Veterinary Orthotics-Prosthetics Market Trends

Growth Drivers

• Increasing Number of Livestock - For instance, in December 2021, the count of livestock in Europe reached approximately 143 million pigs, 75 million bovine animals, 61 million sheep, and 12 million goats. Domesticated terrestrial animals that are raised for a variety of goods and services such as locomotion, meat, milk, eggs, hides, fibers, and feathers are instances of livestock. The phrase livestock systems encompass all aspects of livestock resource supply and use, including livestock distribution and abundance, the various production systems in which they are raised, and projections of consumption and output now and in the future. The globally increasing number of livestock requires good care and treatment of animals. Therefore, the mounting number of livestock is fueling the growth of the global veterinary orthotics-prosthetics market over the forecast period.

• Upsurge in Pet Adoption Across the Globe - It has been observed that nearly 18 million households worldwide are anticipated to own pets by the end of 2022.

• Spike in Obesity or Overweight Issue in Animals - A clinical survey conducted in 2018 found that nearly 56% of dogs and 58% of cats were clinically overweight, indicating that an estimated 51 million dogs and 55 million cats were overweight or obese around the globe.

• Worldwide Increase in Pet Insurance – According to a report, at the end of 2021, the total number of pets insured in the United States was nearly 4 million, which denotes a 29% increase from the year 2020.

• Rising Number of Veterinary Hospitals and Polyclinics - It was observed that, in India, there were close to 12,050 veterinary hospitals and polyclinics during the fiscal year 2021. Approximately 66,000 veterinary institutions were evident across the nation that year, in addition to numerous aid centers and dispensaries.

Challenges

• Lack of Trained Veterinary Professionals - With the increasing domestication of animals globally, there is a need for more trained and equipped veterinarian doctors and hospitals. The emerging role of veterinary orthotics and prosthetics (V-OP) too requires animal rehabilitation and pain management interventions. Therefore, this factor may hamper the market growth over the forecast period.
• Lack of Support from the Government and Non-Profit Organizations
• Lack of Awareness About the Accessibility of Veterinary Orthotics-Prosthetics