Animal Ortho-Prosthetics Market: Introduction
- Animal orthopedic prosthetic is an artificial device that helps to replace lost or missing body parts due to a disease, trauma, or congenital conditions. The type of orthopedic prostheses needed by the animal is decided according to the personal functional needs and appearance.
- The main objective of animal ortho-prosthetics is to provide comfort, reduce pain, support injury, and correct shape of a particular body part. These products help in aiding rehabilitation from disjunction, fractures, or any other serious accidental injuries.
Key Drivers and Restraints of Global Animal Ortho-Prosthetics Market
- Demand for products and services for companion animals, rising pet ownership, long life expectation for companion animals, increased number of medical treatment options for companion animals, and advancements in animal health medicines are anticipated to increase expenditure on companion animals
- According to the Canadian Institute for Health Information, health care expenditure in the U.S. has increased from US$ 23 Bn in 1988 to an estimated US$ 51 Bn in 2011. Veterinary care accounted for around 25% of this expenditure, including vaccines and medicines, while 20% of the expenditure was incurred on OTC products and supplies, with the remainder on accessories, food, etc. This trend is being reflected in other countries too, and is projected to drive the global animal ortho-prosthetics market during the forecast period.
- Increased longevity of pet animals due to improvements in diagnostics, emphasis on wellness and prevention by veterinarians, and enhanced nutrition has expanded the use of veterinary services, including animal ortho-prosthetics. Pet ownership is growing in developed and emerging markets, and as a result, expenditure on companion animals is rising globally.
- The animal ortho-prosthetics market is technology driven. Introduction of new technologies in the market increases the demand for ortho-prosthetics products due to their improved efficiency and outcomes. However, high pricing of these new products limits the market growth, especially in developing regions.
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Prosthetics Segment to Lead Global Market
- The global animal ortho-prosthetics market can be segmented based on product type, animal type, and end-user
- Based on product type, the global animal ortho-prosthetics market can be divided into braces, prosthetics, and others. The prosthetics segment is expected to witness significant growth during the forecast period due to increasing adoption and affordability of prosthetics. The introduction of technologically advanced products, such as custom-made orthotic braces and pelvic & thoracic prosthetics, which cater to an animal’s individual needs, is expected to drive the global ortho-prosthetics market during the forecast period.
- In terms of animal type, the global animal ortho-prosthetics market can be classified into companion animals and livestock animals. Based on end-user, the market can be categorized into veterinary hospitals & clinics, rehabilitation centers, and veterinary prosthetic clinics.
North America to Lead Global Animal Ortho-Prosthetics Market
- The global animal ortho-prosthetics market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is a significant market for animal ortho-prosthetics due to substantial focus on animal health care and high adoption of veterinary products. There are several key players in the region, which further boosts the market in the region.
- High adoption of veterinary products for the well-being of rapidly growing livestock animal population in the region makes it one of the most lucrative markets for animal ortho-prosthetics
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Key Players Operating in Global Animal Ortho-Prosthetics Market
Leading players in the global animal ortho-prosthetics market are:
- Animal Ortho Care
- Appletree Orthotic Services Ltd
- B. Braun Vet Care GmbH
- GPC Medical Ltd
- MWI Veterinary Supply Co.
Global Animal Ortho-Prosthetics Market: Research Scope
Global Animal Ortho-Prosthetics Market, by Product Type
Global Animal Ortho-Prosthetics Market, by Animal Type
- Companion Animals
- Livestock Animals
Global Animal Ortho-Prosthetics Market, by End-user
- Veterinary Hospitals & Clinics
- Rehabilitation Centers
- Veterinary Prosthetic Clinics
Global Animal Ortho-Prosthetics Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.