Market Trends of Global Animal Wound Care Industry
This section covers the major market trends shaping the Animal Wound Care Market according to our research experts:
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 significantly. For instance, as per the article published in May 2021 under the title 'Did the COVID-19 Pandemic Spark a Public Interest in Pet Adoption?', Following the COVID-19 epidemic, the study noticed a global interest in pet adoption worldwide, with dogs garnering the most interest which is expected to have a significant impact on the market growth.
Moreover, the number of pets is increasing globally. The National Pet Owners Survey during 2021-2022 found that 70% of US households have a companion animal. Owning a pet is associated with lower blood pressure, less stress, a lower risk of heart disease, and cheaper total health care expenses, according to recent studies. In summary, having pets around improves the quality of life. Hence, pet owners generally ensure that the wounds and problems affecting their animals are properly addressed. That has a favorable effect on the market and thereby promotes market growth over the forecast period. Moreover, 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 which is likely to boost the animal wound care market. Moreover, many of the research articles point out the advancements in the wound healing process in companion animals. For instance, as per the article published in August 2022 under the title 'Locally Injected Autologous Platelet-Rich Plasma Improves Cutaneous Wound Healing in Cats', the topical use of Platelet-rich plasma (PRP) in the treatment of open wounds in laboratory cats, and results from the research found to be promising, they indicate that the PRP group saw more rapid recovery. Hence such research initiatives in the field of pet wound care boost the market growth.
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 offering 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.
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 owing to the factors such as increasing initiatives by the governments and animal welfare associations and an increase in animal adoption and animal healthcare expenditure. According to the 2021-2022 National Pet Owners Survey, conducted by the American Pet Products Association (APPA), total pet industry expenditures in the United totaled USD 123.6 billion, up 19% from USD 103.6 billion in 2020.
Furthermore, the North American Pet Health Insurance Association's (NAPHIA) State of the Industry Report 2022 Highlights stated that the total premium volume for pet insurance in the United States was nearly USD 2.6 billion. The total number of pets insured in the United States at year-end 2021 was 3.9 million, a 28% increase since 2020. The average accident and illness premium for dogs was USD 583 a year or USD 49 a month. The largest share of insured pets lives in California, New York, and Florida. The largest number of pets insured were dogs at 82 % versus cats at 18 %. In Canada, 77.5% of insured pets were dogs versus 22.5% of cats.
Additionally, Mexico's Ministry of Agriculture and Rural Development has begun training veterinarians throughout the nation virtually for severe animal diseases. This organization has trained more than 2,000 veterinarians in Mexico so far in 2021. With this training, various illnesses, including autism, and their therapies have been covered. The market for animal wound healing in the studied region is anticipated to increase strongly over the forecast period as a result of such training programs.
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 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 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 market growth.