---|
| Market Size (2034) | USD 24,224.3 million |
| Projected Value CAGR (2024 to 2034) | 6.3% |
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Veterinary Orthotics-Prosthetics Market
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