NEW YORK, Nov. 23, 2016 /PRNewswire/ -- The global animal wound care market is estimated to grow at a CAGR of 6.7% from 2016 to 2021, to reach USD 1,134.0 million by 2021 from USD 818.8 million in 2016. The growth of this market is mainly attributed to rising demand for pet insurance and growing animal healthcare expenditure, increasing companion animal population, and growth in the number of veterinary practitioners in developed countries. Untapped emerging markets offer significant growth opportunities for players operating in the global animal wound care market. However, increasing pet care costs are expected to restrain the growth of this market. Low adoption of advanced wound care products and shortage of vet practitioners in emerging markets are the major challenges for this industry.
On the basis of products, the surgical wound care products segment accounted for the largest share of the animal wound care market in 2015, owing to increasing number of veterinary conditions requiring surgeries, adoption of surgical products such as sutures and staplers for wound closure, and increasing pet adoption with growing pet care expenditure. However, advanced wound care products segment is expected to grow at a highest CAGR during the forecasted
period owing to growing adoption of advanced wound care products over the traditional wound care products by veterinarians.
On the basis of animal type, in 2015, companion animals segment accounted for largest share of global animal wound care market. The large share of this segment can be attributed to the growing companion animal population, increasing pet care expenditure, and growing demand for pet insurance across the globe. Similarly, on the basis of type of end-user, hospitals and clinics segment accounted for the largest share of global animal wound care market in 2015.
In 2015, North America commanded a major share of the animal wound care market. This is mainly due to the increasing adoption of pet animals, growing pet insurance industry, and rising veterinary healthcare expenditure in the region. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period. Growth in the Asia-Pacific market can be attributed to presence of huge number of domesticated animals, increasing awareness about animal health, and growing per capita animal health expenditure in India and China.
Some of the prominent players in the animal wound care market include 3M Company (U.S.), Medtronic plc (Ireland), B Braun Melsungen AG (Germany), Ethicon Inc. (U.S.), Virbac (France), Jorgen Kruuse A/S (Denmark), Neogen Corporation (U.S.), Bayer AG (Germany), Acelity L.P. Inc. (U.S.), Advancis Veterinary Ltd. (U.K), and Robinson Healthcare Limited (U.K.).
The report analyzes the wound care products for the animal use. It aims at estimating the market size and future growth potential of the animal wound care market for different segments such as products, animal types, end users, and regions. The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, product offerings, recent developments, and key market strategies.
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The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help firms in garnering a greater market share. Firms purchasing the report could use any one or combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for increasing their market shares.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the animal wound care market. The report analyzes the animal wound care market by product, animal type, end-user type, and region
- Product Development/Innovation: Detailed insights on the upcoming trends, research and development activities, and new product launches in the animal wound care market
- Market Development: Comprehensive information about lucrative emerging markets by product and region
- Market Diversification: Exhaustive information about new products, growing geographies, recent developments, and investments in the animal wound care market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, products, and manufacturing capabilities of leading players in the animal wound care market
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