Global Veterinary Orthopedic Implants Market

The orthopedic prosthetics market consists of sales of orthopedic prosthetic devices. Orthopedic prosthetics are artificial devices used to replace a missing body part lost due to disease, trauma, surgical removal of body appendage, disabling illness or congenital conditions. Orthopedic prosthetic devices are segmented into upper and lower extremity prosthetics. Upper extremity prosthetics include hand, elbow, shoulder and lower extremity prosthetics include foot and ankle, knee, hip. The global orthopedic prosthetics market is expected to grow from $1.75 billion in 2020 to $1.95 billion in 2021 at a compound annual growth rate (CAGR) of 11.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $2.53 billion in 2025 at a CAGR of 6.7%. The orthopedic prosthetics market is being driven by an increasing number of trauma cases and accidental injuries. The trauma cases and accidental injuries are caused by various factors such as road accidents, sports injuries, other medical complications and work related accidents. Most of these injuries may require amputations and prosthetic devices to replace the lost body part. For instance, as of 2017 there are 2.1 million people living with limb loss in the USA and about 300-500 amputations were performed each day. Therefore, driving the demand for orthopedic prosthetics, thus growth in the orthopedic prosthetics market. The orthopedic prosthetics market is being restrained by entry barriers due to guidelines by the FDA's regulatory control over these devices based on the risks associated with them. These devices fall into the class III category as per the FDA, which includes devices involving high risk associated with the usage. Class III devices are required to undergo a premarket approval application (PMA), which is the FDA process of scientific evaluation for assessing the safety of these devices. Such stringent guidelines associated with these devices are creating an entry barrier and thus restraining the orthopedic prosthetics market. For instance, DePuy's hip prosthetic device was denied approval by the FDA after it was assessed as unsafe, thus creating an entry barrier and restraining the market. The companies in the orthopedic prosthetics market are witnessing the emergence of 3D printed orthopedic prosthetics. 3D printing is a process which involves a digital model being transformed into a three dimensional solid object. 3D printed orthopedic prosthetics are devices that are manufactured by the process of 3D printing. These devices have shorter lead times, lower costs and consistent quality. For instance, Zdravprint is a Russian company which is developing prosthetics for hand, elbow and shoulder using 3D printing technology. The orthopedic prosthetics market is regulated as per the guidelines by the food and drug administration (FDA). The FDA has subjected these devices under the class III category, which includes those devices involving a high risk associated with the usage. Class III devices are required to undergo a premarket approval application (PMA) before they can be used. PMA is the process followed by the FDA for scientific evaluation, to assess the safety of the devices. If a PMA application is found to be lacking valid clinical assessment and correct scientific reasoning, it impacts the FDA's approval and prevents the prosthetic device from being released into the market. In June 2019, Smith & Nephew acquired orthopedic joint reconstruction business from Brainlab for an undisclosed amount. With this acquisition the company expands its business of shoulder and wrist implants. The Brainlab orthopaedic joint reconstruction business provides surgeons with digital workflow tools, from pre-operative planning to intraoperative navigation to postoperative evaluation and sharing. Major players in the market are Otto Bock HealthCare GmbH, Blatchford Ltd, Zimmer Biomet Inc., DePuy Synthes, Stryker Corp. The countries covered in the global orthopedic prosthetics market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia. The regions covered in the global orthopedic prosthetics market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global orthopedic prosthetics market is segmented - 1) By Product Type: Upper Extremity Prosthetics, Lower Extremity Prosthetics, Sockets, Other Products 2) By End Users: Hospitals, Prosthetic Clinics, Rehabilitation Center, Others 3) By Technology: Conventional Orthopedic Prosthetics, Electric-powered Orthopedic Prosthetics, Hybrid Orthopedic Prosthetics

