The Animal Wound Care Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Animal Wound Care Global Market Report 2024, The animal wound care market size has grown strongly in recent years. It will grow from $1.2 billion in 2023 to $1.3 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to increased pet ownership, awareness and education, rise in pet insurance, regulatory support.
The animal wound care market size is expected to see strong growth in the next few years. It will grow to $1.77 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to growing pet population, increasing veterinary expenditure, focus on preventive healthcare, emerging markets, regulatory emphasis on animal welfare. Major trends in the forecast period include technological advancements, focus on preventive care, natural and organic products, telemedicine in veterinary care, customized treatment plans.
The increasing pet adoption is expected to propel the growth of the animal wound care market going forward. Animal adoption is defined as acquiring animals through rescue groups instead of purchasing them from pet shops or breeders. Pet adopters seek for animal wound care to protect their pets from various wounds and in emergencies, as a result, increasing pet adoption increases the demand for the animal wound care market. For instance, in February 2023, according to Chewy Inc., a US-based online retailer of pet food and other products, there were around 977,202 pets adopted in the US in 2021, which resulted in the highest adoption rate of 61% in the past six years. Additionally, in November 2022, according to a national survey of pets and people published by Animal Medicines Australia (AMA), an Australia-based body representing the leaders of the animal health industry in Australia, about half of Australian households have at least one dog making them the most common pet and approximately 48% of households had dogs in 2022. Therefore, increasing pet adoption drives the animal wound care market.
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The animal wound care market covered in this report is segmented –
1) By Product: Surgical Wound Care Products, Advanced Wound Care Products, Traditional Wound Care Products, Therapy Devices
2) By Animal: Companion Animals, Livestock Animals
3) By Distribution Channel: Retail, E-commerce
4) By End-Users: Veterinary Hospitals Or Clinics, Homecare, Other End Users
Product innovation has emerged as a key trend gaining popularity in the animal wound care market. Major market players are concentrating their efforts on creating innovative products to strengthen their position in the market. For instance, in March 2021, Axio Solutions, an India-based, deep-science medical technology company launched SureKlot, an advanced range of wound care products for animals. The company’s products are first-of-its-kind and are based on proven technology that stops uncontrollable bleeding, decontaminates wounds, and enhances wound healing in animals. Moreover, this innovative product ensures painless removal, providing a comfortable experience for the animal.
The animal wound care market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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The rising demand for animal food products, increasing concerns over animal diseases, growing companion animal market, and surging veterinary healthcare expenditure are the major factors driving the growth of this market.
However, an increase in pet care costs, low adoption of advanced animal wound care products in emerging markets, and shortage of vet practitioners in developing markets are hindering the market’s growth.The report Animal Wound Care Market is projected to reach USD 1.5 billion by 2025 from USD 1.0 billion in 2020, at a CAGR of 7.4% during the forecast period.Ask for PDF Brochure: - https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=253831778Growing pet population and rising pet expenditure to drive the demand for surgical wound care products.Based on product, the animal wound care market is segmented into surgical wound care products, advanced wound care products, traditional wound care products, and therapy devices.
Surgical wound care products accounted for the largest share in 2019.
The large share of this segment can primarily be attributed to the increasing number of animal conditions requiring surgeries, rising adoption of surgical wound care products in veterinary practices and increasing pet adoption and pet care expenditure.Increasing adoption of companion animal is expected to drive its market growth.Based on animal type, animal wound care market is segmented into companion animal and livestock animals.
In 2019, companion animals accounted for the largest share of the global animal wound care market.
The growth of this segment can be attributed to the growing companion animal population, increasing pet care expenditure, rising number of sports horses, and surging demand for pet insurance across the world.The hospitals segment accounted for the largest market share in 2019Based on end user, the animal wound care market is segmented into veterinary hospitals & clinics, and home care settings.
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