The rising demand for animal food products, increasing concerns over animal diseases, growing companion animal market, and surging veterinary healthcare expenditure are the major factors driving the growth of this market. However, an increase in pet care costs, low adoption of advanced animal wound care products in emerging markets, and shortage of vet practitioners in developing markets are hindering the market's growth.
The global Animal
wound care market is projected to reach USD 1.5 billion by 2025 from USD
1.0 billion in 2020, at a CAGR of 7.4% during the forecast period.
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Market Segmentation:
Based on product, the animal wound care market is
segmented into surgical wound care products, advanced wound care products,
traditional wound care products, and therapy devices. Surgical wound care
products accounted for the largest share in 2019. The large share of this
segment can primarily be attributed to the increasing number of animal
conditions requiring surgeries, rising adoption of surgical wound care products
in veterinary practices and increasing pet adoption and pet care expenditure.
Based on animal type, animal wound care market is
segmented into companion animal and livestock animals. In 2019, companion
animals accounted for the largest share of the global market. The growth of
this segment can be attributed to the growing companion animal population,
increasing pet care expenditure, rising number of sports horses, and surging
demand for pet insurance across the world.
Based on end user, the market is segmented into
veterinary hospitals & clinics, and home care settings. Veterinary
hospitals & clinics accounted for the largest share of the market in 2019.
The large share of this segment can be attributed to growing awareness about
animal health, increasing companion animal population, and rising pet care
expenditure in emerging regions.
Regional
Analysis:
The market is segmented into five major regions,
namely, North America, Europe, Asia Pacific, Latina America,
and the Middle East and Africa.
In 2019, North America accounted
for the largest share. North
America's prominence in this market is mainly attributed
to the increasing population of companion animals and growing pet care
expenditure. The market in Asia
Pacific is expected to grow at the highest CAGR during
the forecast period. This can be attributed to the rising population of
livestock animals, increasing consumption of animal-derived food products, and
growing adoption of pets.
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Top Key Players: -
The prominent players in the global animal wound
care market are Elanco Animal Health (US), Medtronic PLC (Ireland),
B Braun Melsungen AG (Germany), 3M Company (US), Virbac (France),
Jorgen Kruuse A/S (Denmark),
Dechra Pharmaceuticals (UK), Neogen Corporation (US), Ethicon, Inc. (US),
Sonoma Pharmaceuticals Inc. (US), Jazz Medical, LLC (Ireland),
Smith & Nephew PLC (UK), and Kericure Inc. (US).
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