The growth in this market is majorly attributed to factors such as rising pet adoption, increasing number of veterinary practitioners and rise in their income levels in developed economies, rising demand for pet insurance coupled with growing animal health expenditure, and rising awareness about animal health.
The Animal Wound Care Marketwitnessed healthy growth during the last decade and is expected to grow at a CAGR of 6.7% between 2016 and 2021 to reach 1,134.0 Million by 2021.
Major Market Developments:-
- In November 2015, Ethicon, Inc. (US) signed an agreement with Elanco Animal Health (US) to market Ethicon veterinary sutures. This agreement helped the company to strengthen its geographical presence.
- In June 2015, Henry Schein, Inc. (US), leading provider of healthcare products and services to animal health and medical practitioners, acquired 85% shares of Jorgen KRUUSE A/S. This acquisition helped Henry to expand its animal health portfolio in Nordic countries and helped KRUUSE to widen its geographical reach across the globe.
- In January 2014, Bayer AG (Germany) launched Remend, a wound spray gel to manage wounds of dogs and cats. This launch expanded the company’s wound care product portfolio.
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The global animal wound care market is segmented based on product, animal type, end user, and geography.
Based on product type, the market is segmented into surgical wound care products, advanced wound care products, traditional wound care products, and therapy devices. Based on animal type, the market is segmented into companion animals and livestock animals. On the basis of end-users, the global animal wound care market is segmented into hospitals & clinics and home care. Similarly, on the basis of geography, the animal wound care market is segmented into North-America, Europe, Asia-Pacific, and Rest of the World.
In 2015, surgical wound care product segment accounted for the largest share of the global animal wound care. The large share is mainly attributed to greater adoption of these products in hospitals and clinics for wound healing, rising incidence of wounds in pets, and increasing number of surgeries.
The companion animals segment accounted for the largest share of the animal wound care market and is expected to grow at a highest CAGR in the forecasted period. The large share and high growth of this segment can mainly be attributed to the growing companion animal population, increasing pet care expenditure, and growing demand for pet insurance across the globe. The hospitals and clinics accounted for the largest market share of the animal wound care market and is expected to grow at a higher CAGR in next five years.
Regional Analysis:-
North America is the largest regional segment for animal wound care owing to the well-established animal healthcare market. The largest share of this regional segment is driven by growing pet adoption, increasing number of veterinary conditions requiring surgeries, rising animal healthcare expenditure, and growing number of veterinary practitioners and their income levels.
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Key Players:-
The market players, namely, B Braun Melsungen AG (Germany), Medtronic plc (Ireland), 3M Company (U.S.), and Ethicon Inc. (U.S.) held the major share of the animal wound care market and will continue to dominate the market between 2016 and 2021. Some of the major players operating in this market are Virbac (France), Jorgen Kruuse A/S (Denmark), Neogen Corporation (U.S.), Acelity L.P. Inc. (U.S.), Bayer AG (Germany), Advancis Veterinary Ltd. (U.K), and Robinson Healthcare Limited (U.K.).