The therapeutic proteins market consists of sales of therapeutic proteins. Therapeutic proteins provide important therapies for diseases such as diabetes, cancer, infectious diseases, hemophilia, and anemia. The global therapeutic proteins market is expected to grow from $90.53 billion in 2020 to $98.1 billion in 2021 at a compound annual growth rate (CAGR) of 8.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $155.06 billion in 2025 at a CAGR of 12.1%. Advance technologies for protein-based drug development drives the therapeutic proteins market. Therapeutic proteins cannot be synthesized chemically, they need to be produced by genetic engineering and recombinant DNA technology in living cells or organisms. Protein-engineering platform technologies such as glycoengineering, pegylation, Fc-fusion, albumin fusion, albumin drug conjugation help to increase the production yield, product purity, circulating half-life, targeting, and functionality of therapeutic protein drugs. Belimumab, ipilimumab, taliglucerase alfa, albiglutide, coagulation factor IX recombinant human are some therapeutic protein drugs developed using protein engineering technologies approved by FDA in the past five years. Increasing biosimilar drugs in global market decline the growth of the therapeutic proteins market. Patent expiry of therapeutic proteins such as monoclonal antibodies give space for entry of biosimilar. In EU, AbbVie evidenced patent expiration of Humira (adalimumab) in 2018, five biosimilar of Humira from Mylan, Amgen, Sandoz, Samsung Bioepis received drug approvals from European commission to enter the EU market. These cost-effective treatments similar to original biologics decline the revenue and sales of therapeutic proteins. Monoclonal antibody drug approvals are increasing in the protein therapeutic segment. Chronic diseases such as cancer, immunological disorders are well treated with monoclonal antibodies. Monoclonal antibodies are dominant and well-established product class in the protein therapeutic segment with more safety and immunogenicity than antibodies. Cell-based expression systems such as Chinese hamster ovary (CHO) mammalian cell expression system with latest technologies increased the productivity of monoclonal antibodies by overcoming the problems associated with earlier antibody drugs. In last five years, FDA approved 213 drugs, among them 44 are monoclonal antibodies. In 2018, twelve monoclonal antibodies were approved by FDA for the treatment of cancer and immunological disorders. In the United States, therapeutic protein drug manufacturers file therapeutic biologics application (BLA) to FDA for the product approvals. The drug approved through BLA should be proved as safe, pure and potent. FDA consolidated review of most therapeutic proteins in Center for Drug Evaluation and Research (CDER). In European Union, biologics are regulated by Committee for Medicinal Products for Human Use (CHMP) for marketing authorization. In June 2018, Sanofi, a therapeutic solutions provider acquired Ablynx for $4.8 billion. With this acquisition, Sanofi strengthen its R&D strategy with the addition of Ablynx’s nanobody technology platform. Sanofi will also focus on technologies addressing multiple disease targets with single multi-specific molecules. Ablynx, a biopharmaceutical company based in Ghent, Belgium, that develops proprietary therapeutic proteins based on single-domain antibody fragments. Major players in the market are Abbott Laboratories, Amgen Inc., Baxter International Inc., Eli Lilly and Company, F. Hoffmann-La Roche Ltd. The countries covered in the global therapeutic proteins market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia. The regions covered in the global therapeutic proteins market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global therapeutic proteins market is segmented - 1) By Product Type: Insulin, Fusion Protein, Erythropoietin, Interferon, Human Growth Hormone, Follicle Stimulating Hormone 2) By Application: Metabolic Disorders, Immunologic Disorders, Hematological Disorders, Cancer, Hormonal Disorders, Genetic Disorders, Others 3) By Function: Enzymatic and Regulatory Activity, Special Targeting Activity, Vaccines, Protein Diagnostics

The veterinary diagnostic equipment market consists of sales of veterinary diagnostic equipment and related services. Veterinary diagnostic equipment assists the veterinary practitioners in determining and identifying various disorders in animals. Veterinary diagnostic equipment industry includes companies that manufacture diagnostic equipment such as clinical thermometers, diagnostic lights, X-ray equipment, and certain diagnostic test kits. The global veterinary diagnostic equipment market is expected to grow from $0.74 billion in 2020 to $0.88 billion in 2021 at a compound annual growth rate (CAGR) of 18.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1.13 billion in 2025 at a CAGR of 6.5%. Increase in the prevalence rate of diseases among animals serves as one of the major drivers of the veterinary diagnostic equipment market. Due to increase in the incidence of diseases in livestock and pets, the demand for enhanced diagnostic equipment increases. For instance, according to the Banfield Pet Hospital's 2020 Veterinary Emerging Topics (VET) Report, more than 50% of the dogs at 1,000 hospitals in 2019 were overweight or obese. Overweight pets are more likely to suffer from joint disease, respiratory disease, and other preventable conditions. The increase in prevalence rate of diseases in animals, results in increase in demand for diagnostic equipment, driving the veterinary diagnostic equipment market. The veterinary diagnostic equipment is highly expensive. The price of an equipment will be the significant expense for a veterinary clinic or hospital. To run a test center with