MARKET OVERVIEW - GLOBAL ANIMAL WOUND CARE MARKET
The rising adoption of companion animals, livestock and growing demand for veterinary surgery are the major factors boosting the market. Besides, the rising demand for animal food products and rising veterinary healthcare expenditure also help to grow the market. Furthermore, the rising number of vet visits is further propelling the market growth. Moreover, a national survey of pets and people in 2019 where the expenditure on pets increased tremendously, due to the increasing pet adoptions. According to IDEXX Laboratories, Inc., in 2019, there were an estimated 315 million total visits in the U.S. Out of this, the rise in disposable income is another major factor fuelling animal health expenditure, further propelling the market growth.
MARKET DRIVERS
The growing demand for pets and rising animal health expenditure, the increasing number of veterinary practitioners in developed countries, and the growing population of companion animals fuel the market growth. The growing veterinary practitioner base across developed countries is one of the major factors helping to increase the number of private clinical practices and hospitals. According to several research reports, having a companion animal has positive health benefits, such as reduced cardiac arrhythmia, normal blood pressure, decreased anxiety, and it helps to improve well-being. Adding to that, spending on pet healthcare has increased significantly in recent years. Most pet owners are purchasing pet insurance due to the significant growth in pet care expenditure. Moreover, rising urbanization is a major factor contributing to the increasing per capita expenditure on animal health. All these factors are propelling the global animal wound care market.
MARKET OPPORTUNITY
The growth of the animal wound care market is due to the increasing initiative by the government and animal welfare associations and increased animal adoption and animal healthcare expenditure. In the developing market, like Asia Pacific and Latin American countries, due to urbanization, it enabled owners to spend more on pet care. Furthermore, the increasing approvals and launches of new animal wound care products is expected to be a major factor fuelling the growth of the global animal wound care market. For instance, in 2017, Indian Immunologicals Limited launched its new Zuspray for the treatment of animal wounds.
MARKET RESTRAINT
The main restraining factor for the animal wound care market is the low presence of veterinary clinics and hospitals in some rural areas in emerging countries such as India and China. It is a major factor restraining the growth of the animal wound care market. Due to the low presence of veterinary clinics and hospitals, are limiting access to treatment. This is all expected to negatively affect the growth of this market.
MARKET GROWTH CHALLENGES
The Covid-19 pandemic hampered the growth of the market to a major extent, which has created a major challenge for market growth. Also, the rising pet care expenditure is challenging the growth of the market. Furthermore, strict government norms regarding animal and environmental safety increase the economic burden on pet owners.
CUMULATIVE GROWTH ANALYSIS
The report provides in-depth analysis of animal wound care market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With rising demand for pet insurance and growing animal health expenditure is fuelling the growth of the market and is expected to witness the growth at a CAGR at specific CAGR from 2021-2028.
ANIMAL WOUND CARE MARKET SEGMENTAL OVERVIEW
The animal wound care market comprises of different market segment like product, animal, end-user and geography.
ANIMAL WOUND CARE MARKET BY PRODUCT
By product, the animal wound care includes key segment of
- Surgical wound care product
- Advanced wound care products
- Traditional wound care products
- Therapy device
Surgical wound care products are expected to dominate the market over the forecast period. In 2020, the surgical wound care product segment accounted for 40.6% of animal wound care. Surgical wound care products are sub-segmented into sutures and stapler and tissue adhesive, sealants and glues. Staplers have gained popularity due to advantages such as simplicity and increased affordability of these products. Surgical sutures are used in various veterinary surgeries, including orthopaedic, cardiovascular, and neurological. The advanced wound care products segment is growing in the market.
ANIMAL WOUND CARE MARKET BY ANIMAL
By animal, the animal wound care includes key segment of
- Companion Animal
- Livestock
On the basis of animal type, the animal wound care market is segmented into companion animals and livestock animals. The companion animal segment is accounted for the largest share in the market. Further, the companion animals are sub-segmented into, dogs, cats, horses and others, and livestock animals are sub-segmented into cattle, pig and others. The companion animal is accounted for 64.0 percent in 2020, this segment has highest share because of growing companion animal population, rising number of sports horses and surging demand for pet insurance across the globe. Furthermore, the increasing demand for non-invasive surgeries is one of the major factors fuelling the market for animal wound care.
ANIMAL WOUND CARE MARKET BY END-USERS
By end-users, the animal wound care includes key segment of
- Hospital & Clinics
- Homecare
Hospital & clinics is anticipated to lead the market, gaining the majority of the market share in 2021, and is expected to maintain its dominance over the estimated time period. In 2020, the veterinary hospital and clinics segment dominated the market for animal wound care and held the largest share of 44.2 percent. Due to the faster diagnosis, helping patients avail treatment at the earliest. Furthermore, the availability of a wide range of treatment as well as better wound care treatment options in hospitals and clinics are fuelling the segment growth. Moreover, the government animal welfare organization have issued guidelines for safety practices and standards to be implemented in veterinary hospitals and clinics. These are factors driving segment growth.
ANIMAL WOUND CARE MARKET BY GEOGRAPHY
The animal wound care market is studied for the following region
- North America
- Asia-Pacific
- Europe
- RoW
North America is anticipated to witness an increasing demand for animal wound care owing to the presence of well-established market players. In 2020, the North American animal wound care market accounted for the largest share of 32.0 %. The United States holds the largest market share in North America. Furthermore, the Asia Pacific region is expected to offer significant growth opportunities for players operating in the animal wound care market owing to the increasing expenditure and growing initiative to promote the use of animal wound care products in the Asia Pacific region.
COVID-19 IMPACT ANALYSIS ON GLOBAL ANIMAL WOUND CARE MARKET
The outbreak of the COVID-19 virus has become a global healthcare emergency that has been spread worldwide, affecting worldwide social and economic development. The COVID-19 pandemic shut-down the production of products in various industries, mainly owing to the lockdown in major countries. The COVID-19 impact analysis report by Axiom MRC provided a 360 degree analysis of micro and macro-economic factors in the animal wound care market. Due to the COVID-19, the animal wound care market observe a setback in the growth, owing to the disruption of the supply chain. Also, the postponement and cancellation of surgeries in animals due to stringent lockdown norms resulted in a decline of postoperative wound cases, thus impacted the market growth.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of animal wound care market is majorly focused on expanding the global growth of animal wound care with new product innovation, business expansion, increasing presence of range of manufacturer operating in the market has led the growing demand for the market. Besides, the market offers range of products to fulfil the required demand of consumer which is further contributing healthy growth in the market.
The key players studied in market are
- Pharmaceuticals, Inc.
- Elanco Animal Health
- 3m Company
- Medtronic Plc
- B. Braun Melsungen Ag
- Virbac
- Neogen Corporation
- Jørgen Kruuse A/S
- Sonoma Ethicon (a Subsidiary of Johnson & Johnson)
- Dechra Pharmaceuticals
- Jazz Medical, Llc
- Smith & Nephew Plc
- Kericure Inc.
- Advancis Veterinary
- Care-Tech Laboratories, Inc.
- Robinson Healthcare
- Mila International, Inc.
- Sentrx Animal Care
- Mccord Research, Inc.
- Primavet, Inc.
- Innovacyn, Inc.
- Indian Immunologicals Ltd.
- Silverglide
- Vernacare
- Vetoquinol India animal health Pvt. Ltd.
