Animal Wound Care Market: Overview
The size of the global market for animal wound care was estimated at USD 1.1 billion in 2021 and is anticipated to increase at a CAGR of 7.1%. The industry is driven by expanding pet adoption rates and rising demand for veterinary services. Additionally, the rise in vet visits is fueling the market's expansion. Studies estimate 315 million visits overall in the United States in 2019. The market is expanding due to rising demand for animal protein and improvements in their line of wound care products. For instance, Santa Cruz Animal Health provides a variety of bovine treatments, including advanced wound care products for calves and topical hydrogel. Spectrum Antimicrobials, Inc. also introduced Vetricept skin and wound care cleaner products in December 2020 to expand its line-up.
Additionally, there are more pets in the world than ever before. According to 2019 research, pet dog numbers have grown over time. According to reports, there were over 140 million pets in the European Union in 2021. (including Norway and Switzerland). About 64 million dogs and 76 million cats were among those pets. Dogs and cats are the most popular pets acquired in Europe. Moreover, at least one pet animal is owned by 85 million European families. Thus, it is anticipated that the pet care market will expand, driving up demand for animal wound care.
Companies are implementing ideas that boost revenue, such as expanded R&D activities, new product launches, and mergers and acquisitions. In February 2020, Sonoma Pharmaceuticals and MicroSafe Group agreed to purchase certain European disinfection, wound care, and animal health care products under an asset purchase deal worth USD 1.1 million. Bioiberica introduced Klorexivet in July 2019 for use in cats and dogs with superficial wound-related injuries.
Animal Wound Care Market: COVID-19 Impact
With the strict lockdown regulations, elective procedures on animals were postponed or canceled during the COVID-19 pandemic. This led to a decrease in the incidence of postoperative wounds, which negatively impacted the market's expansion. However, due to the resumption of pet clinic visits and the relaxation of rules, the market for animal wound care displayed a V-shaped recovery during the third quarter of 2020. In Q4 2020, U.S. clinic visits climbed by 6% over the previous quarter, according to IDEXX, which is anticipated to accelerate revenue growth over the forecast year. Additionally, a considerable rise in pet adoption was seen following the COVID-19 epidemic, which is anticipated to have a favorable impact on the market under consideration. According to the nonprofit animal shelter Last Chance Animal Rescue, there was a 30% to 40% increase in pet adoption in 2020 compared to 2019, which is anticipated to positively affect market growth.
Animal Wound Care Market: Drivers
Increasing Number of Companion Animals to Propel Market’s Growth
On a global level, an increase in the total number of companion animals and their adoption rate has been noted. Numerous studies have shown that keeping a companion animal is linked to superior health outcomes, including less risk of cardiac arrhythmia, normal blood pressure, reduced anxiety, and increased psychological stability. The rising per capita cost of animal health is mostly due to expanding urbanization. The market for various animal wound care products is now driven by causes such as companion animal owners' willingness to spend more money on animal health, expanding animal health awareness, and veterinarians' capacity to deliver sophisticated services for animal health. The demand for pet care goods and services is anticipated to rise as the number of pets grows. This will, in turn, promote the expansion of related markets, such as the one for animal wound care.
Rising Demand for Pet Insurance due to High Cost of Pet Care to Drive Market’s Growth
The amount spent on pet healthcare in recent years has dramatically increased. This spending includes the cost of pet food, over-the-counter drugs, veterinary treatment, pet insurance coverage, and other services (such as companion animal diagnostic services). Most pet owners, particularly in major markets across North America and Europe, are buying pet insurance due to the recent increase in pet care costs.
According to the North American Pet Health Insurance Association (NAPHIA), the US and Canadian pet health insurance markets achieved combined gross premiums of USD 1.56 billion in 2019 and USD 1.99 billion in 2020, a rise of 27.5%. According to the data for 2021, the overall premium volume in the US was USD 2.6 billion, up 30.4% annually from 2020. The pet insurance market is still in its infancy in developing nations like China and India. The acceptance of pet insurance policies and support for the veterinary healthcare sector is anticipated to rise along with rising disposable incomes, the number of people choosing pet insurance, and rising pet expense. This will encourage the expansion of markets for related goods such as disposables, diagnostics, monitoring and treatment equipment, and services.
Animal Wound Care Market: Restraints
Increasing Costs of Pet Care to Restrict Market’s Growth
The expense of caring for pets has dramatically climbed over the past ten years. Veterinarian care is the second-highest expenditure in the pet care industry, according to the APPA 2021 report. For instance, the US spent over USD 31.4 billion on veterinary care in 2020 and over USD 34.3 billion in 2021. A high-end operation might cost anywhere between USD 5,000 and USD 20,000, according to PetMD, with low-to-medium pet care prices reaching USD 250 to USD 4,500 in veterinarian offices. This is mostly because veterinary practices offer sophisticated monitoring, diagnostic, and therapeutic techniques, which, while efficient, have substantial costs. Treatments rely heavily on cutting-edge goods and techniques, yet the materials and equipment required for these operations are quite expensive.