blood testing machines, physiological monitors such as ECGs, anesthetic monitors etc., diagnostic imaging technology such as x-rays, ultrasound and MRI scanners, is highly capital intensive. Some kind of veterinary diagnostic equipment may be available on a budget, but with less precise diagnoses and thus less efficient treatments with less beneficial results. The high price of equipment hinders the growth of the veterinary diagnostic equipment market. Veterinary diagnostic equipment manufacturers are introducing advanced technologies such as advance blood micro sampling techniques to enable enhanced precision, patient-centered specimen collection and diagnosis of diseases in animals. Blood micro sampling is a technique that allows the participants to draw blood samples from their livestock and companion animals with ease. The samples are then forwarded to labs for further diagnosis. This technique is an extension to dry blood sampling, which is a method of collecting blood. For instance, Neoteryx launched the '3Rs-compliant Mitra' micro sampling device that works on the principle of micro sampling. The device uses Neoteryx's trademark Volumetric Absorptive Micro Sampling (VAMS) technology to facilitate more convenient and accurate remote sampling. Other companies investing in the trend of micro sampling includes Diatron with its Diatron aquila hematology analyzer. The US Food and Drug Administration (FDA) defines regulations for veterinary diagnosis equipment and can take appropriate action if a veterinary equipment is found misbranded or adulterated. The conditions for misbranding a diagnostic equipment is listed under title 21 and set by the Food and Drugs administration (FDA). For instance, as per the regulations under title 21, U.S code 352(f)(1), any veterinary medical equipment is considered misbranded if the labelling on the equipment is indefinite or unclear. Whereas, 21 U.S.C. 352(j) states that a veterinary medical equipment is considered misbranded if it is dangerous to the animal even when it is used in the manner recommended, or suggested as per the label. In May 2018, Zoetis Inc., US-based leading animal health company which discovers, develops, manufactures and markets veterinary vaccines and medicines, acquired Abaxis, Inc. for $2.0 Billion. With this acquisition Zoetis enhances its presence in the veterinary diagnostics market by utilizing the already established global network of Abaxis and increasing its revenue. This deal will help Zoetis achieve their goal of establishing sale of devices to more than 100 countries by using Abaxis's well-established diagnostic instruments and consumables. Abaxis, Inc. is a US-based firm that holds a strong product portfolio with various veterinary diagnostic instruments and kits. Major players in the market are IDEXX Laboratories, ABAXIS, HESKA Corporation, Zoetis and Virbac. The countries covered in the global veterinary diagnostic equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia. The regions covered in the global veterinary diagnostic equipment market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global veterinary diagnostic equipment market is segmented - 1) By Product: Hematology, Immunodiagnostics, Clinical Chemistry, Molecular Testing 2) By End Users: Hospitals & Clinics, Reference Laboratories, Universities/Research Centers, Point-of-Care/In-House Testing 3) By Animal: Livestock Cattle, Domestic Pets

The orthopedic braces and support devices and equipment market consists of sales of orthopedic braces and support devices and equipment and related services. Orthopedic braces and support systems are primarily used in injury prevention, injury rehabilitation, post-operative care and osteoarthritic care. These are also used to protect, support and strengthen the joints and muscles and are used by atheltesathletes to prevent themselves from injuries. The orthopedic braces and support devices and equipment market is segmented into lower extremity braces, upper extremity braces and back and hip braces. The global orthopedic braces and support devices and equipment market is expected to grow from $3.45 billion in 2020 to $3.89 billion in 2021 at a compound annual growth rate (CAGR) of 12.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $5.02 billion in 2025 at a CAGR of 6.6%. Rise in geriatric population is driving the orthopedic braces and support devices and equipment market. Elderly people are more prone to injuries as their bones and connective tissues weakens with age. For example, In US 70% of the population aged between 50-70 years suffers from osteoarthritis and is likely to increase further in the forecast period. This is one of the major contributing factor for the growth of this market. High adoption of pain medications worldwide restraints the growth of orthopedic braces and support devices market. As more amount of people rely on pain killers for pains related to orthopedic disorders instead of adopting the use of a proper support device/braces. For example, Americans consume 80% of the world supply of painkillers including painkillers for orthopedic treatments, thereby, hindering the orthopedic braces and support devices and equipment