Animal Wound Care Market Growth & Trends
The global animal wound care market size is expected to reach USD 1.5 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.4% from 2021 to 2028. Increased demand for non-invasive surgeries and the growing prevalence of chronic diseases are propelling the growth. Increasing disposable income in developing countries is expected to further fuel the market. According to Aratana therapeutics report, around 25 million dogs had undergone surgeries in the U.S. in 2019 and among them, around 5.5 million suffered from postoperative pain.
Like other industries, the animal health industry has also been significantly affected in COVID -19 due to the slow movement of the small businesses, service providers, and consumers paused to the social distancing norms and other restrictions. In many countries, the impact of COVID-19 was amplified through other occurrences, such as the African swine fever in Europe and wildfires in the western USA. After the initial shock and confusion about the pandemic, companies and governments soon started taking corrective actions to help the economy and businesses recover. Resumption of pet clinic visits also observed during the 3rd quarter of 2020, thus gradually recovering the revenue.
Increasing initiatives by the major industry players are further propelling the market. For instance, in July 2019, Vetoquinol launched an antibiotic dressing spray in India to expand its geographical footprint. In March 2021, AxioBiosolutions expanded its animal wound management space with the introduction of the SureKlot range of products.
Animal Wound Care Market Report Highlights
- The surgical wound care products segment dominated the market and accounted for the largest revenue share in 2020. This contribution is mainly because of the increased number of veterinary surgeries and rising demand for advanced care products
- The companion animal segment dominated the market and accounted for the largest revenue share of 64.0% in 2020. The increasing companion animal population and growing incidences of chronic diseases are boosting segment growth
- The home care segment is expected to exhibit the fastest growth rate during the study period. The key factors attributing to the growth of the segment are increasing awareness among pet parents and the availability of advanced care products via the e-commerce channel
- The veterinary hospitals/clinics segment held the largest revenue share in 2020. The growth can be attributed to increased patient foot-fall and advanced treatment options
- North American dominated the market and accounted for the largest revenue share in 2020. The rising implementation of regulatory standards and reimbursement policies along with the high adoption rate of companion animals are anticipated to contribute to market growth