South Korea Veterinary Orthopedic Medicine Market, 2023-2030
- Animal Health
- Animal Pharmaceuticals & Biotechnology
- veterinary orthopedic medicine market report
- Animal Pharmaceuticals & Biotechnology
South Korea Veterinary Orthopedic Medicine Market, 2018-2030 (US$M)
Global Market
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South Korea veterinary orthopedic medicine market highlights
- The South Korea veterinary orthopedic medicine market generated a revenue of USD 17.0 million in 2023 and is expected to reach USD 33.9 million by 2030.
- The South Korea market is expected to grow at a CAGR of 10.4% from 2024 to 2030.
- In terms of segment, pharmaceuticals was the largest revenue generating product in 2023.
- Viscosupplements is the most lucrative product segment registering the fastest growth during the forecast period.
Veterinary orthopedic medicine market data book summary
| Market revenue in 2023 | USD 17.0 million |
| Market revenue in 2030 | USD 33.9 million |
| Growth rate | 10.4% (CAGR from 2023 to 2030) |
| Largest segment | Pharmaceuticals |
| Fastest growing segment | Viscosupplements |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Biologics, Viscosupplements, Pharmaceuticals |
| Key market players worldwide | Zoetis Inc Class A, Boehringer Ingelheim, Elanco Animal Health Inc, Daiichi Sankyo Co Ltd, Merck & Co Inc, Vetoquinol SA, Ceva Santé Animale, Virbac SA, Biogenesis Bago, Ardent Health Services, Biomerica Inc, PetVivo Holdings, Contipro, Medrego, Hyalogic |
Other key industry trends
- In terms of revenue, South Korea accounted for 1.0% of the global veterinary orthopedic medicine market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China veterinary orthopedic medicine market is projected to lead the regional market in terms of revenue in 2030.
- Thailand is the fastest growing regional market in Asia Pacific and is projected to reach USD 11.1 million by 2030.
One of the key factors responsible for market growth in the country is increasing pet ownership and rising spending on pets. For instance, according to news published by Yonhap News Agency in February 2023, one in four South Koreans owned pets, and their monthly average expenditure amounted to USD 123.
The Ministry of Agriculture, Food, and Rural Affairs found that 25.4% of 5,000 South Koreans aged 20-64 reported having at least one pet at home. Moreover, monthly spending on companion animals by pet owners increased to USD 123 from approximately USD 22.02 a year before.
Based on government data, the number of dogs and cats raised by local homes was 2.58 million and 6.02 million, respectively. People have begun to spend more on their pets' healthcare due to growing perception of pets as members of the family. Owners readily spend money on operations and therapies to enhance the quality of life for their pets, such as orthopedic surgery to reduce discomfort.
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Veterinary Orthopedic Medicine Market Report
Veterinary Orthopedic Medicine Market Report Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Zoetis Inc Class A | View profile | 14,100 | 10 Sylvan Way, Parsippany, NJ, United States, 07054 | www.zoetis.com |
| Virbac SA | View profile | 5,400 | 2065m LID, 1 ere avenue, Carros, France, 06516 | www.virbac.com |
| Merck & Co Inc | View profile | 72,000 | 126 East Lincoln Avenue, Rahway, NJ, United States, 07065 | www.merck.com |
| Elanco Animal Health Inc | View profile | 9,800 | 2500 Innovation Way, Greenfield, IN, United States, 46140 | www.elanco.com |
| Boehringer Ingelheim | View profile | 10001+ | Ingelheim Am Rhein, Rheinland-Pfalz, Germany, Europe | www.boehringer-ingelheim.com/ |
| Vetoquinol SA | View profile | 2,483 | Magny-Vernois, BP 189, Lure cedex, France, 70204 | www.vetoquinol.com |
| Biomerica Inc | View profile | 62 | 17571 Von Karman Avenue, Irvine, CA, United States, 92614 | www.biomerica.com |
| Daiichi Sankyo Co Ltd | View profile | 17,435 | 3-5-1, Nihonbashi-honcho, Chuo-ku, Tokyo, Japan, 103-8426 | www.daiichisankyo.com |
| Ardent Health Services | View profile | 10001+ | Nashville, Tennessee, United States, North America | ardenthealth.com |
| Ceva Santé Animale | View profile | 5001-10000 | Libourne, Aquitaine, France, Europe | www.ceva.us |
South Korea veterinary orthopedic medicine market report
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to Veterinary Orthopedic Medicine Market will help companies and investors design strategic landscapes.
Pharmaceuticals was the largest segment with a revenue share of 45.88% in 2023.
Horizon Databook has segmented the South Korea veterinary orthopedic medicine market based on biologics, viscosupplements, pharmaceuticals covering the revenue growth of each sub-segment from 2018 to 2030.
One of the key factors responsible for market growth in the country is increasing pet ownership and rising spending on pets. For instance, according to news published by Yonhap News Agency in February 2023, one in four South Koreans owned pets, and their monthly average expenditure amounted to USD 123.
The Ministry of Agriculture, Food, and Rural Affairs found that 25.4% of 5,000 South Koreans aged 20-64 reported having at least one pet at home. Moreover, monthly spending on companion animals by pet owners increased to USD 123 from approximately USD 22.02 a year before.
Based on government data, the number of dogs and cats raised by local homes was 2.58 million and 6.02 million, respectively. People have begun to spend more on their pets' healthcare due to growing perception of pets as members of the family. Owners readily spend money on operations and therapies to enhance the quality of life for their pets, such as orthopedic surgery to reduce discomfort.
- South Korea Veterinary Orthopedic Medicine Market Product Outlook (Revenue, USD Million , 2018-2030)
- Biologics
- Viscosupplements
- Pharmaceuticals
- South Korea Veterinary Orthopedic Medicine Market Animal Type Outlook (Revenue, USD Million , 2018-2030)
- Canine
- Equine
- Others
- South Korea Veterinary Orthopedic Medicine Market Application Outlook (Revenue, USD Million , 2018-2030)
- Osteoarthritis
- Degenerative Joint Disease
- Other Applications
- South Korea Veterinary Orthopedic Medicine Market Route of Administration Outlook (Revenue, USD Million , 2018-2030)
- Oral
- Injectable
- Others
- South Korea Veterinary Orthopedic Medicine Market End Use Outlook (Revenue, USD Million , 2018-2030)
- Veterinary Hospitals
- Veterinary Clinics
- Others
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea veterinary orthopedic medicine market report, including forecasts for subscribers. This country databook contains high-level insights into South Korea veterinary orthopedic medicine market report from 2018 to 2030, including revenue numbers, major trends, and company profiles.
South Korea Veterinary Orthopedic Medicine Market, 2018-2030 (US$M)
South Korea veterinary orthopedic medicine market report statistics, by product, 2018-2030 (US$M)
