Animal Wound Care Market Is Expected To Exhibit CAGR 6.92% Over The Forecast Period
Animal Wound Care Industry Overview
The global animal wound care market size was estimated at USD 1.08 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6.92% over the forecast period.
The market is primarily driven by factors, such as the rising adoption of companion animals, increasing demand for veterinary surgeries, and growing animal injury cases. For instance, according to the U.S. Department of Transportation, over 1 million animals die each year due to road accidents, with several million animals getting injured. Moreover, the increasing number of veterinary visits and rising adoption of pet insurance are boosting industry growth.
Gather more insights about the market drivers, restrains and growth of the Animal Wound Care Market
Trupanion, a pet insurance company, observed 1.3 million pet insurance enrollments as of June 2022. It observed 32% growth in the second quarter of 2021. The COVID-19 pandemic affected millions of people and businesses around the world. It financially impacted as well as put other implications on most of the veterinary fields, including the animal wound care market. The postponement and cancellation of elective surgeries in animals due to nationwide lockdowns resulted in a decline in postoperative wound cases, thus impacting the industry's growth. Furthermore, on March 2020, the Federation of Veterinarians of Europe (FVE) stated that many small- and medium-sized veterinary businesses were facing a period of financial difficulty in the initial stage of the pandemic.
It also reported that the revenue for veterinary healthcare declined by 50% in various European countries. However, the industry growth has shown a quick recovery during the last quarter of 2020 and from 2021, owing to the resumption of veterinary clinic admissions and the easing of COVID-19 restrictions. Increasing demand for animal protein and advancement in livestock wound care products are other factors boosting the industry growth. For instance, Santa Cruz Animal Health offers a wide range of bovine supplies, such as topical hydrogel and other advanced wound care products for cattle.
On the other hand, animals, such as dogs, are often likely to get injured with minor or serious wounds. One of the common injury cases reported among dogs is trauma caused by accidents. Road accidents are a frequent cause of major trauma, such as bone fractures, internal & external injuries, bleeding & organ trauma, joint dislocations, head trauma, and skin wounds, such as rashes. Animals get injured in various scenarios, which can be severe and require immediate veterinary wound care for stitches, infection prevention, etc. On account of the increasing pet adoption and animal population globally, the industry will have significant growth.
Therefore, the demand for veterinary wound care and surgeries is simultaneously rising among veterinary centers, which is expected to boost the industry's growth. Moreover, stringent government regulation related to pet well-being is further contributing to industry revenue generation. For instance, it is illegal to willfully neglect, wound, injure or maim an animal under the criminal code of Canada. Provinces and territories also have laws regarding the care and treatment of farm animals, which is supporting industry growth. Federal legislation in Europe has mandated the use of post-operative treatment/care in animals.
Browse through Grand View Research's Animal Health Industry Research Reports.
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Animal Wound Care Market Segmentation
Grand View Research has segmented the global animal wound care market on the basis of product, animal type, end-use, distribution channel, and region:
Animal Wound Care Product Outlook (Revenue, USD Million, 2018 - 2030)
- Surgical Wound Care Products
- Advanced Wound Care Products
- Traditional Wound Care Products
- Therapy Devices
Animal Wound Care Animal Type Outlook (Revenue, USD Million, 2018 - 2030)
- Companion Animals
- Livestock Animals
Animal Wound Care End-use Outlook (Revenue, USD Million, 2018 - 2030)
- Veterinary Hospitals/Clinics
- Homecare
- Research Institutes
Animal Wound Care Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)
- Retail
- E-commerce
- Veterinary Hospitals/Clinics
Animal Wound Care Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- Mexico
- Argentina
- MEA
- South Africa
- Saudi Arabia
Key Companies profiled:
- Braun Melsungen AG
- Medtronic
- 3M
- Johnson & Johnson (Ethicon)
- Virbac
- Advancis Veterinary Ltd.
- INNOVACYN, Inc.
- Vernacare (Robinson Healthcare)
- NEOGEN Corporation
- KeriCure, Inc.
Key Companies & Market Share Insights
The market is highly competitive and fragmented. Key players are offering the right balance of affordability and quality products to customers, thereby increasing their net sales. Companies are also constantly undertaking numerous strategic initiatives, such as acquisitions, collaborations, product launches, R&D, and partnerships, to increase their market share. For instance, in September 2021, Neogen Corp. acquired CAPInnoVet, Inc., an Atlanta-based companion animal health business that offers pet medications.
Order a free sample PDF of the Animal Wound Care Market Intelligence Study, published by Grand View Research.
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