MARKET OVERVIEW - EUROPE ANIMAL WOUND CARE MARKET
Increasing demand for animal food products, rising veterinary healthcare expenditure, etc. drive the European animal wound care market. Animal wound care is defined as the medical assistance provided to the animals suffering from any disease, accident or health problem. Wound care in veterinary medicine is an important part of patient management and can have a significant impact on the time and extent of an animal’s recovery from surgery or trauma. Animal wound care includes products that restore damaged tissues and support the wound healing process. Further, the rise in the prevalence of a number of diseases, such as anthrax, black quarter, foot and mouth disease and rabies, among others, accelerated the European animal wound care market.
MARKET DRIVERS
The rise in the adoption of companion animals across the region due to the change in lifestyle and increasing disposable income acts as one of the major factors boosting the growth of the animal wound care market. A large share of the European population owns pets and considers them as their best friends and beloved members of the family. The number of households owning at least one pet animal, which has increased spending on their pet, thus boosting the animal wound care industry. Furthermore, a rise in the number of diseases, such as black quarter, anthrax, foot and mouth disease and, among others, fuels the market growth. Also, the growing demand for animal-derived food products among the population further influences the animal wound care market.
MARKET OPPORTUNITY
The rise in demand for pet insurance along with the surge in animal health expenditure is expected to provide ample opportunities for the market players. European pet insurance is rising owing to the strict regulations for pet insurance in countries like Sweden. Also, the increasing number of companies entering the pet insurance sector is another major factor that supports the market growth.
MARKET RESTRAINT
However, the rise in pet care costs and lack of animal healthcare awareness in the nation is anticipated to hinder market growth. Additionally, income of middle and lower-middle class, and out of pocket expenditure on pet healthcare in the regions.
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 change in lifestyle and increasing disposable income is fuelling the growth of the market and is expected to witness the growth at a CAGR at specific CAGR from 2021-2028.
EUROPE ANIMAL WOUND CARE MARKET SEGMENTAL OVERVIEW
The animal wound care market comprises of different market segment like product, animal, end-user, and geography.
EUROPE 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. Surgical wound care products are sub-segmented into sutures and staplers and tissue adhesive, sealants, and glues. The sutures and staplers segment is growing in the animal wound care market. Absorbable and non-absorbable surgical sutures can be used depending on the purpose. Surgical sutures and suture are used in various veterinary surgeries, including orthopaedic, cardiovascular, and neurological, to provide temporary support for wound healing. Moreover, the advanced wound care product segment is growing in the animal wound care market due to the increasing technology in the wound care market. However, the high costs of advanced wound care treatment could hinder the growth of advanced wound care products.
EUROPE 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 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, pigs and others. Also, the livestock animal segment is growing in the animal wound acre market.
EUROPE 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. The growth of the segment is due to the increased use of technologically advanced wound care products and its high accessibility and affordability is one of the major factors boosting the animal wound care market.
EUROPE ANIMAL WOUND CARE MARKET BY GEOGRAPHY
The animal wound care market is studied for the following region
- Germany
- United Kingdom
- France
- Italy
- Spain
Germany is anticipated to witness an increasing demand for animal wound care owing to the presence of well-established market players. Increasing the prevalence of disease is contributing to the rising demand and adoption of the animal wounds market. The country is focusing on innovation, improving animal health and wellness and also offering better convenience to consumers, thereby contributing the animal wound acre market growth. Hence, these factors are expected to fuel the market growth positively in the coming years.
COVID-19 IMPACT ANALYSIS ON EUROPE ANIMAL WOUND CARE MARKET
The COVID-19 pandemic has affected on the various industries, including the market for animal wound care. 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 COVID-19, the animal wound care market observed a setback during the first phase of the COVID-19 as a result of a decline in veterinary hospital visits and the postponement of all elective and non-emergency surgeries. The rise of numerous animal illnesses in humans, which has led to an increase in awareness of the significance of preserving the health of pets and livestock animals, has however restrain 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.
