Market Trends of Global Animal Ortho-Prosthetics Industry
Prosthetics Segment is Expected to Witness Significant Growth Over the Forecast Period
Prosthetics offers certain advantages over other products, and it is an appropriate alternative for surgical procedures and post-surgical assistance for recovery. Animal prostheses are medical devices that replace missing or amputated limb segments in animals. Thus, the prosthetics segment of the market is predicted to witness significant growth during the forecast period.
In recent years, 3D printing has been gaining demand as it offers greater flexibility and lower production costs compared to traditional techniques. And the advancements in products and the advent of cost-effective 3D printed prosthetics are expected to boost the segment growth further. For instance, in February 2022, a fifth-year veterinary medicine student at the Wrocław University of Environmental and Life Sciences in Poland created custom prostheses for disabled animals using the Zortrax Inventure 3D printer. Thus, such advancements in product development are accelerating the studied market growth.
Furthermore, as per an article published in the Veterinary World Journal in October 2021, recent prosthetic advances provide better opportunities to restore the normal functions of amputated limbs. Currently, there is an increasing demand for canine limb prosthesis designs and their clinical applications. Additionally, as per the mentioned source, developments in prosthesis design technologies hold the promise of creating devices that closely mimic natural canine limb function. Thus, such instances show that the advancements in technology provide better opportunities for restoring the normal function of an amputated limb. Hence, it is expected to boost segment growth. Hence, owing to the increasing adoption of 3D printing and the advantages of prosthetics, the segment is anticipated to witness growth over the forecast period.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
The geographical analysis of the animal ortho-prosthetics market shows that North America holds a major market share in the global market. The major factors contributing to this region's growth are the presence of major market players and rising animal health expenditure.
There is a rise in insured pets and increasing per capita animal healthcare expenditure in North America, which are fueling the studied market growth. For Instance, as per the 2022 update by the North American Pet Health Insurance Association (NAPHIA), 4.41 million pets were insured in North America at the end of 2021. Additionally, as per NAPHIA, the average monthly cost of pet insurance is USD 50 for dogs and USD 28 for cats for plans that cover both accidents and illnesses.
In addition, as per American Pet Products Association (APPA) 2022 update, USD 123.6 billion was spent on pets in the United States in 2021, which increased from around USD 99 billion in 2020. This expenditure by pet owners creates new opportunities for the innovation and availability of orthotics and prosthetics products for pet animals. This is further anticipated to fuel the studied market growth in the region.
Moreover, recently, companion animal or pet ownership has been increasing in other countries in the region, such as Canada and Mexico. The data published by "Pet Keen" in May 2022 shows that an estimated 38% of Canadian households own a cat, while 35% own a dog. Also, the source mentioned above estimated that pet owners in Canada are spending more money on their pets than before. As per the source mentioned above, 17% of pet owners in Canada are willing to spend more than USD 500 every year for their pet healthcare. In addition, several research shows that the demand for orthotics and prosthetics is increasing, especially for the canine population. Hence, the adoption of braces and prosthetics among pet parents is increasing. This is further expected to contribute to the overall market growth in the region. Therefore, rising expenditure on pet health and an increasing number of insured pets coupled with rising adoption of pets are some major factors that are attributed to the growth of the studied market in North America over the forecast period.
