by The global market for animal wound care has been on a steady rise, with an estimated value of USD 1.1 billion in 2021. This market is projected to experience significant growth at a Compound Annual Growth Rate (CAGR) of 7.1%. Several factors are driving this expansion, including the increasing adoption of pets, a surge in demand for veterinary services, and a growing awareness of animal health and well-being.
Expanding Pet Adoption Rates Fuel Market Growth
The rising number of companion animals globally is a significant driver for the animal wound care market. Research has shown that having companion animals has numerous health benefits, leading to increased adoption rates. In Europe, for instance, there were over 140 million pets in the European Union in 2021, with dogs and cats being the most popular choices. The market is poised to benefit from the expanding pet population, as more pet owners seek quality healthcare and wound care products for their furry friends.
Rising Demand for Veterinary Services
The availability of sophisticated veterinary services is another factor contributing to market growth. Pet owners are increasingly willing to invest in their animals health, leading to higher per capita spending on animal health. Veterinary hospitals and clinics have played a pivotal role in providing advanced treatments and wound care solutions, driving the growth of the animal wound care market.
Increasing Pet Insurance Adoption
With the rising costs of pet care, including veterinary treatment, pet owners are turning to pet insurance to offset these expenses. In North America, the pet health insurance market saw substantial growth, with combined gross premiums reaching USD 1.99 billion in 2020. As disposable incomes rise and awareness of pet insurance grows in developing nations, the market for pet care products and services, including wound care, is expected to expand further.
COVID-19 Impact and Recovery
The COVID-19 pandemic initially caused disruptions in the animal wound care market, with elective procedures postponed or canceled. However, a V-shaped recovery was observed during the third quarter of 2020 as pet clinic visits resumed. A notable increase in pet adoption during the pandemic has also positively influenced market growth.
Regional Landscape
North America is anticipated to dominate the animal wound care market, driven by a high pet adoption rate and growing concerns for animal health. In Asia Pacific, the market is expected to witness substantial growth due to the significant livestock population and rising awareness of livestock diseases.
Competitive Landscape
Key players in the Animal Wound Care Market include Elanco Animal Health, Medtronic PLC, Virbac, B. Braun Melsungen AG, Dechra Pharmaceuticals, and others. These companies are actively engaged in research and development, new product launches, and strategic mergers and acquisitions to boost revenue and meet the growing demand for animal wound care solutions.
The animal wound care market is poised for significant expansion in the coming years, driven by the increasing number of companion animals, the demand for veterinary services, and the rising adoption of pet insurance. As pet owners continue to prioritize the health and well-being of their animals, the market for animal wound care products and services is expected to flourish.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/animal-wound-care-market
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COMTEX_442668878/2840/2023-10-30T11:39:57
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.