MARKET OVERVIEW – ASIA PACIFIC ANIMAL WOUND CARE MARKET
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. Various medical devices are used to operate the wound or pharmaceutical drugs are injected by keeping in mind the anatomy of animals. Increased acceptance of pets and increased demand for veterinary treatments are driving the market. Additionally, the increasing number of veterinary visits continues to boost market growth. Furthermore, the rising adoption of companion animals, livestock and growing demand for veterinary surgery are the major factors boosting the market. Moreover, the rising demand for animal food products and rising veterinary healthcare expenditure also help to grow the market.
MARKET DRIVER
An increase in the overall pet population and adoption rate has been observed globally. According to research, having a pet is associated with positive health benefits such as reduced cardiac rhythm disturbances, normalized blood pressure and reduced anxiety and helping to improve well-being. Nowadays, pet owners are willing to spend more money on animal health, coupled with increasing awareness of animal health and the ability of doctors to provide cutting edge animal health care. Increasing urbanization is a major factor contributing to the increase in per capita spending on animal health. Besides, veterinary medicine is one of the major factors that create demand for different animal wound care products. Moreover, the demand for livestock products is increasing in the region, with the growing population in countries like China and India.
MARKET OPPORTUNITY
In rising countries like India and China, the pet insurance industry is in the growing stage. With added disposable inflows, the number of people including for pet insurance in these countries, and the rising pet expenditure is expected to increase the number of pet insurance programs and support the veterinary health industry. This is anticipated to provide ample opportunity for the APAC animal wound care market.
MARKET RESTRAINT
The rising pet care costs is a major factor restraining the APAN animal wound care market. For instance, in the last ten years, pet care costs have increased significantly. According to the APAC 2020 report, veterinary care is the second highest source of spending in the pet acre community.
MARKET GROWTH CHALLENGES
The major challenge faced by APAC's animal wound acre product is lack of animal healthcare awareness in the region. In the emerging countries like India and China, there are large numbers of companion and livestock animals, but the animal health expenditure is lower than in the developed countries. This is due to the lack of awareness among pet owners. Also, the Covid-19 pandemic hampered the growth of the market to a major extent, which has created a major challenge for market growth.
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.
ASIA PACIFIC ANIMAL WOUND CARE MARKET SEGMENTAL OVERVIEW
The animal wound care market comprises of different market segment like product, animal, end-user, and geography.
ASIA PACIFIC 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. The surgical wound care products include sutures and staplers, tissue additives, sealants and glue. Owing to the affordability and reduced surgery time and easy removal sutures and staplers, product demand is growing continuously. Surgical sutures are used in various veterinary surgeries, including orthopaedic, cardiovascular and neurological, to provide support for wound healing. Furthermore, the tissue adhesive used is also growing to bind the tissues together and it helps to eliminate the need for sutures in veterinary procedures. All these factors are expected to boost the segment growth.
ASIA PACIFIC ANIMAL WOUND CARE MARKET BY ANIMAL
By animal, the animal wound care includes key segment of
- Companion Animal
- Livestock
Companion animals are anticipated to lead the market, gaining the majority of the market share in 2021. A dog, cat, horse and others are sub-segments of companion animals, whereas pigs, cattle and others are the sub-segments of livestock animals. The growing companion animal population, rising number of sports horses and increasing pet care expenditure are major factors supporting the growth of the companion animals segment in the APAC animal wound care market. The rising government and commercial.
ASIA PACIFIC 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. Owing to the faster diagnosis, helping patients get 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 is a major factor impacting on the growth of the segment. Furthermore, all the governments issued guidelines for safety practices and standards are followed by the hospitals and clinics. The homecare segment is expected to show the fastest growth.
ASIA PACIFIC ANIMAL WOUND CARE MARKET BY GEOGRAPHY
The animal wound care market is studied for the following region
In the Asia Pacific, the market for animal wound care is anticipated to show lucrative growth over the forecast period. China animal wound care market dominating market in the Asia-Pacific. Increased awareness about livestock animal diseases further boost the market growth of the region. Also, increasing disposable income and higher adoption of companion animals, which propel animal wound care market. According to the APAC 2021 research report, veterinary care is the second highest source of spending in the pet care community.
COVID-19 IMPACT ANALYSIS ON ASIA PACIFIC 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 COVID-19, a significant impact on the animal wound care market was also observed. The animal wound care market experienced a setback in the growth owing to the disruption of the supply chain in the market. On other hand, with the outbreak of COVID-19, significant increase in the adoption of pets was observed which is expected to provide ample opportunity for the animal wound care market in the Asia-Pacific region.
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
