The growth in the Animal Wound Care Market is driven by rising demand for animal food products, increasing companion animal market, and surging veterinary healthcare expenditure. However, an upsurge in pet care expenditures and the dearth of vet practitioners in developing markets are impeding the market’s growth.
Animal Wound Care Market is projected to grow from USD 1.2 billion in 2022 to USD 1.7 billion by 2027, at a CAGR of 7.3% from 2022 to 2027, according to a new report by MarketsandMarkets™.
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KEY MARKET DYNAMICS: IMPACT ANALYSIS
1 DRIVERS
1.1 Growing population of companion animals
1.2 Rising demand for pet insurance and growing animal health expenditure
1.3 Increasing number of veterinary practitioners and rising income levels in developed economies
1.4 Rising demand for animal-derived food products
1.5 Increasing prevalence of diseases
2 OPPORTUNITIES
2.1 Untapped emerging markets
3 CHALLENGES
3.1 Lack of animal health awareness in emerging countries
3.2 Shortage of veterinary practitioners in developing markets
Key Factors Influencing the Market:
- Pet Ownership Trends: Regions with a growing pet population see increased demand for wound care products for companion animals.
- Agricultural Practices: Markets with a significant livestock industry require wound care solutions for farm animals due to the prevalence of injuries and wounds in agriculture.
- Economic Conditions: Economic prosperity and disposable income influence spending on veterinary care, including wound management.
- Regulatory Environment: Stringent regulations related to animal welfare and health impact the adoption of effective wound care products.
- Veterinary Infrastructure: The availability of veterinary clinics, hospitals, and skilled professionals plays a pivotal role in market development.
- Awareness and Education: Increased awareness about the importance of proper wound care and the availability of advanced solutions contribute to market growth.
Market Segmentation: –
- In this report, the animal wound care market is segmented on the basis of product, animal type, end users and region.
- In 2021, companion animals for a larger share of the global market. The growth of this segment can be attributed to the growing companion animal population, increasing pet care expenditure, the rising number of sports horses, and surging demand for pet
- On the basis of end users, the market is segmented into veterinary hospitals and clinics and home care settings. The large share of this segment can be attributed to increasing companion animal population and rising pet care expenditure in emerging regions.
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Regional Analysis: –
On the basis of region, the animal wound care market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East Africa. North America segment accounted for the largest share of the market in 2021 due to major players availability and advanced healthcare infrastructure.
- North America: North America, including the United States and Canada, is a significant market for animal wound care due to high pet ownership rates and advanced veterinary care facilities.
- Europe: Europe boasts a well-established veterinary care sector and is home to countries with a strong tradition of animal husbandry and agriculture.
- Asia-Pacific: The Asia-Pacific region is experiencing rapid growth in the animal wound care market due to rising urbanization, increasing disposable income, and changing attitudes towards pet ownership.
- Latin America: Latin America’s animal wound care market is influenced by a mix of factors including varying levels of veterinary infrastructure, livestock farming practices, and cultural attitudes towards animals.
- Middle East and Africa: The Middle East and Africa region exhibit diverse market dynamics due to variations in economic development, cultural norms, and animal care practices.
Recent Developments
- In April 2022, Elanco and Ginkgo Bioworks launch BiomEdit, a new animal health company leveraging microbiome technology.
- April 2020, Elanco and VetNOW collaborated to expand their access to veterinary care and provide relief to animal owners from the impact of COVID-19.
Key Market Players:
The prominent players in the global animal wound care market are Medtronic PLC (Ireland), Elanco Animal Health (US), Virbac (France), B. Braun Melsungen AG (Germany), Dechra Pharmaceuticals (UK), Neogen Corporation (US), Jorgen Kruuse A/S (Denmark), Ethicon, Inc. (US), Sonoma Pharmaceuticals Inc. (US), Prima-Vet Inc. (US), Smith & Nephew PLC (UK), Jazz Medical, LLC (Ireland), Kericure Inc. (US), etc.
In conclusion, the animal wound care market’s growth and dynamics are shaped by a combination of regional factors, including pet ownership trends, agricultural practices, economic conditions, regulatory frameworks, and veterinary healthcare infrastructure. Understanding these regional nuances is crucial for industry stakeholders to tailor their strategies and offerings to effectively meet the diverse needs of animal owners and caregivers across the world.
