|Study Period:||2018 - 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The animal wound care market is expected to register a CAGR of nearly 6.1% during the forecast period 2021-2026.
Due to the outbreak of COVID-19, there was a significant impact on the animal wound care market. The animal wound care market observed a setback in the growth due to the disruption of the supply chain in the market studied. However, some of the companies, such as Innovacyn, Inc., took the necessary measures to keep up with the production of Vetricyn in animal wellness. Such instances are expected to support the market growth in the pandemic scenario.
The major factors attributing to the growth of the animal wound care market are the increasing initiatives by the governments and animal welfare associations and increased animal adoption and animal healthcare expenditure.
The World Organization for Animal Health (OIE) is committed to ensuring that all animal welfare standards, including veterinary healthcare, are science-based. It also recognizes that other factors must also be taken into account. The International Coalition for Farm Animal Welfare (ICFAW) was formed to represent the interests of non-governmental animal welfare organizations globally. In the European Union (EU), farmers must confirm with legislation that applies to protect all farm animals and species-specific provisions, which apply to pigs, calves, and poultry. The EU Strategy of Animal Welfare targets upkeep farmers in meeting the welfare standards, as required by the EU law, and provides benefits to the consumers by ensuring increased transparency and presenting better information. Hence, the increasing government initiatives and rising animal welfare worldwide are helping in the growth of the market studied, as these initiatives are making people consider their pet’s health as important.
Furthermore, as per the report ‘’Pets in Australia: A national survey of pets and people’’ in 2019, the expenditure on pets increased tremendously, owing to the increasing pet adoption. The report estimated that people spend over AUD 13 billion per year to keep the pets fed, healthy, and well-accessorized, with food and veterinary services accounting for half of all ongoing expenditures. Out of this, nearly 2.6 billion was spent on veterinary services in the country. Therefore, the rise in disposable income is another major factor influencing animal health expenditure, further accelerating the market growth.
However, the high cost of veterinary services is expected to restrict the market growth. For instance, Banfield Pet Hospitals charges nearly between USD 44.95 to USD 59.95 for a visit. This number varies as per the region. The lack of well-designed comparative studies of wound healing products in cats and dogs is obstructing market growth.
Scope of the Report
Animal wound care refers to the specific types of treatment to cure various kinds of wounds in animals. General wound care begins only after the animal gets stabilized after the trauma or shock that it has had, and it involves certain medical instruments and materials. The animal wound care market is segmented by products (surgical, advanced, traditional, and other products), animal type (companion and livestock), and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the value (in USD million) for the above-mentioned segments.
|By Animal Type|
Key Market Trends
Companion Animal Wound Care Market is Expected to Observe Good Growth Over the Forecast Period
With the outbreak of COVID-19, a significant increase in the adoption of pets was observed, which is likely to influence the market studied positively. As per the Last Chance Animal Rescue, a nonprofit animal shelter, there was an increase in pet adoption of 30% to 40% in the year 2020 compared to 2019, which is expected to have a positive impact on the market growth.
Moreover, the number of pets is increasing globally. For example, as per a 2019 report by the People's Dispensary for Sick Animals, the pet dog population increased over the years. The report observed the pet dog population increase from 7.8 million in 2013 to 9.4 million in 2016 to 9.9 million in 2019. According to the annual report of the European Pet Food Industry Association (FEDIAF) for 2020, dogs and cats are the major pets adopted in Europe. Moreover, approximately 85 million European households own at least one pet animal. Thus, the pet care market is expected to grow, which will boost the animal wound care market.
Companies are developing new products for companion animals, which are expected to accelerate the market studied in this segment. For instance, in March 2021, Healers PetCare introduced a combination kit offerings for pet health. This kit includes Skin and Coat Health Chews, Hot Spot Relief cream, and Conditioning Tea Tree Oil Shampoo for pet health and wellness. Thus, the aforementioned factors are expected to positively impact the market studied.
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North America is Expected to Dominate the Market over the Forecast Period
North America is expected to dominate the overall market throughout the forecast period. Many of the authorities are recommending avoiding elective surgeries in animals, resulting in a decline of the cases of postoperative wounds and negatively impacting the market with the onset of COVID-19. For instance, the Centers for Disease Control and Prevention recommended veterinary healthcare professionals attend only emergency visits and procedures.
In North America, the United States holds the largest market share. The United States Animal Health Association is an organization that takes care of wound care in veterinary. This organization keeps track of the upcoming products that are required for animal healthcare. Various promotion programs are being carried out by this association in the country, which enables the veterinary professionals and the general population to understand effective wound care management for animals. Furthermore, as per the American Pet Products Association Inc., in 2020, it was estimated that around USD 99 billion was spent on pets in the United States, up from USD 95.7 billion in 2019. A similar high expenditure can be observed for both in Canada and Mexico, which shows the demand for treatment and awareness among the owners regarding the treatment of their pets. Such factors help in the growth of the wound care market. Thus, the aforementioned factors are expected to accelerate the market growth.
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The animal wound care market is moderately competitive with several major players. In terms of market share, few of the major players currently dominate the market. With the rising awareness levels of animal care among the population, few other smaller players are expected to enter the market in the coming years. Some of the major players of the market are 3M Company, Advancis Veterinary Ltd, and Medtronic.
- In March 2021, Axio Biosolutions announced to launch SureKlot range of products with an aim to expand into the veterinary wound management area. Sureklot is available as a patch, gauze, powder, and spray, suitable for different types of wounds.
- In April 2020, EPiQ Animal Health and SentrxTM Animal Care went under a partnership to commercialize and distribute products, including Ocunovis™ BioHAnce™ Gel Eye Drops, Oculenis™ BioHAnce™ Ocular Repair Gel, and Episanis™ BioHAnce™ Skin and Wound Gel.
Table of Contents
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Initiatives by the Governments and Animal Welfare Associations
4.2.2 Increase in Animal Adoption and Animal Healthcare Expenditure
4.3 Market Restraints
4.3.1 Lack of Well-designed Comparative Studies of Wound Healing Products in Cats and Dogs
4.3.2 High Costs Associated with Veterinary Healthcare
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Products
5.1.4 Other Products
5.2 By Animal Type
5.3.1 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
126.96.36.199 South Africa
188.8.131.52 Rest of Middle-East and Africa
5.3.5 South America
184.108.40.206 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 3M Company
6.1.2 Innovacyn, Inc.
6.1.3 Advancis Veterinary Ltd
6.1.4 KeriCure Inc.
6.1.5 Medtronic PLC
6.1.6 BSN MEDICAL
6.1.7 MILLIKEN & COMPANY
6.1.8 Neogen Corporation
6.1.9 Robinson Healthcare
6.1.10 Elanco Animal Health
6.1.12 SENTRX ANIMAL CARE
6.1.13 Primavet Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Animal Wound Care Market market is studied from 2018 - 2026.
What is the growth rate of Global Animal Wound Care Market?
The Global Animal Wound Care Market is growing at a CAGR of 6.1% over the next 5 years.
Which region has highest growth rate in Global Animal Wound Care Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Animal Wound Care Market?
North America holds highest share in 2020.
Who are the key players in Global Animal Wound Care Market?
Advancis Veterinary Ltd, Medtronic PLC, 3M Company, Innovacyn Inc., KeriCure Inc. are the major companies operating in Global Animal Wound Care Market.