Animal Wound Care Market: Segment Overview
Surgical Wound Care Products Category to Dominated Market For Animal Wound Care due to Rising Number of Elective Surgery in Pet Animals
The surgical wound care products category dominated the market for animal wound care. Sutures, staplers, and tissue adhesives are examples of surgical wound care supplies. Skin staplers have become increasingly common with benefits, including ease of use, higher pricing, shorter surgical times, and simplicity in removal. Depending on the goal, absorbable or non-absorbable sutures might be utilized. In various veterinary procedures, including orthopedic, cardiovascular, and neurological ones, surgical sutures and suture cassettes are used to temporarily assist wound healing. Surgical Holdings, DRE Veterinary, and STERIS Corporation are a few of the major companies that provide this equipment.
With Growing Livestock Population and Increase in Diseases, Veterinary Hospitals to Dominate Market
The veterinary hospitals and clinics segment dominated the market for animal wound care and held the greatest revenue share due to speedier diagnosis, which aided patients in receiving treatment as soon as possible. A key driver for this market is the availability of a broad range of treatments and improved wound care treatment alternatives in veterinary hospitals and clinics. Over the past few years, the potential for segment expansion has been expanded due to various government animal welfare groups issuing guidelines for safety practices & standards to be adopted in veterinary hospitals and clinics. The demand for veterinary services, including immunizations, is rising due to changes in dietary preferences brought on by changing living choices and population development, which supports market expansion. In addition, industry companies are constantly raising hospital and veterinary care standards to make them available to people worldwide. In September 2020, Petco will establish its 100th in-store veterinary hospital in Encinitas, California.
Animal Wound Care Market: Regional Landscape
North America to Acquire Major Market Share due to Increase Pet Population in Region
North America is anticipated to dominate the entire market over the forecast period due to the rising pet adoption rate and widespread worries about animal health. Animal wound care products have also been effectively used in the U.S. and Canada, which is projected to accelerate market expansion. Additionally, it is anticipated that the presence of reputable healthcare organizations, government attempts to introduce animal wound care, and a constantly improving reimbursement environment will further fuel market expansion. The region's demand for wound care products is anticipated to be boosted by the increased efforts made by major manufacturers to expand their product lines and ensure high-quality standards. In June 2020, Elanco Animal Health expanded its medication line by launching a new flea control ointment.
The United States commands the highest market share in North America. An organization called the United States Animal Health Association handles wound treatment in veterinary medicine. This group keeps tabs on new goods that may be needed for animal healthcare. This group runs several national promotional activities to educate veterinary professionals and the general public about appropriate wound care management for animals. Additionally, according to the American Pet Products Association Inc., pet-related spending in the United States increased from USD 95.7 billion in 2019 to a projected USD 99 billion in 2020. Both Canada and Mexico have comparable high expenditures, demonstrating the need for care and pet owners' awareness of how to handle their animals. These elements contribute to the market for wound care expanding. Therefore, it is anticipated that the aforementioned reasons will speed up market expansion.
Throughout the projected period, Asia Pacific is anticipated to witness profitable expansion in the market for animal wound care. With the dependence of the majority of countries on agricultural exports and production, farm animals are widely available and are expected to experience significant expansion. India is the biggest breeder of cattle and buffaloes in the world. India had 305,500 thousand heads of cattle and buffalo as of 2020, which is 33.38% of the total number of cattle and buffaloes in the globe. Furthermore, the region's market is growing due to the rising awareness of livestock animal diseases. Increasing disposable income increases the likelihood that more people will adopt companion animals, which expands the industry's potential for future growth. Additionally, it is anticipated that the market will have several prospects for growth throughout the projection period due to the ongoing updating of the healthcare infrastructure.
Global Animal Wound Care Market: Competitive Landscape
In March 2021, Axio Biosolutions, an Indian integrated wound care firm, announced its entry into the veterinary wound treatment market with the launch of the SureKlot product line. This sophisticated wound care line provides India's first complete veterinary wound management solution to aid in the control of bleeding and the rapid recovery of wounds in animals. In April 2020, EPiQ Animal Health joined forces with SentrxTM Animal Care to serve as the master distributor and marketing agency for OcunovisTM BioHAnceTM Gel Eye Drops, OculenisTM BioHAnceTM Ocular Repair Gel, and EpisanisTM BioHAnceTM Skin and Wound Gel. Sentrx products will be available through EPiQ to all authorized veterinary distributors and clients beginning April 13, 2020.
Few of the players in the Animal Wound Care Market include Elanco Animal Health (US), Medtronic PLC (Ireland), Virbac (France), B. Braun Melsungen AG (Germany), Dechra Pharmaceuticals (UK), Jorgen Kruuse A/S (Denmark), Sonoma Pharmaceuticals Inc. (US), Ethicon, Inc. (US), Jazz Medical, LLC (Ireland), Neogen Corporation (US), Smith & Nephew PLC (UK), Prima-Vet Inc. (US), Advancis Veterinary (UK), Kericure Inc. (US), Robinson Healthcare (UK), Care-Tech Laboratories, Inc. (US), Sentrx Animal Care (US), Mila International, Inc (US), and McCord Research, Inc (US).
Global Animal Wound Care Market is Segmented as Below:
By End Users
Key Elements Included In The Study: Global Animal Wound Care Market
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