“Increasing concerns over animal diseases and rising pet expenditure are driving market 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. 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.
“Growing pet population and rising pet expenditure to drive the demand for surgical wound care products.”
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.
“Increasing adoption of companion animal is expected to drive surgical wound care market growth.”
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 animal wound care 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.
“The hospitals segment accounted for the largest market share in 2019.”
Based on end user, the animal wound care market is segmented into veterinary hospitals & clinics, and home care settings. Veterinary hospitals & clinics accounted for the largest share of the animal wound care 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.
“North America was the largest regional market for animal wound care market in 2019.”
The animal wound care 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.
The break-down of primary participants is as mentioned below:
- By Company Type - Tier 1: 32%, Tier 2: 46%, and Tier 3: 42%
- By Designation - C-level: 25%, Director-level: 35%, and Others: 40%
- By Region - North America: 40%, Europe: 30%, Asia Pacific: 25%, Latin America: 3%, and the Middle East & Africa: 2%
The report analyses the animal wound care market and aims at estimating the market size and future growth potential of various market segments, based on products, animal, end user, and region. The report also provides a competitive analysis of the key players operating in this market, along with their company profiles, product offerings, recent developments, and key market strategies.
Reasons To Buy the Report
This report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share of the market. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their positions in the market.
This report provides insights on:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the animal wound care market. The report analyzes this market by product, animal type, end user, and region
- Market Development: Comprehensive information on the lucrative emerging markets, by products, by animal, end user, and region
- Market Diversification: Exhaustive information about the product portfolios, growing geographies, recent developments, and investments in the animal wound care market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, and capabilities of the leading players in the animal wound care market