market. Due to increase in the demand for orthopedic braces and support devices and equipment, various companies are adapting themselves to use the innovative technologies such as bionic energy savers to solve problems related to injuries in knee, arms or any other movable part of the body. For example, spring loaded technology uses LevitationTM bionic knee brace that enhances mobility and provides strength to legs by storing energy when a person sits or rests. These technologies are providing better quality life to people and positively impacts growth of the market. In March 2018, 3M’s consumer health care division issued orders to recall ankle braces and supports as the product contained undeclared natural latex rubber which may lead to allergic reactions in a few users. FDA ranked the recall as class 2, which are labelled as products causing a temporary health issue or pose a risk of minimal adversity. Thus, any product recall may hamper the market’s growth as it would create a negative feedback regarding the product and people would hesitate to use the products. On November 2018, Colfax acquired DJO Global for $3.15 Billion. Colfax aims at creating a new platform for itself in orthopedic solution market as DJO Global is a leader in braces and support devices it brings a plethora of opportunities for Colfax to diversify product portfolio, gain end-market exposure and increase profitability. DJO manufactures a variety of orthopedic products for rehabilitation and physical therapy. It was founded in 1978 and headquartered in California, USA. Major players in the market are DJO Global, Bauerfeind AG, Otto Bock Healthcare GmbH, Breg, Inc. and Ossur Hf. The countries covered in the global orthopedic braces and support devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia. The regions covered in the global orthopedic braces and support devices and equipment market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global orthopedic braces and support devices and equipment market is segmented - 1) By Type: Lower extremity braces, Upper extremity braces, Back and hip braces, Other braces 2) By End User: Hospitals, Home Healthcare, Clinics, Other End-Users 3) By Product: Soft & Elastic Braces and Supports, Hinged Braces and Supports, Hard & Rigid Braces and Supports

The orthopedic prosthetics market consists of sales of orthopedic prosthetic devices. Orthopedic prosthetics are artificial devices used to replace a missing body part lost due to disease, trauma, surgical removal of body appendage, disabling illness or congenital conditions. Orthopedic prosthetic devices are segmented into upper and lower extremity prosthetics. Upper extremity prosthetics include hand, elbow, shoulder and lower extremity prosthetics include foot and ankle, knee, hip. The global orthopedic prosthetics market is expected to grow from $1.75 billion in 2020 to $1.95 billion in 2021 at a compound annual growth rate (CAGR) of 11.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $2.53 billion in 2025 at a CAGR of 6.7%. The orthopedic prosthetics market is being driven by an increasing number of trauma cases and accidental injuries. The trauma cases and accidental injuries are caused by various factors such as road accidents, sports injuries, other medical complications and work related accidents. Most of these injuries may require amputations and prosthetic devices to replace the lost body part. For instance, as of 2017 there are 2.1 million people living with limb loss in the USA and about 300-500 amputations were performed each day. Therefore, driving the demand for orthopedic prosthetics, thus growth in the orthopedic prosthetics market. The orthopedic prosthetics market is being restrained by entry barriers due to guidelines by the FDA's regulatory control over these devices based on the risks associated with them. These devices fall into the class III category as per the FDA, which includes devices involving high risk associated with the usage. Class III devices are required to undergo a premarket approval application (PMA), which is the FDA process of scientific evaluation for assessing the safety of these devices. Such stringent guidelines associated with these devices are creating an entry barrier and thus restraining the orthopedic prosthetics market. For instance, DePuy's hip prosthetic device was denied approval by the FDA after it was assessed as unsafe, thus creating an entry barrier and restraining the market. The companies in the orthopedic prosthetics market are witnessing the emergence of 3D printed orthopedic prosthetics. 3D printing is a process which involves a digital model being transformed into a three dimensional solid object. 