America Leads In State-of-The-Art Vet Medicine
Decision Resources Group finds that the European veterinary orthopedic implant market is less penetrated relative to the market in the United States. The European market continues to be negatively impacted by the eurozone debt crisis, and despite a similar number of veterinarians practicing in both geographies, European veterinarians tend to be less specialized. Therefore, they have not yet adopted some of the new, premium-priced technologies, limiting market size in this geography. Additionally, with a much larger number of household pets in the US as compared to Europe, the US market will remain significantly larger than that of Europe.
Other key findings from the Medtech 360 reports covering the veterinary orthopedic device markets:
Increasing levels of pet insurance: In both the US and Europe, more pet owners are opting to insure their animals, increasing their ability to afford costly veterinary orthopedic procedures that may be required in the future. Although the US has a lower percentage of insured pets than the European countries, this movement toward more animals gaining coverage will contribute to strong market growth in both geographies.
Surgeon training on the rise: With more companies offering surgeon training seminars on their products, veterinary surgeons are making a shift in the types of products they prefer to use, moving toward advanced devices that were previously not as popular due to lack of training and limited clinical data backing their efficacy.
Acquisitions in the market: Larger distributors have been acquiring device manufacturers in this space to leverage the relationships these manufacturers have with veterinarians. This type of market activity could lead to fewer companies competing, but much more aggressive price competition because larger companies can sustain deeper price cuts.