Veterinary Orthopedic Medicines Market Size, Share & Trends Analysis Report By Product, By Animal Type, By Application, By Route Of Administration, By End Use, By Region, And Segment Forecasts, 2024 - 2030

Veterinary Orthopedic Medicines Market Size, Share & Trends Analysis Report By Product, By Animal Type, By Application, By Route Of Administration, By End Use, By Region, And Segment Forecasts, 2024 - 2030

Veterinary Orthopedic Medicines Market Growth & Trends

The global veterinary orthopedic medicines market size is expected to reach USD 2.87 billion by 2030, growing at a CAGR of 8.6% from 2024 to 2030, according to a new report by Grand View Research, Inc. The emergence of regenerative medicine, the rise in adoption of viscosupplements in veterinary medicine, and the surge in uptake of pet insurance are some of the major factors expected to propel market growth. Other factors fueling market growth include advancements in veterinary medicine. According to a study conducted by Boehringer Ingelheim and the American Animal Hospital Association (AAHA), 1 in 5 five dogs, i.e., 20% of all dogs, experience some kind of joint issue in their lifetime. A majority of animals suffer from Osteoarthritis (OA) due to Developmental Orthopedic Diseases (DODs), with certain breeds more prone to malformed joints than others.

Regenerative medicine in veterinary medicine aims to restore normal function of diseased or damaged cells, tissues, etc., including different approaches like cell-based therapies. The use of Mesenchymal Stromal Cells (MSCs), Platelet-rich Plasma (PRP), and autologous serum products is prominent in this field. Currently, these therapies are used in the treatment of tendon, ligament, and joint/cartilage in animals like dogs, horses, & cats. These treatments are primarily research-based, and further concrete clinical reports are under progress. Irrespective of the current use, this branch of veterinary medicine is showing promise for effective treatment & management of veterinary diseases.

Most pet owners are opting for pet insurance to manage the health expenses of their pets. According to a February 2024 article by USA Today, around 26% of the Americans surveyed stated they spend between USD 51 and USD 100 a month on their dogs. On the other hand, several pet insurance companies cover a certain amount of prescription medication. Fetch Pet medication coverage is one of the insurance plans that offers a single plan for illnesses and accidents. The plan covers all prescription drugs for covered conditions, including congenital and chronic ailments like orthopedic problems. According to the North American Pet Health Insurance Association (NAPHIA), as of 2023, there were pet insurance policies worth around USD 3.2 billion in the U.S. Comparably, there were around 4.8 million insured pets in the U.S. at the end of 2022, which was a 22% rise since 2021. Moreover, according to Forbes estimates, in 2023, a veterinary emergency visit for challenges, such as ailments or a broken bone, might cost around

USD 1,000. Hence, pet insurance is a necessary tool for covering unforeseen medical expenses.

Current regenerative therapies like MSCs, PRP, etc., fall under the category of drugs. Hence, the FDA regulates them under the category “Cell-based Products”; however, no FDA approval has been given to any of these therapies till now, and the current use falls under FDA investigational exemption. In addition, technological advancements revolutionized veterinary orthopedic medicine by introducing innovative treatments and procedures. Novel technologies, such as advanced imaging, gene editing, and stem cell therapies, enable more precise & effective interventions in animal health. These technological breakthroughs enhance the diagnostic and treatment capabilities of veterinarians, providing advanced solutions for conditions that were previously challenging to address.

Veterinary Orthopedic Medicines Market Report Highlights

• The pharmaceuticals segment dominated the market with a 46.5% share in 2023 due to the high adoption of products, such as NSAIDS, steroids, etc., in the treatment of veterinary orthopedic complications.
• The canine segment is expected to grow at the fastest CAGR over the forecast period due to the high prevalence of OA in dogs, the high market adoption, and the rise in sports injuries among dogs.
• The OA segment held the largest market share in 2023.
• However, the joint inflammation/pain segment is anticipated to witness the fastest growth over the forecast period.
• North America dominated the global veterinary orthopedic medicines market due to the increasing prevalence of OA, well-equipped veterinary care infrastructure, government support for quality animal care, and increasing pet adoption in the U.S.

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