3D printed orthopedic prosthetics are devices that are manufactured by the process of 3D printing. These devices have shorter lead times, lower costs and consistent quality. For instance, Zdravprint is a Russian company which is developing prosthetics for hand, elbow and shoulder using 3D printing technology. The orthopedic prosthetics market is regulated as per the guidelines by the food and drug administration (FDA). The FDA has subjected these devices under the class III category, which includes those devices involving a high risk associated with the usage. Class III devices are required to undergo a premarket approval application (PMA) before they can be used. PMA is the process followed by the FDA for scientific evaluation, to assess the safety of the devices. If a PMA application is found to be lacking valid clinical assessment and correct scientific reasoning, it impacts the FDA's approval and prevents the prosthetic device from being released into the market. In June 2019, Smith & Nephew acquired orthopedic joint reconstruction business from Brainlab for an undisclosed amount. With this acquisition the company expands its business of shoulder and wrist implants. The Brainlab orthopaedic joint reconstruction business provides surgeons with digital workflow tools, from pre-operative planning to intraoperative navigation to postoperative evaluation and sharing. Major players in the market are Otto Bock HealthCare GmbH, Blatchford Ltd, Zimmer Biomet Inc., DePuy Synthes, Stryker Corp. The countries covered in the global orthopedic prosthetics market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia. The regions covered in the global orthopedic prosthetics market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global orthopedic prosthetics market is segmented - 1) By Product Type: Upper Extremity Prosthetics, Lower Extremity Prosthetics, Sockets, Other Products 2) By End Users: Hospitals, Prosthetic Clinics, Rehabilitation Center, Others 3) By Technology: Conventional Orthopedic Prosthetics, Electric-powered Orthopedic Prosthetics, Hybrid Orthopedic Prosthetics

The orthobiologics devices and equipment market consists of sales of orthobiologics devices and equipment. Orthrobiologics devices are implants composed of cells and proteins naturally found in human body that provide accelerated healing by stimulating efficient regrowth of musculoskeletal tissues including bones, cartilage, tendons and ligaments. They consist of tissues and bone replacement materials used for recovery of ligaments, tendons, muscles and bones. Orthobiologics devices and equipment include demineralized bone matrix, synthetic, synthetic bone substitute, bone marrow aspirate concentrate and viscosupplementation. The global orthobiologics devices and equipment market is expected to grow from $5.23 billion in 2020 to $5.98 billion in 2021 at a compound annual growth rate (CAGR) of 14.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $7.85 billion in 2025 at a CAGR of 7%. The aging population profile of most countries contributed to the growth of orthobiologics devices and equipment market globally. According to the United Nations report, there were 962 million people aged over 60 across the globe, comprising 13% of the global population. The population aged over 60 is expected to grow at a rate of about 3% every year. The report further estimated that Europe had the highest percentage of the population aged over 60. The number of people globally over the age of 65 grew from by 33%, according to estimates based on Population Reference Bureau data. The increase in the aging population has increased the patient pool of many orthopedic disorders and led to increase the demand for orthobiologics devices and equipment market. Rising incidences of post-surgical complications in patients implanted with orthobiologics devices is one the major restraints in the orthobiologics devices and equipment market. Surgical procedures with orthobiologics grafts, implants and devices have become increasingly common in recent years. Major post-operative complications include device failures, bleeding, postoperative infections, immune responses and rejections. These procedures may develop post-surgery complications which refer to development of any unwanted or unexpected conditions related to the device, graft, or implant. These complications may vary with the type of procedure, implant, graft or device, experience of the surgeon, improper device testing procedures before market launch, device location in the body and the health and biological response of the individual. The increasing post-operative complications and device failures can limit the orthobiologics devices and equipment market. Biodegradable implants are increasingly being used in orthobiologics treatment and trauma orthopedic surgeries. Biodegradable implants are used to replace a missing biological structure, support a damaged biological structure, and enhance the existing bone structure. Biodegradable products such as reabosorbable polymers composed of polyglycolic acid and poly lactic acid manufactured in the form of plates, screws, and pins are replacing traditional devices like plates and screws which are more expensive. Surgeons are preferring biodegradable implants to replace conventional implants, as biodegradable implants can be engineered to provide temporary support for bone fractures, can degrade at a rate matching new tissue formation, eliminate the need for second surgery, and highly useful in fracture fixation in children with less implant related infections. For instance, Stryker Corp. offers orthobiologics such as bone repair biodegradable products that are used in bone regeneration and bone healing, soft tissue regeneration and muscle connection to bone. Regulatory changes are likely to lead to increased costs relating to new product development and supply of orthobiologics devices. These changes are related to customer data protection such as the European Union's General Data Protection Regulation (GDPR), changes to equipment approval procedures and other regulatory changes. The GDPR regulation is a EU law on data protection and privacy of individuals residing the European Union and the European Economic Area (EEA). It also regulates the export of personal data outside the EU and EEA areas. Additionally, the FDA is requesting more clinical data to support claims, therefore increasing the time to process 510(k)s by over 55% over the last decade. In November 2017, the USFDA has announced comprehensive regenerative medicine policy framework to facilitate innovation. This policy deals with the manufacture of tissues, human cells, and cellular and tissue-based products other procedures to prevent the introduction, transmission, and spread of communicable diseases. Orthobiologics such as stem cell therapies are approved through this framework. The potential loss of revenue due to delays in product release, additional costs incurred the time consuming approval processes and changing regulations puts strain to investments relating to orthobiologics devices development. Major players in the market are Medtronic, Arthrex Inc., DePuy Synthes (A Subsidiary of Johnson & Johnson), Stryker Corporation, Zimmer Biomet. The countries covered in the global orthobiologics devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia. The regions covered in the global orthobiologics devices and equipment market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global orthobiologics devices and equipment market is segmented - 1) By Product Type: Demineralized Bone Matrix, Synthetic Bone Substitutes, Stem Cell Therapy, Plasma-Rich Protein, Viscosupplementation, Bone Morphogenetic Protein, Synthetic Orthobiologics 2) By Application: Osteoarthritis and Degenerative Arthritis, Soft-Tissue Injuries, Fracture Recovery, Maxillofacial and Dental Applications, Spinal Fusion, Trauma Repair, Reconstructive Surgery 3) By End Use: Hospitals, Orthopedic Clinics, Others

The veterinary medical equipment market consists of sales of veterinary medical equipment and related services by entities (organizations, sole traders and partnerships) that produce veterinary medical equipment used in diagnosis, monitoring and treatment of medical conditions in animals. This industry includes establishments that produce veterinary surgical equipment such as endoscopic systems, dental equipment, veterinary telemetry services and others. The veterinary medical equipment market is segmented into veterinary diagnostic equipment; veterinary anesthesia equipment; veterinary patient monitoring equipment and other veterinary medical equipment. The global veterinary medical equipment market is expected to grow from $1.77 billion in 2020 to $2.08 billion in 2021 at a compound annual growth rate (CAGR) of 17.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $2.65 billion in 2025 at a CAGR of 6%. North America was the largest region in the global veterinary medical equipment market, accounting for 52% of the market in 2020. Western Europe was the second largest region, accounting for 22% of the global veterinary medical equipment market. Africa was the smallest region in the global veterinary medical equipment market. The global economy is expected to go through a continued period of steady growth during the forecast period. The USA economy showed a steady growth during the historic period, and this is likely to continue during the forecast period. Emerging markets are expected to continue to see generally higher levels of growth than the developed markets, at 4.8% in 2020 versus 3.6%. The continued economic growth is expected to contribute to increased standards of living of the global population and strengthen the presence of the middle class. Increased standards of living and strengthened middle class will further drive the demand for improved nutrition, particularly animal protein, and increase focus on food quality and safety, supporting the growth of the animal medicine market in terms of feed additives. Thus, economy growth is expected to drive this market. The outbreak of the Coronavirus disease (COVID-19) has acted as a massive restraint on the veterinary medical equipment market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of lockdown and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the veterinary medical equipment market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy. Advances in diagnostic tools have improved veterinary services. Equipment such as portable x-ray and portable ultrasound scanners have increased the efficiency of veterinary treatment (especially in emergencies due to injury) for all equine/large animal, companions, exotic and mixed animal practices. For example, Wristscan V9, a diagnostic device, is being used for pregnancy tests for animals. Also, the Alivecor app integrated with iPhone is used to perform electro cardiograms in animals for cardiologist review. The major players covered in the global veterinary medical equipment market are Carestream Health, IDEXX Laboratories Inc., Agfa Healthcare, MinXray Inc., Diagnostic Imaging Systems. The countries covered in the global veterinary medical equipment market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam. The regions covered in the global veterinary medical equipment market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global veterinary medical equipment market is segmented - 1) By Type: Veterinary Diagnostic Equipment, Veterinary Anesthesia Equipment, Veterinary Patient Monitoring Equipment, Other Veterinary Medical Equipment 2) By Product: Instruments/Equipment, Disposables

The orthopedic devices market consists of sales of orthopedic devices and related services by entities (organizations, sole traders and partnerships) that produce orthopedic devices used in treating bone abnormalities. This market is segmented into joint reconstruction devices and equipment; spinal surgery devices and equipment; trauma fixation devices and equipment; orthobiologics devices and equipment; arthroscopy devices and equipment; orthopedic braces and support devices and equipment; craniomaxillofacial (CMF) devices and equipment; orthopedic prosthetics; orthopedic accessories. The global orthopedic devices market is expected to grow from $42.7 billion in 2020 to $49.59 billion in 2021 at a compound annual growth rate (CAGR) of 16.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $61.08 billion in 2025 at a CAGR of 5%. North America was the largest region in the global orthopedic devices market, accounting for 44% of the market in 2020. Asia Pacific was the second largest region, accounting for 23% of the global orthopedic devices market. Africa was the smallest region in the global orthopedic devices market. The increase in patient pool due to rising geriatric population globally, contributed significantly to the growth of the orthopedic devices market during the historic period. According to the Population Reference Bureau, the share of population over the age of 65 in the global population increased from 8% in 2015 to 9% in 2019. The global population aged 65 years or over was 703 million in 2019. This rise in the geriatric population increased the demand for medical care and drove the healthcare expenditure. For instance, in 2017, half of the Dutch healthcare budget was spent on elderly over 65. These factors increased the demand for these products and drove the market during the historic period. The orthopedic devices market was limited by development of new drugs and therapies which allow patients to avoid surgical procedures. With advances in tissue engineering, stem-cell therapy and other treatment alternatives such as platelet-rich plasma (PRP) injections, patients are able to avoid surgical procedures for medical conditions such as arthritis, tendonitis and others. This has negatively impacted the demand for orthopedic devices as an increasing number of people opted for these alternative treatment methods, to avoid risks and complications associated with orthopedic procedures. Biodegradable implants are increasingly being used in trauma orthopedic surgeries. Biodegradable implants are used to replace a missing biological structure, support a damaged biological structure, and enhance the existing bone structure. Biodegradable products such as reabosorbable polymers composed of polyglycolic acid and poly lactic acid manufactured in the form of plates, screws, and pins are replacing traditional devices like plates and screws which are more expensive. Surgeons are preferring biodegradable implants to replace conventional implants, as biodegradable implants can be engineered to provide temporary support for bone fractures; can degrade at a rate matching new tissue formation; can eliminate the need for second surgery, are highly useful in fracture fixation in children; and result in less implant related infections. For instance, Stryker Corporation offers orthrobiologics such as bone repair biodegradable products that are used in bone regeneration and bone healing, soft tissue regeneration and muscle connection to bone. The major players covered in the global orthopedic devices market are Johnson & Johnson, Zimmer Biomet Holdings, Stryker Corporation, Smith & Nephew PLC, B. Braun Melsungen. The countries covered in the global orthopedic devices market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam. The regions covered in the global orthopedic devices market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global orthopedic devices market is segmented - 1) By Type: Joint Reconstruction Devices And Equipment, Spinal Surgery Devices And Equipment, Trauma Fixation Devices And Equipment, Orthobiologics Devices And Equipment, Arthroscopy Devices And Equipment, Orthopedic Braces And Support Devices And Equipment, Craniomaxillofacial (CMF) Devices And Equipment, Orthopedic Prosthetics 2) By End User: Hospitals And Clinics, Diagnostic Laboratories, Others 3) By Type of Expenditure: Public, Private 4) By Product: Instruments/Equipment, Disposables